Thursday, September 17, 2009

Heard any scary stories like this one? You need to know about your money!

Why is it vital that as a woman - I don't care if you're single, married, a stay-at-home mom, the CEO of your company and primary wage earner for your family, just out of college, going back to college, getting ready to retire, empty-nester - whatever! Why do you need to know about your money?

I have a friend who is an incredibly intelligent woman - but she never dabbled in the money stuff. After all, her husband was a STOCK BROKER. She figured he had it under control. She happily shopped at J. Crew and Pottery Barn, nothing crazy - but she was living a comfortable life.

Then she filed for divorce. And suddenly it became clear as a part of the full financial disclosure involved in the divorce proceedings - that their financial life was not so comfortable after all. They (SHE) had $80,000 in credit card debt ?!?!?!?! And she'd had NO IDEA. And you know, we could say - well shame on the husband for mismanaging things so amazingly badly - but unfortunately shame on her too for choosing to be ignorant.
Here's the scary stats -
 Almost 1 in 4 women are broke within two months of their husband's death.

 Over 75% of all women are widowed at an average age of 56.

 53% of women are not covered by a pension compared to only 22% of men.

 A staggering 87% of the poverty stricken elderly are women.

 On average, a woman’s standard of living decreases 27% after a divorce
 
Here's the thing. Get involved. Learn your stuff. It's about empowerment. It's about confidence. It's about RESPONSIBILITY.
 
There are millions of stories like my friend's. Many, I'm sure - far worse and far more devastating. As recently as 1972 women needed a spouse or father to co-sign a loan. Thankfully, that is no longer the world we live in. So let's get in the game. Let's get WISE.

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