When I was engaged to be married, my Momma, Romayne Leader Frank, a lawyer specializing in Family Law and Real Estate, was getting ready to give a speech to the Women’s Club on “Women’s Financial Success”.
My Momma asked me to listen to her speech to see what I thought of it! Momma spoke of the need for women to have credit in their own name, not in their husband’s name, their former husband’s name or their father’s name but in their own name.
Momma had clients who were widowed, divorced, and single who suddenly had no money or credit in their own name. The credit card and bank accounts were in their deceased spouse’s name, their divorced husband’s name or in their father’s name which meant they did not have any money or credit in their own name and were unable to pay their bills and take care of themselves and their families.
Momma said women should always have their own separate checking, savings, and credit card accounts in their own name so they would never find themselves without a way to support themselves and their loved ones.
I have over the years called our families accounts yours, mine and ours. The same name as the Lucille Ball and Henry Fonda Movie “Yours, Mine and Ours.” In the movie the title referred to children though not to money. Over the years, I have shared my Momma’s wisdom with many other women and men. Her speech was well received by me and all the young women and young men I have shared her principles with. Her speech has stood the test of time.
What are the 6 secrets my Momma, Romayne Leader Frank taught for women and men to be financially independent?
1) Open a savings account in your name at a secure bank, that is insured by the Federal Deposit Insurance Corporation, and start immediately to put your money in it to begin your nest egg. When I was 8 years old, Momma smiled at me and said we were going for a new adventure to the bank. She took me by the hand and we proudly walked into the bank. Momma introduced me to the teller at the bank, Mrs. Jay and asked me to hand in the $2, I had been saving. That day the teller entered my $2 into my new passbook, typed in my name on the outside of the book and explained, I would receive interest every day for the money I put in the bank. Every couple of weeks Momma would take me into the bank so I could add in the money I had saved from doing my chores. I enjoyed watching the money grow in that savings account. Momma taught me not only to put my chore money but later my future paychecks into my account to start saving for the future. By the time I went to college, I had saved a nice nest egg for the future.
2) Open a checking account in your own name and put your money in it.
3) Get an American Express and or Visa Card at a low interest rate in your own name. Begin to use it immediately and pay your bill as soon as the statement arrives in order to establish your credit.
4) Before purchasing your home, have a professional title search done to make sure there are no liens or prior owners. When you buy your home, make sure your name is on the title and spelled correctly.
5) If you have a mortgage on your home, pay the bill on time. If the interest is too high, ask the holder of your mortgage to lower the interest rate. Always ask for a fixed rate mortgage. This will prevent your mortgage from being raised to a higher interest rate in future.
6) If you buy a car make sure the title is in your name. If you are paying the car off each month pay the monthly charge on time. If the mortgage on your car is too high, talk to your mortgage company and have your mortgage rate lowered. Make sure you have a locked in fixed rate mortgage.
This article is the third of four articles on teaching you, to take hold of your finances.
If you need a speaker contact Madeline at: mfrankviola@gmail.com
Madeline Frank, Ph.D., DTM is an Amazon.com Best Selling Author, speaker, business owner, teacher, John Maxwell Team Member, conductor, and concert artist. She helps businesses and organizations “Tune Up their Business”. Her observations show you the blue prints necessary to improve and keep your business successful. Her latest book “Leadership On A Shoestring Budget” is available everywhere books are sold. If you need a speaker contact Madeline at: mfrankviola@gmail.com