Your financial health impacts so many areas and decisions in your life it is just as important as maintaining your physical health and well-being.
Over 40% of all couples say that money is the top stressor in their relationship and many people have negative emotions and fears attached to their feelings around money. There can be a lot of emotions around money and sometimes you can be hard on yourself by thinking you should have all of this already figured out and that really is not the truth. Many experts in the financial industry use a lot of jargon which makes it seem more complicated so it becomes hard to know who to trust or take action.
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Yet, just like our physical health, our financial health can benefit from getting educated and having a long-term, well balanced and holistic view. We can then set goals and put together an action plan to get to where we want to be and reach financial security. Knowing what to expect around money can relieve a LOT of stress and get you to the financial future you desire.
The crazy part about financial education is that here in the U.S., we aren’t taught any of the basics around our personal finances in college unless you are a finance major let alone teaching it in high school. The good news is it seems that this topic is getting a lot of attention and it looks like more states are mandating financial education now in high school.
Getting on track with your Financial Health or Financial Fitness, I like to say, is all about starting with a current assessment of where you are today. You need a good snapshot to have a sense of where you are so then you can look at what needs you have and what goals you have so you know how to build your custom financial plan to get there.
You can think of your financial fitness as being similar to working with a nutritionist or fitness trainer.
Just like taking an assessment of your calorie intake, muscle mass and exercise routine just to name a few health items, with your finances you want to take a look at your income, expenses, special requirements, debt and any other items that impact your financial health.
This can actually be a great exercise with your partner so that you can set goals together and work as a team to take the stress out of money. Many people understand the benefits of going for an annual checkup with one of your doctors as a preventative measure to make sure our health is on track and look for any Red Flags. The same should be done for your Financial Health. You can get an annual checkup to get a review done and see if there are any areas in your finances that may need a tweak or any adjustments based on any life changes that came up. It is a great way to maintain peace of mind and know you are on the right track. It really is important to have both members of a couple involved in the finance and investing decisions because you are more likely to reach your goals together and it also can create a more balanced approach which has been proven over time to create better outcomes for the family. When a couple makes decisions together it can be so helpful to define money priorities, goals and even compromises so that you are more likely to reach the future you desire together as a team. I have also found it can be difficult when a spending plan is too strict. Goals and budgets need to be reasonable and achievable as well. It really can be similar to your health or diet constraints where a really strict diet just isn’t realistic for the rest of your life. You need to create some new lifestyle habits that will get you to your money goals so it becomes seamless. Small actions and steps can have really positive impacts over time get you the financial future you desire.
One of the biggest hurdles I see is that the financial industry uses so much jargon that it really turns people off from learning more and it doesn’t need to be that way. I really enjoy working with clients and breaking down financial concepts into more relatable topics and showing you that it really is a lot easier to understand than what you imagined.
The other hurdle is that people don’t realize you can inherit hidden beliefs, habits or a mindset around money from your parents and not even realize it. Once you become aware of this it can really open your eyes and make you aware of what may be holding you back.
It is so rewarding watching clients have that transformation when you know you can reach your money goals, your finances don’t have to be overly complicated and that you really can have your money under control! Wow what a great feeling.
Bye For Now
Debra
Debra Ohstrom, CFA
Founder | DebraOhstrom.com
Debra@DebraOhstrom.com
Build Your Financial Strength
DEBRA OHSTROM
Debra Ohstrom, CFA is a financial educator and coach focused on empowering women to be confident and in control of their financial wellbeing. Debra has worked in the financial industry for over 25 years and has an MBA in Finance and the Chartered Financial Analyst designation. She has built an on line course and coaching program to educate women to understand money and investing with ease so they can achieve the life they desire.
Debra has spent a majority of her career working at large firms such as Merrill Lynch, Morgan Stanley and Citi Private Bank in New York City and traveling the country working with clients. She grew up on Long island, NY and now lives in Charleston SC with her husband.
Being raised by a single mom, Debra watched her mother struggle with money and saw how that impacted other parts of her mother’s life whether it was her health or her relationships. This motivated
Debra to become a financial expert and Debra is on a mission to demystify money and long-term investing so that all women have the knowledge they need to make good decisions for their financial
health and achieve a secure financial future.
