By Jim Selman | BioI was recording a podcast recently in response to the question of how ‘elders’ should be dealing with money these days given the current and projected economic mess. The woman I was speaking to was clearly ‘worried’ about her financial future. I started my response by sharing that over many years of coaching I sometimes chuckle when speaking with women because they all seem to have a generic fear of becoming a ‘bag lady’. There was an interesting article in the Toronto Globe and Mail in December titled, “Why women look in the mirror and a bag lady looks back”. It seems this archetype pervades a lot of women’s deepest fears of failure and becoming destitute.
To be sure it isn’t funny if it happens; however, for the vast majority of women this isn’t going to happen. Yet the fear of it lingers on. My response to the question was that, while I have no particular expertise in money management, I do have something to say about how we relate to money—however much we may have or not have. People should consult qualified financial advisors at as young an age as possible and responsibly invest in their financial future.