How Women Take Control of Their Financial Dreams for Themselves and Their Loved Ones
Let me share with you this: over the years helping many customers in the mortgage industry, I noticed that majority of the loan applicants are male because their incomes are used to qualify for the mortgage. Their co-applicant is typically their wife, who often time is also highly educated, but decided to take on a bigger role in raising their kids and become a stay-home mom. I can understand that, but one major fact that I also witnessed is that if/when the couple divorce, the wife becomes helpless with her finance. In the other case, the husband loses his job and it becomes difficult for the couple to get refinanced. They do not have the income to help qualifying for a mortgage loan. Most of them came to me to refinance and asked me a lot of finance questions. Not being a licensed financial advisor, I could not offer any financial advice. I was only able to give advice on mortgage programs that best fit their personal financial needs.
These were a few common questions that often came up:
- How can I invest my money after my divorce?
- How can I invest to earn enough income to live on?
- How can I invest my money so I can earn enough money to send my kids to college?
- How can I invest my money so that I will not lose my initial capital?
- Should I buy a new home if I give this home to my husband?
- What can I do with my money now as my husband has just passed away?
- How can we qualify for a refinance now as my husband just lost his job and no income to qualify for a loan?
- Korianne, I do not know what to do now because I have not been working for so many years and have been home taking care of my kids.
Some of my clients cried in front of me as they asked these questions. My heart saddened and these encounters led me to explore and learn about what women can do with their finances when they are married; after they’re divorced; after they lost their spouse, or after their spouse lost their job. Over the years, I learned there is only 3% of women in the US who know how to invest their money. There are only 5% of women owning real estate or a home of their own. The good news is women typically outperform men on their investment return by 2:1. Women are very detailed and a less risk taker, allowing them to make better decisions when it comes to investing. I want to share my experiences as a woman real estate investor, mom, and wife. How I can be able to find the solutions to my own family finance by answering the questions above.
Sharing TIME Raising The Kids with Our Spouse
Yes, being a good mother and wife is a lot more than a full-time job! I am just like YOU. Bringing up a child to become a well-rounded individual takes a lot of effort and time from us. At the same time, I wanted financial security for my family after having lost my job when the company that I worked for ran out of money. A solution that helped me is to have my husband taking on more shares in the process of raising our children. We split the time to take care of them when one of us focuses on our career and other important parts of our family finance. Share your desire and wish with your spouse of why you want to get involved in helping out with the family finance. Make sure to let him know that he is extremely capable, but you really love and care for his happiness to create options and choices for him as a life partner. Also share with him that if something happened to his job, the family finance can still be alright that one spouse can still able to provide for a family.
Having both parents bearing equal work and responsibilities in raising kids will allow the kids to grow up with broader perspectives; the tenderness from mom and the strength from dad. It’s a WIN/WIN family planning. Besides, we can delegate a few hours a day to a trusted nanny who can perform the less important tasks to take care of our sons by driving them to/from their activities. Learn to delegate less important tasks to others that you can pay reasonably to free up your time. I gained 30-40 hours per week to focus on my business and learn how to invest my family finance in real estate. I love spending time with our sons, but I focus on the quality of time than quantity.
My husband and I are usually home for family dinner unless we’re on business trips. Spending time helping them with their homework, being at their tennis matches, swimming meets, and all their important events. We also spend a lot of time with them when they have summer off and school breaks to travel the world with them.
Create a Business Based on Your Passion
Doing something that you love is happiness. I love working with numbers and people. Despite having a degree in computers, transitioning into the mortgage business was an easy move for me. I usually worked 14-16 hours a day during the first few years of my first business. I really enjoyed the business and the long hours that I put in did not feel like work. I invested the time to learn about the business and how I could add more values to my customers. Having my own business gave me flexible hours that I can be home with my kids as I wish. I can work around my son’s schedules. Also, I’m in control of the income. Having my own business and with consistent income, I was able to borrow 10 real estate investment loans under my income when I first started investing in real estate. What do you love to do? Something that you like to spend hours on, but do not feel like work.
Find something that you’re passionate about and doing it whole-heartedly. You will joy doing what you love and also stay in it to create tremendous values to your customers.
Compound Interest Is the Key to Build Your Financial Wealth
"Don't wait to buy real estate, buy real estate and wait " Will Rogers
Time is the most important asset we have and using the time to your advantage to invest as soon as you can. Accumulate your savings from your income or business. Find investment vehicles that you feel confident to invest your money in. Invest your money to produce income that gives you the FREEDOM.
You Must Learn Before You Invest Your Money
Learning is the KEY for growth. In order for us to gain confidence in any investments strategy, you have to invest your time to learn. Learn as much as you can about that investment that you pick. from books, seminars, or find a mentor who has mastered the skill set that you’re looking for. Warren Buffett said “The best way to invest is to invest in yourself” It doesn’t matter whether the economy is up or down, what you learn is the asset that you can use for the rest of your life.
Real Estate Passive Income Can Fit into Your Financial Plan
You can invest in income-producing properties while having a business to run or a full-time career. Buy a right investment and have other people manage for you. There are many real estate markets that still produce positive monthly cash flow after all expenses. Real estate passive income can create financial independence once you have a plan in place. It’s a business that women can learn to build a sustainable financial future. You can create income now to allow you to quit your day job or an active income business over a course of 7-10 years.
Real Estate investments are an IDEAL investment. It creates Income, Depreciation, Equity, Appreciation and Leverage that stock and bond do not offer. It not only can create consistent monthly passive income now, but also build wealth for generations.
We (Women) are shy to take risks when it comes to investing. This becomes advantages for women to invest in real estate and can minimize the risks and receive a higher return on our investments.
We (Women) are extremely capable and smart. With a right guidance and education, we can build a strong financial future for ourselves and our loved ones. All we need is having the time to learn and apply what we learn in our family financial life, while at the same time we can still be a great mother and wife to our family. Women who take care of family finance have a high self-esteem, confident and bold in the marketplace.
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