Girls Just Wanna Have Funds » Women

7 Savvy Ways To Be A Financial Asset In Your Relationship

Ginger — Wed, 12 Nov 2008 16:39:18 +0000

When talking about women and money, we are often portrayed as financial risks. This is because of the perception that we we either shop too much or know little when it comes to utilizing money to create long term wealth and security. So today I’d like to discuss the issue of being a financial asset in your relationship. No partner wants a woman who shops too much and isn’t financially responsible with bad credit. You’re as much of a risk as the man with a bankruptcy and continued financial irresponsibility if those are your cards. So how do we become a financial asset?

[Edit] Some of you have already commented that you are surprised by the gender assumptions made by the article. It is based on this Bankrate.com article which I found pretty eye-opening in that they specifically indicate the differences in approach to money by men and women. I don’t want you to think that I am using this article to paint all women with one brush, just understand that not all of us are working towards financial freedom because we havent been taught how to do so as the article implies.

Men and women spend and save differently:

Women, trained to nurture and seek acceptance, view money as a means to create a lifestyle. Women spend on things that enhance day-to-day living. Theirs is a now-money orientation.

Men, trained to fix and provide, view money as a means to capture and accumulate value. Men don’t spend, they invest. Men don’t want something, they need it. Theirs is a future-money orientation.

Embrace The Frugal Lifestyle

Before you turn your nose up at the idea, this isn’t about being cheap. This is about getting the best price you can for whatever you buy, remember, if it isnt free then it isnt on sale. It is also about figuring out your needs vs. wants, do you need that pretty fuschia sweater at Bluefly? Your partner will be able to appreciate this quality because you won’t present as a spendthrift, but as a woman informed about her buying power and not at all dedicated to buying crap and coming home with nothing to show for it. Believe me, I know

Invest In your Career and Education

I don’t care what your life plans are. Some of us want to stay home and take care of our children and some of us want to run out and conquer the world, whatever you decide, invest in your education and/or something that you are able to do in the event that you have to earn a living on your own. A man is not a financial plan and prince charming doesn’t exist. Sh*t happens. Be smart and protect your self. Having an education even if you don’t pursue the corresponding career (English major becoming and English teacher), shows your partner that you are invested in yourself and that is the best investment that you could EVAH make.

If you’re a career woman, map out a 1-3-5-7-10 year plan and revise it yearly as it is a working document. You’ll be a better woman for it because now you’re bringing to the table a woman who is focused and intent on her success.

Keep Up To Date On The Latest Financial News

Read and be informed around current and ongoing financial issues. I’m not at all asking you to go out and subscribe to Barron’s but reading sites like Girls Just Wanna Have Funds (shameless plug), Consumerism Commentary, CNN Money, MSN Money MasterYourCard and others will give you both an insiders and main stream media view of what’s going on with your wallet. Be aware of current savings and loan interest rates, take an active interest in making the most of your money no matter where it is. A financially motivated woman is a woman who is in control of her destiny.

Engage Your Partner On Financial Issues

How much does your partner understand about the current bailout drama? Do you meet regularly to discuss house finances such as your household budget and current debt load? Make these conversations a regular part of relationship to ensure that you remain on the same page.

Maintain An Open Door Policy: Communication

Need I really say this ladies? Communication is key. Don’t haul off and buy that $400 dress without talking to your spouse if your rules dictate as such. Some people need to consult for a $7 purchase and others a $200 purchase, different strokes for different folks. Whatever yours may be, keep the lines of communication open.

I’m the shopaholic in my relationship but I make sure to tell the husband unit of any purchases over $300 that sits outside of our regular budgetary items.

Be Financially Responsible Around Debts And Money Habits

Cut that shat out! No partner wants a woman who is irresponsible around her debts and overall money habits. In his/her eyes you become more of a financial risk, especially if you have no idea on how or if you’ll pay it all back. Debt is slavery and we really don’t want to be enslaved to a perpetual debt now do we? Get a plan, read a book like The Automatic Millionaire, Young Fabulous and Broke, Smart Women Finish Rich or Total Money Makeover.

I’m not saying that you have to go into your relationship or marriage, debt free but the first step is a change in mindset and a plan to make it happen. A woman with a plan makes for a happy man. Cheesy, I know but true.

Be Charitable By Giving To Others

Give and ye shall receive. You can do through tithing, charitable work/donations and/or community service. Any service given to those who have less than you is an indication of the quality of your character. This tells your partner you are willing to part with your time and money in the service of others, can’t go wrong with that!

Question: Have I missed anything? How do you think a woman can be a financial asset in her relationship?

Friday Financial Thoughts: Simplify Your Life

Ginger — Sat, 08 Nov 2008 03:30:23 +0000

“Simplify your life. Get rid of anything that’s pulling at your energy, time, or finances-especially anything that pulls you away from your life purpose” Doreen Virtue, Ph.D

This quote made me think really hard about all the things that I engage on a daily basis that no longer serve me. Because Im on a mission to live a purposed life, I thought about all the hours I spend “screen-shopping” and not attending to my ever increasing TO-DO list.

In doing so, I inevitably end up purchasing something that I don’t need under the guise of sprucing up my wardrobe. And it sucks when the package arrives and I just throw it to the side like…hmm this is nice and then toss it to the side. That’s gotta end.

Question? What money habits no longer serve you?

Frugal vs Fabulous: Houndstooth Dress

Ginger — Thu, 30 Oct 2008 19:18:23 +0000

In my quest to reinvent my sense of personal style to a more demure version of my younger self, I’ve taken a liking to the houndstooth print. I’ve always liked it but never got anything more than a skirt that Ive had for over 6 years. It’s a classic print that Im sure any woman will love. Right?

Well I came across the dress below and it is sold at Nordstrom’s and Barrie Pace. Needless to say Im in love with it but not at that price. $400. Yikes! I won’t lie and say that the thought hasn’t crossed my mind, after all it is a clasic but we are in a recession and I’d feel guitly. So I’ve been looking for alternatives and the only one that comes remotely close is the Banana Republic version for $94.

What do you think?

Nordstrom: This is currently on sale for $400 but with 40%. so Im thinking I can get it and then have my mom take it in? But I’m still on the hunt for something similar but not cheap. Hopefully Fashion Under $100 and Frugal-Fashionista can help me out because I am damn near stalking this dress.

Banana Republic: Love the sheen, the cut is pretty conservative but it’s classy. I don’t want just any ole Houdstooth dress, I want one that will turn heads, not only because it’s a classic, but because of the design, cut and fit.

Talbots: This looks too Corporate America and well, old, I can’t imagine where I’d where this dress. But this is from Talbots and I believe they are made with the older woman in mind. Please don’t flame me for saying that!

Any ideas on where I can find a similar dress at a bargain momma price?

Reader Mail: Will Children From Previous Marriage Inherit Joint Property With Current Spouse?

Ginger — Mon, 27 Oct 2008 15:43:06 +0000

Hey Ginger,

I’m getting married in April of 2009 and have some concerns as this will be my second marriage making this a blended family. I along with my fiance have children from previous marriages/relationships and I am concerned about whether or not my children will be able to inherit joint property that I own with my fiance, soon to be husband in the unfortunate event of our demise.

Disclaimer: I am not a lawyer and this should not be misconstrued as legal advice. I did however check with an attorney friend who had the following to say:

[Her situation will be determined by...] what state she is in and what type of joint ownership (i.e., joint property with rights of survivorship). If she and her husband/husband to be own property, she needs to clearly indicate what disposition of property she desires.

Kiplinger Magazine also had the following to say about blended family finances:

DRAW UP A PRENUP

….a prenup can help you sort out your finances regardless of whether your marriage ends in divorce after six months or with the death of one spouse after a long, happy union. Not only does a prenup spell out what each of you owns and can expect if you end up single again, but it also lets one spouse waive rights to any property — say, a family business or an investment account — that the other wants to preserve for his or her kids. Without a prenup, state property-division law bestows a share of the marital property on the other spouse, no matter how the marriage ends.

If you decide to go the prenup route, you’ll each need a lawyer to represent your interests, for which you’ll pay a total of $2,500 to $10,000, depending on where you live and how complicated your affairs are. Sign off on the prenup well before the wedding. Otherwise, a judge might conclude that one of you was pressured and refuse to honor it.

ORGANIZE ACCOUNTS

Never got around to discussing the p word? You could always ask your spouse to sign a postmarital agreement, although you each have less leverage with the other once you have tied the knot. If you don’t want to put the plan on paper at all, you may be able to preserve assets for yourself or your children by keeping the property you acquired before the wedding separate from the marital mix. The definition of “separate,” however, depends on state law and maybe the courts. Research how your state interprets separate and commingled property, or check with a lawyer.

Many blended families establish a joint household account and joint savings for their life together and keep other accounts separate. The Sassamans started out with separate bank accounts but eventually concluded that the process was unwieldy. “If she needed to get more things, I’d have to write a check from my account to her account,” says Dave. Eventually, they created a single fund for household expenses. “Now we just talk about what needs to be paid,” he says.

How you keep your accounts can affect your financial obligations. In some states, a stepparent who significantly contributes to the support of stepchildren — and who lets the parent who is legally responsible for support off the hook — can become responsible for supporting the stepchildren even if the marriage ends. That scenario won’t happen if the biological parent pays major child expenses from a separate account.

One more argument for stand-alone accounts: better access to college financial aid. You must include the stepparent’s income and assets on the financial-aid application (assuming you’re the parent who applies), but you may be able to persuade a college later to remove the stepparent’s separate assets from the financial-aid equation, says Deborah Fox, of Fox College Funding, in San Diego. You’ll have to wait until you receive your financial-aid statement and make your case in an appeal. (For more about financial aid, see the box on page 84.)

UPDATE THE ESTATE PLAN

Whether you anticipate inheritance issues in a prenup or worry about them later, at some point you must face the question of who inherits what. Estate planning is the “big hairy issue” for blended families, says Maurer, especially when grown children from one marriage and young children from the new one are involved. You may have accumulated a lot of equity in your house, for instance, and want that money to go to your kids from a previous marriage. Meanwhile, you have your new family to protect.

The simplest solution is to take out a life-insurance policy and name the children from your previous marriage as beneficiaries, says Wendy Goffe, an estate-planning attorney in Seattle. The house and other assets would then go to the new family. If the insurance, added to your estate, would trigger the federal estate tax (payable on estates larger than $2 million in 2008 and $3.5 million in 2009), go instead with an irrevocable life-insurance trust, which keeps the money out of the estate.

Alternatively, you could give your spouse lifetime use of the house and the income to maintain it through a marital trust, such as a qualified terminable interest property trust, or QTIP. Such trusts end upon the surviving spouse’s death, after which the property goes to the heirs. Don’t name the grown children as trustees, says Goffe. “They will always be watching over the stepparent’s shoulder, wondering just how much money went to repair the roof.”

While you’re reviewing your arrangements, make sure you update your will, review your guardianship provisions and rename the beneficiaries on your retirement plans and insurance policies to reflect your new circumstances. Be aware that a qualified retirement plan, such as a 401(k), pays out to a spouse; if you name someone else as beneficiary, your spouse must waive the right to it after you marry. With an IRA or a SEP, you need no such waiver, although the accounts are subject to property laws.

SET A MOVING DATE

When both of you own a house, you have to decide whether to sell one and live in the other or sell both houses and start fresh. Before you put out two For Sale signs, consider that single homeowners can exclude $250,000 from the capital-gains tax, whereas married couples get double the exclusion provided they live in the house for at least two years. If one of your homes has appreciated more than $250,000, you’re better off living in that one for at least two years before selling it.

You don’t both have to be on the deed to qualify for the tax break, but you should retitle the house to reflect joint ownership if you want your spouse to have full title (you can accomplish the same goal in a will). Without any agreement, the house will be subject to state property-division laws upon your death or a divorce. You can file a joint tax return and deduct the mortgage interest regardless of whether one or both of you are on the title.

Question: Are you in a blended family? How did you manage the finances with respect to your children and their inheritance in the event one or both of you pass?

Working Outside Of The Home vs. Childcare Costs

Ginger — Mon, 20 Oct 2008 17:30:23 +0000

photo credit: Thomas Rockstar

Would you work outside of your home if your childcare costs you $3000 a month?

Tawnya, a reader, just submitted the following comment about Stay At Home Wives Being The New Status Symbol:

Women are generally super-critical of our own sex. I think this is based in widespread insecurity and confidence in decisions and the desire to be seen as ‘right’.

I’ve done/been it all, SAHM, WAHM, WOHM - and I can say they are all hard and each presents its own unique challenges. I’m a SAHM now and I can honestly say it’s purely economics, although I am getting used to it. It used to drive me nuts. Where I live, it would cost me nearly 3K a month to have someone watch my children. Maybe I could get a job that would cover those expenses, but I would be keeping much less than I would be spending on child care. Just can’t do it. For me, working is a luxury. When I was working? Staying home was.
What say you? In this situation, do you think working is a luxury? How much does childcare cost where you live?

Is There Equity and Partnership As A Stay At Home Wife?

Ginger — Mon, 20 Oct 2008 05:00:02 +0000

If you’ve been following our featured post, Stay At Home Wives: The New Status Symbol?, then you know that we’ve been having a rather passionate discussion around what exactly a Stay At Home Wife really means for a woman.

To clarify:

A Stay At Home Wife is a woman who does not have any other responsibility than herself, home and husband. Her husband works full time and she may have charity and/or volunteer duties but to engage in those activities in totally up to her. She by definition has no children, she may be finishing school or have an education (HS, college, graduate). So no children and no job. She can be young, middle aged or elderly and she chooses what activities she wants to engage in. This definition isn’t limited by socioeconomic status, there are women who are stay at home wives with household incomes of less than 40k a year to those who make gabillions of dollars a year.

Does it mean that she is losing her sense of identity? What about her prospects for meaningful work if she ever wants to get back into the work force? Is there a perceived loss of equity and partnership because she isn’t “pulling her weight”?

What are your thoughts?

The last question was a comment made by a reader and I thought it interesting that in 2008 we still think this way. Im in no way criticizing her comment, but I know that most of you who read this blog are either feminists or all about the girl power. Well, part of that power is having the choice to lead our lives as we see fit. Choice. That may include being a career/working mother or it can include being a stay at home wife supporting her husband from home.

I really want to know what you think so feel free to comment answering the above questions.

Waiting To Have A Baby Because Of Finances

Ginger — Thu, 07 Aug 2008 10:39:37 +0000

Our parents had children in their teens and early twenties, now women are having children in their early thirties to late forties. Some might ask what are the pros and cons of such a decision. Why are women choosing to have children later on in life? Isn’t this considered selfish? Is it better off for the child to have an older parent vs. someone younger and perhaps closer in age?

My reponse? Do whatever works for you. If you like it, I love it. I’d love to hear your perspectives on this issue so read on.

As women we often get the “so when are you getting married?…..when are you guys buying a home?……baby on the way?……you do know we want grandchildren right?”…I don’t know about the rest of you, but we certainly get the last set of questions relating to children each and every time we go home to visit.

This weekend was no different. We went to my husband’s fraternity annual BBQ and his uncle took us aside to ask if everything was ok because he doesn’t see anything baking in the oven. Now, while I know he did this in jest, it still annoys me a bit. Why? Because I really do resent the notion that as soon as we are married we need to start having children. There’s so much left for me to do with regards to my career and personal goals so I am not quite there yet. I admit to being in full career woman mode right now.

When we do tell our family members that we are in the process of paying down debt (and our goal is to be consumer debt free by December 2008) they laugh and tell us how they had children within their first year, they struggled, but they are ok now.

That is exactly my point. I don’t want to struggle.

I waited to go to college and get an education.

I waited to find the right partner to settle down with.

I waited to buy a home where they can play outside

I can certainly wait to have children when the time is right.

While I am a control freak, I fully realize you can’t plan for parenting but I can do my best to make sure we are prepared financially. Truly, I am not used to struggling financially, so I don’t want our children born into a situation where we are struggling to feed and take care of them.

We are fresh out of graduate school, still enjoying carefree evenings and spontaneous weekends. And, we’re totally cool with that, not in a rush to give that up just yet. Sure, if it happened we’d be delighted, but right now? We have a plan, and we’re OK with that.

I find that women often wait to have children for the following reasons:

Finances
Waiting for the right partner
Career concerns, wanting to achieve a certain level within their careers before settling down to have children
Fertility issues

The list could go on Im sure, but after talking to a few of my friends, this seems to be the general consensus. Here are some of the pros and cons from member on Askville @ Amazon.com:

Pros of having children young

* You (may) be more energetic with keeping up with your children (I don’t know, I don’t think mid-30’s is really over the hill).

* You are younger, and therefore have better odds of being alive and in good health well into your children’s (and grandchildren’s) lives.

* Your children should be long out of college, and established in their lives before you start thinking of retirement (i.e., you don’t have to worry about the competing $$$ needs of college and retirement at the same time).

* If you’re looking to have a big family, you’ll likely have the time to do it.

Cons of having children young

* You wouldn’t have the support of existing close friends raising children at the same time.

* You probably aren’t as financially stable/secure in your career as someone who is older.

Pros of having children later

* More financial security, more time pre-kids to have saved the money to do things like buy a house. Once you have kids, your disposable income takes a big hit!

* More years of experience in your career/job. A proven, established track record might give you more flexibility in your job after a child is born. For example, you might have a strong enough client base to become a contractor, or your employer might be willing to let you work part-time from home, etc. Basically, concessions that might not be as readily available to someone new to the work-force.

* More life experience and maturity to bring to your parenting

* Less of a risk that you’ll have regrets of things you didn’t do. Hopefully by your thirties you’ll have had the chance to do your “big thing”, like travel to Europe or go skydiving. Less of a chance you’ll feel “tied down” by children.

* Probably at least some of your friends/family members have already had children of their own…a great source of advice and hand-me-downs.

Cons of having children later

* Increased risk of encountering fertility problems

* Increased risk of having become accustomed to a lifestyle that is incompatible with children. For example, if you’ve spent the last five years popping out for $200 meals at 9pm on a minute’s notice, that’s not going to fly once you have kids!

* Increased risk of facing health problems/death while your children are young (or relatively young, like still in their 20’s or 30’s).

* The later you have children, the closer together their college and your retirement (and related costs of both) become.

I totally agree with the posters sentiments in that I don’t think that either choice is good, better, less or more selfish, it is more about that person’s ideals and their willingness to commit to this new stage of their lives.

What are your thoughts? How do you feel about women waiting longer to have children? Do you think if could help or hurt them financially?

4 Reasons Why Women Should Take Control Of Their Personal Finances

Ginger — Mon, 04 Aug 2008 10:00:46 +0000

Short but sweet. Here are 4 reasons why women should be paying attention in the area of personal finance when it comes to their financial health.

Retirement

Are you hoping that social security will be there for you when you finally retire? I hoe so too but with the current uncertainties, it is best to put your finances in order to make sure you won’t be living off cat food when you’re 65.

Life won’t end at 65 (hopefully) and you don’t want to be limited by your lack of planning now. Talk with a financial advisor, get a plan, pay down debt and begin saving for your future.

Marriage/Divorce

I know we all believe that we should get in touch with our mushy sides when we get married but the reality is that at least 50% get divorced each year. We may see it coming or we may think such a thing could never happen to us, but either way we need to make sure for ourselves, our sanity and our children that we are abreast of all things financial in the event of a divorce.

Children

If you’re planning on having children then you may want to send them to college, help them pay for a wedding, the down payment on a house or most importantly, make sure your affairs are in order should you demise unexpectedly. In this case I am focusing on making sure they are fine of in the event you pass away.

There is nothing worse than waiting for the government to handle your parent’s affairs after their passing. It is a slow and painful process, trust me, I know.

Career/Salaries

Are you demanding what you are worth or are you leaving it up to someone else to determine that for you? How many times do we leave money on the table because we arent skilled in the art of negotiating and/or advocating for ourselves.

Sometimes this is because we want to maintain the relationship with the other party but at the same time shirking the duty to ourselves to make sure we get what we want and need in a salary appropriate for the time, hard work and education you bring to the table.

Don’t let Susan who is fresh out of college command a higher salary than you simply because she asked for it. Women don’t ask for what they need and sometimes wait for it to be given.

Here’s a tip-ASK!

Get What You Want While Seducing The Boys Club On Your Way To The Top

Ginger — Tue, 29 Jul 2008 10:00:36 +0000

I came across two books this week: Women Don’t Ask: Negotiation and the Gender Divide and Seducing the Boys Club: Uncensored Tactics from a Woman at the Top. They reflect my thoughts around women and how we can get what we want while negotiating with members of the “boys club”.

Negotiating things like salary, time off, flexible work schedule and vacation leave shouldn’t be like a trip to the dentist, but it is for some women. This is while men walk into such situations thinking of it as a “game” on which they are intent on winning.

So why do we shirk our power, hand it over nicely in hopes that we will get what we want? After all, many female corporate executives will tell you that glass ceilings are very much in place and there is still work to be done to shatter them. Here’s why I think we tend to shirl our power:

Disclaimer: This does not apply to all women. If you’re an Alpha woman that gets what she wants, great, if not read on!

We aren’t taught to think highly of our talents or abilities

Ellen, senior partner at a law firm:“[My father told me], ‘Honey, you know you can’t act like a tiger. You have to act like a kitten.’”

Ask a woman before going in for a salary review about the feelings she has about asking for more money even when she deserves it. She will probably tell you that she’s thought over and over whether or not the money she is asking for is too much or if she is worth the increase in salary. Feelings of unworthiness come over her as she approaches her boss’s desk to sit down and she reviews in her mind the questions she can expect and just how she will word the request.

Tip: Employers don’t know your value unless you tell them. That’s right, it is up to you to tell them. Which employer wants to give you more money than you expect? Very few. If your expectations are low, then the outcome will be low. Get what you want by laying down the law. Based on your education, experience and achievements in the present position articulate why you deserve a raise and do so in a frank manner. Be confident and know your worth.

We were raised to be nice, never demanding

Susannah, political strategist: “I just feel so guilty. I worry that I’m putting them in a difficult situation, especially if I’m asking for something that I think will be hard for them to give to me.“

Eleanor, literature professor and biographer: “When it came down to it, I backed down because I didn’t want [my editor] to hate me.”

Becky, a journalist: “When I go into a negotiation . . . I think about maintaining that relationship before I think about my own [needs] really.”

I can’t relate much to this because my mother was the complete opposite. She goes through life demanding what she wants and most of the time the woman gets it and I love her for instilling that fire in me. However, many of my friends and I know other readers don’t share this sentiment as they were raised to take whatever an employer or life gave them. I am not saying that women should be nasty and obnoxious b*tches, but what I am saying is that we need to get on the same playing field with men as far as understanding our worth, especially in the workplace where salary is concerned. We are often taught to maintain the relationship, putting that before our own needs which speaks to our ability to be nurturers. We can do that but less of it in the game of the workplace.

A reader wrote:

I had my first taste of gender discrimination a few weeks ago. My husband and I have the same degree within IT and similar experience and backgrounds. We both interviewed for a position and he was offered $20k more than I was for the same position. Of course, when the interviewer put the numbers on the table I was shocked, so blown away that they would offer me significantly less for the exact same position they offered my spouse that I walked away. In hindsight I should have demonstrated why I deserved more but even then I was planning to ask for $10k more, not at least the $20k that my spouse was offered, uugghhh!

How many times does this happen? Often. And we walk away doubting out abilities when in fact we have all the right tools to get what we want and be successful, we just need to learn how to use them.

Tip: Join sites like The Vault and talk to others in your niche or area. Former employees often share sage advice on topics like interviewing, salary expectations, work climate and opportunities for advancement.

We Think That We Will Get What We Deserve By Working Hard

Stephanie, administrative assistant: “I tend to think people are pretty fair, so maybe I’m too trusting and expect that I’m getting what I deserve in that I work really hard.”

Newsflash! Life is game and it is all about how you play it. Successful women will tell you that it is all about working hard, yes, but they will tel you that laying out a game plan from day 1 is key to getting to the top. We all know about backstabbing co workers, narcissistic bosses, snitching secretaries, apathetic CEOs and add to that women who expect to get to the top relying of these list of characters. Start over.

Tip: Devise a plan on day 1. Get to know the personalities in your office, determine how you can be what they need how and determine how to make yourself irreplaceable. Hard work is a noble worth ethic but playing the game is one not often taught to women in schools or in life by our parents or peers.

We Shirk Our Power By Leaving The Outcome Up To The Subjective Whims Of Others

Christine, investment banker: “I think it’s up to the people that you work for . . . to identify [superior work] and keep current with what’s in the industry.”

Joan, magazine editor: “I was so naïve and clueless, and I just had never really made a lot of money in my life, and I didn’t need a lot of money, so what I asked for seemed like a lot of money. And it was just not a lot of money.”

Why do we do this? My thoughts are that we are rarely taught to get what we not only need, but want for ourselves. Sure, we can command a decent salary, but an even larger salary would enable us to save aggressively for a home or build savings but we accept a lower salary because we leave it up to others to define out net worth. I say net worth because when we walk out of a salary review without advocating for ourselves, we leave it up to others to determine how much we are worth. And often times, they determine the quality of life which is determine in part by the money we make and and what we do with it.

Tip: Know your worth. your employer won’t have enough confidence in you to give you a raise with more responsibility if you aren’t perceived as someone who can advocate for themselves.

While the aforementioned doesn’t represent all women, it does represent a significant sector of our population. Challenge yourselves to dance on the glass ceiling, take a swing at it and know that you deserve everything that you want out o f your career and in life.

Have you had similar challenges in asking for what you want?

Image Credit

Women and Education: Why It Is An Important Factor In Managing Personal Finances

Ginger — Thu, 17 Jul 2008 10:00:28 +0000

photo credit: alessandro pucci

Miranda Marquit is an editor for debt consolidation for DestroyDebt.com.
A couple of years ago, I knew a woman whose husband died. When it happened, she was completely lost. She had no college education, no marketable skills and no money sense (her husband handled all the money). I have thought about the important of education since then, especially as it relates to women. In order to be financially prepared for life, it is vital that you have an education.

Formal schooling

You don’t have to get a college education, but you should have some sort of formal schooling. Whether you get a degree or if you decide to go to a technical college and learn a marketable skill, it is important to have some sort of formal education beyond high school. It increases your earning power (something that is beneficial for gals with out life partners), and makes you more marketable. You can land a better job, and enjoy better pay when you have some sort of formally recognized skill or degree.

It is also important to continue your education. Even if you are not working right now, keep up with certifications. You never know when it might become necessary to enter the workforce. Additionally, if your work provides incentives for your further your skills and education, you should take advantage of the opportunity.

Financial education

I am constantly surprised by the number of women who do not have a solid financial education and foundation. Single (and married) women who do not understand finances can be taken advantage of by the unscrupulous givers of bad advice. Married women can find themselves divorced or widowed with no way of handling the money and a severe need to be brought up to speed. Additionally, women with life partners should be aware of how the other person is spending money, and included in decisions. In order to provide helpful and useful input when managing family finances, women should have at least a basic understanding of money and finances.

Not only can a good financial education help you when tragedy strikes, it can also help you live a better life in general. If you learn how investing works, you can make choices that let you grow your money. Women should take the time to learn about different financial vehicles, and become educated about various aspects of financial planning and management.

There are still segments of our society that believe that education is not important for women. Fortunately, they couldn’t be farther from the truth. Education is more important for women than ever. It is the only way we can compete, succeed and thrive in today’s world.

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