“Women need to develop a healthy, honest relationship with our money,” says financial guru Suze Orman. “And we have to see this relationship as a reflection of our relationship with ourselves.”

In other words, our financial lives (mortgage payments, credit card debt, emergency savings fund, monthly budget, etc) are part of who we are as women. The serious debt or extreme wealth in our finances directly affects our emotional, physical, and spiritual lives. For more info on women and money, click The 9 Steps to Financial Freedom: Practical and Spiritual Steps So You Can Stop Worrying. And, read on for several sings of a financially independent woman (inspired by Suze Orman!)…

5 Signs of a Financially Independent Woman – Suze Orman

1. Financially independent women are aware of their “money personalities.” Did your parents invest in real estate, a secure low-interest savings account, mutual funds – or did they struggle with debt? Your saving and spending habits, investment style, attitude about money, and financial perspective is shaped in part by the way your parents treated money in your childhood. Your money personality directly affects your relationship with money – and the more self-aware you are, the more financial independence you’ll enjoy.

2. Financially independent women take financial risks. A financial risk doesn’t necessarily mean investing $10,000 in a friend’s new business or charging a $2,500 dollar dress to a maxed-out credit card. Taking healthy financial risks includes investing in your career by going back to school full or part-time, taking a mortgage on a small piece of real estate, or exploring ways to earn money from your hobby.

3. Financially independent women have their own checking, savings, or credit card accounts. So many readers make comments on my “Quips and Tips for Achieving Your Goals” blog about how they want to leave their common-law or married husbands, but can’t because they have no money to support themselves. Having a separate checking or savings account is the most basic sign of a financially independent woman…and yet many women don’t have their own source of money.

4. Financially independent women have both individual and couple money goals. Our goal as a married couple is to pay off the mortgage within a few months; my goal as a businesswoman is to earn $2,500 per month from my blogs. My husband has his own financial goals, mostly related to investing money in stocks and bonds. For a woman to have true financial independence, she needs to have goals that are separate from her partner’s. If you and your partner see money differently, you might find Dealing With Different Money Personalities as a Couple helpful!

5. Financially independent women understand basic personal finance. This is where books about money for women are so important! I can’t describe retirement investing, compound and simple interest rates, living trusts, home insurance, income tax strategies, etc here – but a basic understanding of money is crucial for women. The more you know about basic personal finance, the more independent you’ll be.

One of my favorite books about money for women is Lois Frankel’s Nice Girls Don’t Get Rich: 75 Avoidable Mistakes Women Make with Money (I like it better than Suze Orman’s Women and Money).

Orman has the final word about money, though:

“Remember to stay involved with your money, to nurture a healthy relationship with it, for what happens to your money affects the quality of your life and the lives of all those you love.”

Are you financially independent? If not, have no fear…read Steps to Financial Independence for Women!

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1. Financial Independence for Women – Quips and Tips
2. Is This a Risky Financial Investment? Money Tips for Women
3. 9 Tips for Taking Control of Your Money for Women

Here’s what Scott and Bethany Palmer say about making financial investments:

“What now? It’s a question we are hearing from more and more couples as the recession takes its toll. Those who’ve lost jobs wonder what they’ll do next. Those who’ve taken a major financial hit are trying to rebuild. Those who’ve weathered the changes so far are worrying if they’re going to be the next casualties.”

The Palmers are “The Money Couple” who wrote First Comes Love, Then Comes Money: A Couple’s Guide to Financial Communication – click for information. And, read on for their money tips for women and couples…

Is This a Risky Financial Investment?

In the midst of economic changes, many women are seeing financial opportunities and learning money lessons. Maybe a lost job means it’s a good time to go back to school. Maybe the foreclosure offers a chance to move to a new home and make a fresh start. Maybe the availability of stimulus loans makes it a good time to start a business you’ve always dreamed of.

This might be the right time to take a financial risk or make an investment with your time. But first you (and your partner) need to think about these money tips…

What is your current level of financial debt? A mortgage or car payment is one thing, but if your credit card debt exceeds more than 10% of your annual income, you should hold off on making risky financial investments. Instead, spend the next six months reducing your debt. Then, re-assess your plans.

Weigh the pros and cons of this financial investment. Have a realistic conversation about how this new opportunity will change your daily lives-financially, socially, and emotionally. How will it affect your schedules? Will you need more childcare? Will you have to pull back on other financial commitments? How will this change your spending habits? Do you need to tap into other investments to fund this risk? What other financial sacrifices will you have to make? Only you can determine if these changes are worth it.

If you’re half of a couple, make sure you’re both on board. If one of you wants to start a business and the other thinks you can’t afford it – or you have different money personalities – get creative about ways to meet both your needs. Can you build your savings over the next six months so the financial investment is less risky? Can you bring in a partner to ease the financial stress? Can you break the idea into smaller, more manageable chunks? “Risk Takers” in particular need to make sure they have their partner’s blessing before moving ahead with a new financial venture. Without your partner’s blessing, you’re going to bring anger, frustration, and deep resentment into your relationship. And no financial investment or risk is worth that.

Take your time before investing money. A good financial investment will still be good two months from now. Before you make a major financial commitment to a new venture, take a deep breath…and wait. Keep dreaming, keep talking, keep saving, but don’t make a move until you’ve let your plans simmer a while. Whether you’re talking about one partner going back to school, living on one income, starting a new business, or changing jobs, work together to make this financial investment one that benefits the whole family.

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Related posts:

1. Financial Independence for Women – Quips and Tips
2. 9 Tips for Taking Control of Your Money for Women
3. Signs of a Financially Independent Woman – Quips and Tips