Credit cards allow anyone to have access to 30 days interest free financing. Pay off your balance every month and you have access to OPM, Other People’s Money. Actually, even if you don’t pay it off, you have the access, but along with added challenges, which we aren’t discussing here!

They say that using OPM is the way of the big investors, the wealthy. And you have the same opportunity on a small scale. If you can find opportunities that produce a return in a short period of time or require short-term ‘bridge financing’; you have that option of interest-free, with credit cards.

Do not allow yourself to rely on the monies for any extended period of time. This is short-term financing only. If you require funds for longer periods, other forms of financing must be secured.

The value of having cash in hand allows you to leverage this money to invest, purchase real estate or grow a business. Even start a business.

They say you need money to make money. Well, here’s a source of money. Be careful with it. Use it wisely and even cautiously. In some ways it may be too easy to access.

Have a clear picture of how you will spend the money. What level of risk you are taking and most importantly, your exit strategy. What will you do if something goes wrong, what is your contingency plan?

All that to say, you do have access to 30 days of interest-free money. Know the dates and work wisely around them.

As part of my work as a financial adviser, I have often presented classes and seminars on the subject of personal finance, and I have found that one of the most popular subjects that people want to hear about is women and finance.

Recently, at one such seminar, I was approached by a gentleman who asked me, “What’s the difference in investing for men and women?” “You should teach a class on ‘Investing for Men,’” he chided.

In today’s post-feminist era, when many women do jobs that used to only be done by men and the concept of a “working mom” has become the norm, this is an interesting question. Why are women singled out for such seminars?

Are Women Still Different?

Did your mother work out of the house? Odds are that she did, but nowhere near the amount that your father did. As such, she probably didn’t earn as much as he did, she didn’t gather as much money in her pensions, and she probably won’t get the same level of government pension (social security, etc.). This means that unless her husband has a sizeable spousal benefit for his pension, or their savings are sufficient and their post-retirement withdrawals are minimal, she may be at risk of becoming a poor widow. Unfortunately, it is not uncommon for a widow’s lifestyle to drop after her spouse dies, since his death brings an end to his pension.

At the same time, there are certain cultural attitudes that have survived despite the changes in women’s opportunities. For example, though with some couples, the wife doles out an allowance to her husband, more often than not, in many homes it is still the husband who handles the money. Even if the Mrs. deals with day-to-day expenses, usually it is the Mr. who makes the big money decisions like investment choices.

Why Do Women Need to Handle Money?

In today’s modern world, women need to be able to fend for themselves. Indeed, today’s generation of schoolgirls might not even be able to understand gender-related discrimination in finances or the work field since they are learning that girls, with the right education, can do just as well, if not better, than their male counterparts. However, older women may need to be taught crucial fiscal skills that weren’t the norm when they were growing up. Indeed, if you look at the disparity of income, the prevalence of divorce, and the fact that women live longer than men, it is clear that courses on the topic of women and investing are critical.

You have heard it a zillion times how finances are one of the most common reasons people fight and relationships fall apart. It is not necessarily about the amount of money in general so much as it is the stability of its presence. Is there a comfort zone present that allows us to be at ease knowing next month’s mortgage is taken care of? Is there money for the kids’ tuition this semester?

FINANCIAL ACCOUNTABILITY

The questions asked above are the ordinary, everyday questions and concerns people face, both individually and as a couple. When you face these issues alone, you know you are all you’ve got – so if the money isn’t there, then what did you do with the money you had? Can you justify the level in your bank account without guilt?

Regardless of the answers to the questions, the only person you answer to is yourself. However, when you are in a relationship with someone with whom you share expenses, then you are responsible to them as well.

DISCUSS FINANCES AND MONEY ISSUES BEFORE PROBLEMS ARISE

Many couples do not address financial issues or concerns until they are waist deep into them. That is not the time to do it! Prepare yourselves for a positive financial future together by discussing your financial goals, both independently and as a couple, prior to issues arising. Pay attention to your mate’s shopping and spending habits and realize their tendencies will affect you – and your pocketbook – eventually.

Don’t wear blinders to habits that grind your gears…these are the preliminary warnings that disputes and disagreements are heading your way if not addressed up front prior to any problems.

You may not want to bring something up in fear that it will actually cause a problem, such as the old adage, “if it isn’t broke, don’t fix it…” – but preventative conversation holds more potential of eliminating potential issues than waiting until there is one to bring it up. Once a problem exists, tempers are in form, attitudes are ripe and tolerance is extremely low for anyone to be pointing out someone else’s faults or placing blame.

MAKE FINANCIAL GOALS AND PLANS TOGETHER

It is interesting that so many couples do not discuss such foundational issues as money and how it should be used, prior to locking accounts together. Take time to have a few discussions in advance; make some basic goals and plans that will involve both of you sharing funds and thoughts about how to achieve the goals.

Involve each other in addressing the financial needs of the household, even if only one person is responsible for paying the bills. When both people openly participate, then both people are cognizant of their roles in the relationship and the financial responsibility to the household.

Step up the communication a notch, make it fun to learn how to save and spend together in agreement and have a healthier, happier relationship! After all, that is the basis for your sanity in an economically challenging environment…your peace of mind, peace in your relationships and peace within your home.