What’s your relationship to money?
As a No. 1, we’re often the first to navigate certain money issues.
We might be the first with a well-paid job….and feel guilty for the life we can live.
Or be seen as Ms. Moneybags by family members.
Or not know how to plan for our financial wellbeing.
Since April is financial literacy month, I talked to Manisha Thakor, a financial literacy advocate for women — and a fellow immigrant daughter about some of these concerns.
Here are excerpts from our conversation.
Sayu: What do you see women struggle with the most when it comes to money?
Manisha: Investing! Women tend to be very cautious about investing, wanting to do all the research and make “perfect” choices. When we do invest, we generally make excellent choices, but because we’re waiting a while to start making those investments, we’re missing out on the valuable early years of compound growth.
S: What advice do you have for immigrant daughters when it comes to increasing their financial health?
M: Given we are likely to be the ones responsible for intergenerational care, and it’s extra important to plan for that financially. Elder care is expensive, and you don’t want to be worried about that as well as your own financial needs. Taking the time today to craft a financial plan that will enable you to take care of parents/caregivers as well as build a solid financial future for yourself can significantly decrease the emotional and logistical pressure of intergenerational care.
S: How would you advise us as immigrant daughters to grow our emotional wealth?
M: We often see financial health as just about planning and investment. But it’s also about our emotional well-being. One thing I recommend is figuring out the affordable things you need to feel cared for, and make those non-negotiable! Another is building community, to leverage or replicate the positive aspects of multigenerational families we often grew up with. Proactively creating those relationships now will pay huge dividends down the road by supporting your emotional wealth.
If you’re like me, you love a good quiz. Check out the quiz on Manisha’s website to see how you’re doing on emotional wealth and financial health.
Until next time,
Sayu