Maintaining Financial Independence

Life is a dynamic journey marked by transformative moments that shape our path—whether that be marriage, divorce, starting a family, or going through major career shifts.

These types of pivotal moments oftentimes bring up the debate of whether or not women can maintain their financial independence.

To help women navigate these pivotal moments while safeguarding their financial autonomy, here are a few common myths we want to break and help you throughout any life transition…

“Getting Married Will Make You Financially Dependent”

Actually, marriage doesn’t always mean that women will depend on their husband’s income. Marriage is a partnership that strengthens your financial security. The key is to have open and honest communication with your spouse about financial goals, budgets, and responsibilities.

Create a joint financial plan that aligns with your shared objectives while preserving individual financial goals and independence. Maintain separate accounts if needed, ensuring both partners actively contribute to long-term financial stability.

Whereas on the flip side of marriage, most expect a woman’s financial future after a divorce will be hard to recover from. However, it doesn't have to result in financial devastation.

With proper legal guidance and financial planning, you can protect your assets and secure your financial future. Consult with a financial advisor to understand the implications of divorce on your finances. Ensure fair distribution of assets, including retirement savings and investments.

Consider a prenuptial agreement before getting married to ensure your assets are not lost in case of a marriage dissolution.

Take the time to get to know your partner very well before tying the knot and have mutual full financial disclosure before legal commitments are made.

Above all do not marry a person who is financially irresponsible or who you must repeatedly rescue from financial disasters.

“Parenthood Spells Financial Ruin for Yourself”

This luckily isn’t the reality of having children. When you start a family, it introduces new financial responsibilities, but it doesn't have to jeopardize your financial independence. With proper planning and budgeting, you can provide for your family's needs while also securing a stable financial future.

Establish a family budget that accounts for childcare costs, education savings, and life insurance. If you still don’t feel confident with where your finances are at, seek ways to increase your income through side gigs, freelance work, or investments, ensuring your financial independence remains intact.

“Changing Your Career Will Cause Financial Instability”

Many believe that doing a 180 on your career can cause major financial instability because you’ll be “starting from the bottom.” But that’s not always the case—career shifts are opportunities for growth.

With strategic planning, you can adapt to new career paths while preserving your financial independence. Build a robust professional network and invest in upgrading your skills to remain competitive in your chosen field. (One woman I know used the pandemic to gain new skills in her field through online learning to make herself even more valuable to her company). Diversify your cash flow by investing in stocks or real estate so you can create financial stability amidst any career change.

Be sure to study your area of investment carefully. There are no risky investments…..there are just (uneducated) risky investors!

A Single Mother's Real Estate Triumph

We're joined by the incredible Nancy McKenna, a Money Coach and real estate investor. She shares priceless insights on property depreciation, tax strategies, and the power of a positive money mindset.

Nancy's personal journey as a single mother turned successful investor is nothing short of inspiring. Plus, she shares her experiences with properties in Portland, Oregon, and Raleigh, North Carolina, (triumphs and flubs!) discussing investment strategies and mindful spending.

Tune in for an episode that'll ignite your financial ambitions and leave you ready to take control of your wealth-building journey!

Yours in health, wealth, and happiness

Dr. Deborah Ekstrom

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