As 2012 begins, you are probably reflecting on different facets of your life and may even be drafting a plan to make improvements. In fact, you may be making a renewed commitment to get your financial life in order this year. If financial independence is your goal, let me suggest the following quick assessment to get you started on your journey to wealth. Grab your purse and answer these seven questions to assess whether you are a woman behaving wealthy.
1. How many different credit cards do you have in your wallet?
Count the number of credit cards (exclude your debit cards). If you have more than one credit card, then you are likely overspending and incurring debt. Debt is the enemy of wealth and financial independence. By spending tomorrow’s money today, you are giving up your future freedom. On the other hand, financial freedom is built from consistently spending less than you earn. Thus, a woman behaving wealthy spends on the basis of what is important and pleasurable to her on her current income. Are you on the road to achieving wealth?
2. What is the value of your purse and its contents?
Add up the value of your purse and its contents. For example, if your purse costs $500, your smart phone costs $350, your wallet costs $200, your cosmetics cost $250, and your iPad costs $750, then the value of your purse and its contents is $2,050. Now, ask yourself if you have invested that amount into savings or retirement accounts over the last month? In this example, if you have invested at least $2,050 in the last 30 days, then you are building wealth.
3. Is your cash organized by denomination and facing the same way?
Open your wallet or purse and look at how your cash is organized. Cash arranged orderly is characteristic of a person whose financial life is organized. However, cash bills in disarray reflect a disorganized financial life. As you know, focusing through clutter and chaos is difficult.  Be a woman behaving wealthy and organize your cash, financial files, documents, and accounts.
4. Do you have an up-to-date daily, weekly, or monthly to-do list in your purse?
Whether you maintain your to-do l
ist in a traditional day planner or in an electronic gadget is not important. What is essential is that you have a plan for what you would like to achieve. A current to-do list reflects that you have identified, quantified, and prioritized your financial goals. Researchers have proven that you are 45% more likely to achieve your goals if you write them down. Are you on the road to achieving your goals?
5. Do you have protection plans on the electronic devices in your purse?
Protection plans protect you from loss or malfunction of your gadgets. Let’s say that you lost your $300 smart phone and you need to replace it. With a protection plan, you have the option of receiving a free replacement or one for small fee. Protecting your gadgets is analogous to protecting your assets. Everyday, you face innumerable risks and, thus, some degree of risk exposure. A woman behaving wealthy protects her assets — loved ones, income, health, and property.
6. Do you have an emergency card in your purse?
An emergency card details your healthcare emergency names and numbers (e.g., hospital, doctor, dentist, pharmacy, health insurance plan, insurance policy). It also holds
your family’s contact information (e.g., spouse’s, parent’s, and kid’s contact numbers) in case of an accident. The best time to prepare for an emergency is before it happens. If you have an emergency card, then you have taken steps to create a preparedness kit. Women behaving wealthy are also prepared for the occurrence of other unfortunate instances. Have you selected a custodial and financial guardian to care for your children in case a tragedy befalls you? A woman behaving wealthy has a plan in place that protects her loved ones in the event of misfortune.7. Are your receipts and important papers (in your purse) organized by category?
The receipts and important documents in your purse can represent additional income and savings for you if you apply them to decrease your taxes. Many purchases are potential deductions from and credits to income taxes.  By consistently categorizing the expenditures you make that are potential deductions and credits, you are employing tax-reduction strategies to increase your income or wealth. Taxes are another detour on the wealth-building journey, as they erode your investing power.  A woman behaving wealthy has the objective of retaining as much income as possible, which can then be redirected to more savings.
After Peeking in Your Purse, are you a woman behaving wealthy?
Congratulations are in order if your answers to six or seven of the above items indicate you are on the journey to wealth! However, if your purse audit suggested that you aren’t quite on your desired road to financial independence, don’t worry! Take action today and transform your financial life by completing Women Behaving Wealthy’s FREE Wealth Assessment at www.womenbehavingwealthy.com.
Dream it. Plan it. Live it.
Wealthy Women are rarely born that way. Most wealth is created. Robin A. Young creates Wealthy Women. It is Robin’s mission to educate and empower women to embody the necessary habits that create wealthy lives. Hence, Women Behaving Wealthyâ„¢ was born. Over Robin’s 12-year career as a Wall Street executive and financial advisor, she has adeptly integrated her academic training and investing experience with sound financial principles and a unique customized approach. This approach has allowed her to successfully manage the portfolios of over 500 millionaires and hundreds of other investors.