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A woman's guide to financial security

 
I recently had the opportunity to speak with Deborah Owens, Wealth Coach, Author and Entrepreneur. Deborah is on a mission to engage, enlighten and equip people of all incomes to build wealth. With the release of her most recent book “A Purse of Your Own: An Easy Guide to Financial Security”, she is touring the country imploring women to become financially empowered through the Power of the Purse Campaign. Our conversation was enlightening.
 
Mia: Deborah, why did you write A Purse of Your Own?
 
Deborah:  My mother was the inspiration for the book. I saw how she struggled financially after her marriage failed and I decided I would always have a purse of my own.
 
Mia: What can mother’s do to help their daughters establish credit?
 
Deborah: There are two ways to establish credit for your teen. 
  1. Authorized user: Add a name to your bank card as an authorized user. In about 30 days your child will have an established credit history.
  2. Secured credit card: A secured card requires cash collateral that becomes the credit line for that account. It may take three to six months to establish a credit history. The longer the secured account is in good standing, the better the credit score will be. 
Mia: What are the five factors that help establish a credit score?
 
Deborah:
  1. Have all the payments been made on time
  2. How much debt is outstanding
  3. How long has that credit line been in existence
  4. How many new credit lines have been established
  5. Having experience with various types of credit such as installment loans and revolving credit cards
 Mia: What is a Wealthy System?
 
Deborah: A Wealthy System allows you to track resources, manage finances, and adopt money management and investment processes that allow you to monitor your progress.
 
Mia: What questions should I ask a financial adviser?
 
Deborah:
  1. What is your educational background?
  2. What are your credentials?
  3. What type of clients do you advise?
  4. How often do you meet with clients?
  5. Do you have a client I can talk to?
 
I learned a lot from my talk with Deborah and I’m sure you have also. If you would like to learn more and hear Deborah in person, join her for a live television special on March 20th, 2010 at 9 am (est) in Columbia, Maryland.  Be a part of the live studio audience! You can register here. You can also learn more about Deborah’s Power of the Purse Campaign on her website.  Become financially empowered today!
 
Live Fully,

Comments

  • Miameesha 4 years ago

    Thanks for the great info! I have a teen daughter and I've been wondering how to help her establish credit. I want to teach her about making great choices to maintain her good credit too.

  • Shay Olivarria 4 years ago

    I'm so glad that women are becoming motivated to manage their finances with vigor. Whether we know it or not we are all managing our money all the time. Whether we're doing it well or not is another issue.

    Reading books like A Purse of Your Own and Money Matters: The Get It Done in 1 Minute Workbook, watching videos on personal finance, and attending workshops are all part of managing your money proactively. Statistics say we live longer and have sole responsibility for our children more often. It's up to us to learn about personal finance and pass that information on to our children.

    PEACE,
    Shay Olivarria
    Speaker/Author

    Money Matters: The Get It Done in 1 Minute Workbook
    10 Things College Students Must Know About Money

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