welcome to another financially fabulous
episode i'm Limor and i've gotta tell
ya you do not have to be a financial
planner to be crushing it with your
finances I'm not in today's episode I'm
going to talk about the one financial
regret that I never want to have come on
this will be interesting
here's my secret so regret I don't want
to have come in real close I do not want
to be a poor old lady I don't want to be
one of those old ladies who have no
money living below the poverty line and
I know maybe that sounds like super
crazy but it's actually been something
that's near and dear to my heart for
really long time honestly when I see
ladies in their late 60s 70s 80s or even
90s in a poor or a sad financial
situation honestly it just it breaks my
heart the Canadian labour congress in
2015 announced that women are twice as
likely twice as likely to end up in
poverty than men will in their senior
years in their old age they went on to
further say that thirty percent of women
who are elderly and living on their own
are living below the poverty line now I
know 2015 okay so it was two years ago
but trust me not too much has changed
and it's like this unfortunately in
Canada in States in the UK and Australia
this is an issue that we face and a
challenge that we have all over the
world honestly it makes me so incredibly
sad just to think about it that's why
that's one of my biggest regrets would
be if I were to end up in that situation
because I didn't plan for it I don't
know maybe that's part of why for so
many years now I've been so focused on
money and preparing for the future and
learning about real estate and being
able to stand on my own two financial
feet for the rest of my life but it's
something that happens unfortunately to
so many of us and the reason why well
there's a number of different factors
first of all women and you know make
less money than men there have been
stats all over the place it's proven
and shown time and time again that in
many many instances in the exact same
role all different kinds of roles men
make more money than women now this is not in
every single scenario
but there's lots of numbers to support
that that's actually the fact then on
top of that women we're the one who have
kids so we take the break in our careers
we step away from continuing to climb
our corporate ladder or our career ladder
and so that interruption has a big
financial impact then in many instances
we take jobs that are maybe more
flexible maybe less hours move towards
more part-time role so that we can be
more available for kids and families now
I haven't gone through that phase yet
but I see it all around me and for many
roles that are part time or if more
flexible there is perhaps less benefits
so maybe less pensions as well as well
pensions are dying anyways but even
matching programs like there's no
matching program if you're just work in
the simple part time job usually the
bigger corporate environments where
they have the matching program so all of
those elements together put women
further behind financially and then when
we get to our retirement years or the
latter years of our life there's a
greater chance that we might end up in a
sad or unfortunate financial situation
part of why this is such an important
issue and it's so near and dear to my
heart is because of my grandmother so
she by no means lived in poverty but my
grandmother lived in a totally different
world she never worked a day in her life
I like to call her a lady of leisure you
know she'd get her hair blow-dried every
week she'd have lunch with her friends
you know she would redecorate the house
it was just a different era and when my
grandfather passed away and he had had a
thriving business we sold the business
and my grandmother had a pile of money
and you know she had this big pile and
she lived off of it and lived off of it
and lived off of it until all there was
nothing left and then we sold that big
house that she redecorated so many times
and she have another pile of money that
she lived off of them lives office until
well there's nothing left of that either
and so fortunately for my grandmother
and my family my dad and his brothers
continued to fund her life and you know
she didn't want for anything and she was
nowhere near the poverty line but she
relied on her family and I know that
that was hard for her and for me as a
girl of my 20s watching this and seeing
this I really vowed to myself like this
can never happen to me I need to be able
to defend myself I need to be able to
fund my own life regardless of what
happens because who knows who I'll marry
who knows what their financial situation
will be in who knows if I'll have kids
if they'll be able to afford to fund my
life and I'm not willing to make that
risk so this is not a pity party ladies
this is not a pity party we shouldn't
feel bad or sorry for ourselves we need
to feel empowered we need to take steps
we need to start saving more we need to
start putting money away for our future
we need to be empowered we can learn how
to invest our money we cannot save our
way to financial few new financial
freedom we got save our way to financial
freedom that's an impossible task but if
we learn to invest if we start saving
right now we don't have to end up in
that situation that's the great thing
about being financially fabulous when
you're in your twenties in your 30s
you've got so much more time to be
proactive and to take the steps that you
need to in order to ensure that we have
fabulous lives regardless of our family
situation or how much money anybody
around us in our family has no able to
support us that brings me to my
tweetable today let's plan to be the
kind of old ladies that love our lives
come on I want to be one of those little
old ladies and I hope that you'll join
me you know those great little old
ladies you will be going on cruise ships
while they going out for dinners will
definitely be playing bingo but let's be
loving our lives at that point and that
starts with the actions that we take
financially today so my challenge to you
is if you haven't started thinking about
your future please know you are going to
get old I'm going to get old
let's start putting some money aside
just get started it might be super small
maybe watch a couple more of my videos
maybe put a little money in your
retirement please please please pay some
attention and just get started also I've
included it downloadable with some
declarations for us as women to declare
in terms of mastering our own finances
and achieving our own financial freedom
i'll also be posting them on my facebook
page on Twitter on Instagram and I'd
love if you tag some of your friends and
maybe even share and post them on your
own page love it if you subscribe to my
channel and definitely share it with
your friends and if you want even more
tips and tricks to make your finances
fun and exciting come on over to www.Limor.Money
because I've got lots of free
resources for you to download remember
I'm not here to change who you are or
how you live your life I just have
strategies to make you even more
financially fabulous thank you so much
for watching I'll catch you next time
till then stay fabulous!
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