"It's a spooky time of year, but your finances shouldn't be scaring you. Most of us share concerns about our money and our financial futures. It's normal, and even healthy sometimes, to be on alert when it comes to your finances. But as with any fear, your financial terrors shouldn't rule your life. Here are some tips to deal with some of the most common worries so you can leave the scaring to the ghosts and the goblins.
Many fear that illness or medical emergency involving themselves or a loved one will leave them bankrupt. This is certainly a valid fear as medical catastrophes account for the highest number of bankruptcies. Keeping an emergency fund and being informed of what your health insurance covers are essential preemptive measures to take.
If the situation does unfortunately arise, ask the hospital for an itemized bill and review it carefully. Ensure that each item was actually provided during the hospital stay. If not, bring it to the attention of the hospital. Additionally, health insurance companies change their billing codes frequently. If you were charged for something that should've been covered by insurance, your doctor may have used an old code. Give your an insurance company a call to try to remedy the error.
Paying for retirement
Another of the most common financial fears is not saving enough money for retirement. Over the past several years; the pension changes, the outlook for social security, and the increase in lifespans have all caused heightened concern about retirement savings. Young people, in particular, are concerned about whether they'll be able to save enough. Thinking about retirement can certainly be stressful and scary. You may feel as though you'll have to work forever or that you'll be unable to maintain a comfortable lifestyle.
The best way to ease your mind will be to start saving as early and as much as possible. By beginning your savings as a young adult, you'll create the habit. Then, you won't even notice the money coming out of your account. Research how much your employer will match. And remember that retirement funds use compound interest. The earlier you put money into a 401(k) or an IRA account, the more it will grow over time.
Affording your child's education
Tuition rates continue to rise every year. Therefore, being able to send your children to college has become a prominent financial fear. Young parents are especially concerned about saving for their children's future because they may still be paying their own student debt. But it's never too late to start saving. You can create a savings plan at any given point. Saving something is better than saving nothing.
Additionally, creating a cost analysis for what's needed to pay for your children's schooling is sensible. This process can start around the time your oldest child is 10 or 11. You'll then be able to use this to create a savings plan. Figure out how much will be reasonable to save each year, then break it down by month.
You may also wish to discuss the cost of college with your children with age-appropriate conversations. Help them understand the significance of the cost to ensure they take it seriously. As they get older, emphasize that hard work can help them earn scholarships, which can save money. Discuss other ways in which they may be able to contribute to their college fund, such as getting a part-time job.
Losing your job
Whether it's getting fired or laid off, losing your job can be a major blow to your financial situation. Once again, it's best to be proactive to prepare for the worst. Continuing your education or learning a new skill can help make you a more marketable job candidate in case you're let go. If you have an annual review with your current boss, use this as an opportunity to gauge your status. Get a feel for where you stand and what the future of the company may look like. Additionally, at any point during your career, having a few months of living expenses saved up is a wise move.
Being held back by debt
Many people have accumulated significant debt and may fear that their debt is insurmountable. They may also be afraid of how their debt will begin to creep into other parts of their lives. Debt can affect you in a vast number of ways. It can affect the types of loans you qualify for, your mental health and even your relationship.
You may be afraid your significant other will find out how much debt you have. You may wish to keep the information to yourself and work it out alone. To face this fear, the first step is, to be honest with yourself. From there, find out how much debt you have and make a plan to tackle it. Then sit down and have a frank discussion with your significant other. You may feel better after just having the conversation.
Facing your debt head-on, and being honest with yourself and your loved ones, will help prevent you from feeling as if you're drowning. This will help your overall financial situation. In turn, your relationship with money will improve.
Having fears about your finances is entirely normal. Many of us have worried about money and what might happen to our money in unfortunate situations. But, as with other fears in life, it's essential to manage your financial worries. By being proactive and honest with yourself, you can make your financial situation less intimidating and more manageable.
If you are reading this, then it is quite likely that you are a business leader and mentor already, and the very fact that you are looking to improve your skills beyond your current capacity means you are already ahead of the game.
In corporate sectors all around, a general trend has been observed which point towards the conclusion that talented women employees do thrive better under female mentorship. What this means is that women at the forefront of corporate leadership today must continue to improve in their ability to both lead and mentor the leaders of tomorrow. This is facilitated by the easy availability of ILM Level 7 Executive Coaching courses and training nowadays, which we are going to discuss in detail next.
Improving as a Mentor: Where Do You Start?
Given that improving on leadership and mentorship skills only concerns those that are already leading businesses and tutoring fresh talent under them, the very first requirement here concerns completing advanced ILM Level 7 Coaching programs.
However, in order to also include a more comprehensive educational curriculum and training to hone your mentorship skills to a point, it would be a good idea to go with a BCF Group program, which will help you to get that widely respected and vastly useful ILM Level 7 Certificate in Executive Coaching and Mentoring.
The BCF Group is one of the UK's most highly rated Institute of Leadership & Management (ILM) Approved Centres for ILM Level 7 Executive Coaching Courses. To know more about what exactly to expect during and after completing your ILM Level 7 Qualifications in Executive Coaching and Mentoring from the centre, head over to the official site.
In the meantime, some of the advantages of their ILM Level 7 Coaching curriculums can be highlighted as follows:
- Advanced understanding of high-level coaching and mentoring theories
- Critical evaluation of one's own leadership mentoring and executive coaching practices
- Knowing how to relate someone's personality and nature of business to her own mentoring practices
- Personal growth: Effective learning and mentoring fellow coaches
Once you have the ILM Level 7 Coaching Certificate, you are finally ready to take on advanced responsibilities as a business leader and significantly improve on your ability to mentor the fresh, female executives and leaders that rely on you for guidance.
Without the necessary advanced education and training, progress would not be possible after a point, but once you do end up completing your certifications, it is time to build on that that knowledge and training by adding your own unique touches towards developing a mentoring procedure for your clients/executives.
Understanding the 3 Different Aspects of Mentorship which Hold the Most Value to Corporate Women
There are various different aspects of business coaching, but most women usually need more assistance and guidance in some particular areas over others. If you have a certificate in executive coaching and mentoring, you most likely possess the ability to cover at least two of them for your clients.
After going through the opinion of numerous business mentors who have had a great deal of experience in working with talented women across multiple fields, the primary mentoring needs of corporate women in particular seem to be divided into three broad categories:
- Advisory mentorship
- Strategic mentorship
- Operational mentorship
Advisory Mentorship: Feedback
Most women working in a corporate environment agree that their managers are not as straightforward or guiding with their feedback to the female executives as they are usually with the male executives. The feedback is, of course, extremely important for growth, and in its absence, improvement and employee evolution is often stunted - even in those with potential.
The advisory role of the mentor is meant to fill this damaging gap by providing her with valuable feedback which she can then use to further her own progress. It is important for everyone, regardless of gender, to get a clear idea regarding what their weaknesses are that they need to work on, as well as getting feedback on their strengths, so that they know exactly what to rely on in times of urgency. The advisory role played by a coach and mentor involves doing both and much more.
Strategic Mentorship: Exposure
Exposure is another part of the industry where women employees and even female business owners are lagging behind, since managers, partners and other decision makers often end up highlighting the best performing men over the equally talented (if not more so) women.
The job of the strategic mentor is to make sure that her clients are not overshadowed by anyone. They work towards bringing the spotlight to talented leaders and executives, so that they too can form valuable partnerships, get promotions, and find more suited roles for their talents. It is to be noted that experienced and well-connected business coaches who have been in the field for a while make the best strategic mentors for obvious reasons.
Operational Mentorship: Advice
Operational mentorship goes beyond just the generic advice, but involves an actual process and step by step solution to overcoming obstacles in a female executive's path to success, be it for an immediate project or a long-term goal.
Just as experienced coaches and mentors are ideal for strategic mentorship, women need more industry specific guidance when it comes to operational mentors. They need to be women who have actually worked in the specific field concerned, or finding practical solutions and forming strategies to overcome specific obstacles will prove difficult, even if the mentor has her best interests in mind.
When you are a highly qualified, experienced and successful female business coach, know that you are not only helping your clients reach success, but you are at the same time being seen as a role model for women working in the corporate sector. Every time you succeed in making another woman reach her goals, you are inspiring more women to follow in your footsteps, as well as showing them how to walk that road to success by mentoring them.