At an investing workshop a few weeks ago, I asked the group of about 40 professional women how many of them fully understood what they were invested in.  Shockingly, only 3 people raised their hand which meant that over 90% of the women in the room had little or no knowlege of how their money was invested.  I was reminded once again of how intimidating the investment world is for most women and this reality is the inspiration for an investor education series that I will be running over the next few months in this column.  Each month I will explain and demystify the most common investments that you will likely encounter so you will develop a greater understanding of terms like mutual funds, stocks, bonds, index funds and GICs.

For those of you who have completed the Build Your Own Financial Plan program or one of basic investing courses, you can use the column as a refresher and, if you would like to deepen your understanding of investments, check out the MoneyMastery program that I will be starting in mid February.

If you are in the majority of women who don’t understand what they’re invested in, make 2009 the year that you change your relationship with money.  Pick up the phone right now and book a meeting with your bank or advisor.  Bring your latest investment statement to the meeting and ask them to explain, in layman’s terms, what you’re invested in.  Don’t worry about bothering them, remember this is your money and you have a right to know where your money is going.

Changing your relationship to money won’t happen overnight and does require a commitment to being open to learning an unfamiliar language and acquiring new skills.  You don’t have to become an expert, but if you’re not on top of your money, who is?

To learn more about what’s happening in the markets now and what to do with your investments, check out our upcoming teleclass with investment expert Tracy Theemes.

Karin Mizgala is a Vancouver-based fee-for-service financial planner with an MBA and a degree in psychology. She’s the President of LifeDesign Financial and co-founder of the Women’s Financial Learning Centre.