Updated: Aug 13, 2020
Global pandemic. Financial instability. Racial injustice. Political dysfunction. Hurricanes and tropical storms. Oh 2020 - the hits just keep on coming!
Even the most emotionally stoic among us are feeling shaky these days. We need to manage our day-to-day lives (bills, businesses, family, etc.) while external uncertainty and chaos churn, tsunami-like, nearby. How can we stay calm - or even calm-ish - right now?
One of my favorite new finds this summer is The Lily, the Washington Post’s publication for women (named for the little-known Lily - the first paper edited by and for women published from 1849 to 1853). The revived Lily has a two-fold mission: Empower with news and information, and promote inclusivity by exposing diverse voices. It runs a series called Anxiety Chronicles, offering short windows into different women’s experiences with anxiety and the coping mechanisms that work best for them. Many of the chronicles mention yoga, meditation, therapy and breath-work. Not surprisingly, these go-to coping mechanisms all include a strong self-care component.
We know self-care and self-compassion are anxiety antidotes. So is leaning into a supportive community of women. What else helps? Taking even small steps to get control where control is possible - like proactively managing your money or writing a will. I like the mantra “just start.” It’s helped many women (including me!) overcome perfectionism paralysis.
We created Woman’s Compass Forum to help women - like ourselves - manage anxiety by making themselves a priority using a 360 degree self-care model. This is a critical time to embrace self-care and WCF provides the forum, with valuable advice, templates, small steps, a community of women, and achievable results.
Today, let’s start with money. How? With one first step -- get organized.
1. Seeing all your accounts in one place helps you realize you may have more money saved than you thought.
2. You save money by consolidating accounts and assessing fees.
3. It motivates you to be more proactive and save more for your IRA.
4. Chances are you have duplicate mutual funds or are not properly diversified.
1. Gather all your statements. This is the HARDEST PART!
2. Consider transferring them to a no-load low expense ratio firm such as Fidelity, Schwab or Vanguard.
3. Pick either a target date retirement date mutual fund or four mutual funds from the main groups (i.e., Large Cap, Small Cap, International and Bond).
Just start. One step will move you in a calmer (or at least calm-ish) direction!
For more, go to Woman’s Compass Forum and register for our three-month online course starting October 6th!