Episode 9 - Breaking out of Financial Dependency - Camilla Quintana

Breaking out of Financial Dependency

Listen on: iTunes │Spotify │Stitcher

Did you know that the topic of “financial empowerment” is the reason I started The Empowered Expat Wife Podcast?

Seeing many women give up their career, their support system and everything they’d known to follow their husband abroad for work (or move to his country of residence); dedicating years to the family and the home (which we all know requires an extra effort abroad).

But then, finding themselves depending on their spouse fully and not having a financial back-up or retirement plan to fall back on.

Let’s be real: things can happen. We don’t like to talk about this of course, but have you thought of worst-case scenarios like separation / divorce, health problems, the inability to work, or God forbid death? If you were on your own tomorrow: could you and your children get by financially?

I’m by no means a financial expert but my interest in this topic has led me to read several books (listed below). So drawing on these authors’ expertise, let me ask you 6 questions you should be able to answer! (Listen to the full episode for further explanations, inspirations and details.)

1. Do you know about your family’s money situation?

Including: Investments, real estate, assets and liabilities, mortages, debt, monthly spending etc

2. Do you know what you spend each month?

Pull up a bank statement and take some time to go through the list. Ask yourself:
– Did I really need this?
– Does this expenditure make me feel light, expanded and happy? (or did you feel pressured into buying it and kind of regret it?)
– Where am I overpaying?

3. Do you have a retirement account or emergency fund? How could you create one?

It’s not ideal to be financially fully dependent on anyone – not your partner, not his employer (or his ability to generate income), not your parents… You never know what life may bring and I’ve seen and heard of many women who couldn’t get out of very unpleasant situations because of financial reasons.

4. Do you have a consumer mindset or an investor mindset? (Tony Robbins)

A great question to ask yourself each time you’re about to spend money. Think long-term and remember: by saving only 10$ a day you can accumulate a nice some of money over the years, with little effort on your part.

5. What are your values around money, investments and finances?

– What would truly bring you joy?
– What matters to YOU?
– Is what you currently spend money on really in line with your personal values and financial goals?

Figuring this out will help you make better decisions around money.

6. How can you teach yourself about finances?

Apart from reading financial news and encouraging / participating in more conversations about finances, I’ve enjoyed reading the following books:

‘Rich Dad, Poor Dad’ by Robert Kiyosaki

‘Money. A Love Story’ by Kate Northrup

‘Get Rich Lucky Bitch’ and ‘Chillpreneur’ by Denise Duffield-Thomas

‘Think and Grow Rich’ by Napoleon Hill

‘The Secrets of a Millionaire Mind’ by T. Harv Eker

‘Smart Women Finish Rich’ by David Bach

‘Master the Money Game’ by Tony Robbins

Do you have any tips, course or book recommendations around finances? Please share them with the community!

And if you enjoyed this content make sure to tune in next Thursday where I’ll be interviewing an expert on Expat Finances so that you can take inspired action towards your own financial empowerment!