HomeHomeMay 2000
Greetings! It's hard to believe that May is finally here. Summer is just around the corner here in the Northern Hemisphere. It's a wonderful season when we can finally emerge from our winter/late spring hibernation. April 15th (tax day in America) is behind us for another year, and that's usually a time for us to take stock of our financial situation--are we getting ahead? falling behind? or just treading water?
In America, we're living through a period of unprecedented economic growth and prosperity. We're bombarded with endless media stories of the new high-tech millionaires; yet, for most of us, treading water is the best we can do. American life is geared toward comfort, with quick access to goods and services---if you don't have the cash to pay for what you want now, credit will do. You can live beyond your means if you want to--not just keeping up with the Joneses but exceeding their lifestyle too. We're all having such a good time, we don't really want to take a close look at the bank and credit card statements.
It's a curious American paradox: we live better than most of the world, yet it's taboo to talk about money. Don't ever ask an American what s/he earns per year; it's the ultimate insult. We may, on rare occasions, tell you what we paid for our cars or homes, but we'll never divulge our annual incomes. It simply isn't done!
We're taught from an early age to satisfy our (emotional) needs and wants at the store. There's no reason to wait for what we want, if we can get it NOW. Trouble is, what do we do when we're not getting ahead, and we're halfway through our working lives, knowing that we won't have enough to live on if we make it to 90? And on top of everything else, the recent stock market volatility makes us even more skittish about the subject of investing for our old age. We may remember stories from our parents or grandparents about the Market Crash of '29 and the resulting Great Depression. We never want to experience the hunger and deprivation that they experienced. Those of us who didn't experience it can't imagine what it was like to survive those troubled times. This era is different, isn't it?
For women, the lack of financial planning is especially troubling. Traditionally, we make less money than men, yet we outlive them. The financial planning math doesn't add up. It's too depressing to think about; let's just spend the afternoon going to the mall, enjoying the present moment!
This past winter, I took a "women & money" class from Ruth Hayden, a local financial planner and author, and it was one of the best investments I've ever made. Ruth is a fantastic teacher, and one of her goals is to empower women (and men, too) to look at the emotional reasons why we're not taking care of ourselves financially. Women tend to feel shame about the subject of money--about asking for what we're worth or saving money for ourselves. Looking around the class of 20 diverse women, I realized I wasn't alone with my "money issues." Over several weeks, I re-learned how to live within my budget. Working with cash also made me realize how to separate what I really need from what I want. Ruth taught us that if we plan carefully, we can live the lives we want.
Besides learning about basic investment information, we examined the reasons why we aren't taking care of ourselves financially. Let's face it, we're the traditional care-givers, and we're not supposed to ask for what we need, particularly when it comes to money. We want everyone to love us.
Will we appear greedy if we demand what we need? Didn't we hear somewhere that money is the root of all evil? Actually, the Bible claims it's the LOVE of money that's the root of all evil. It's no sin to take care of ourselves. It's a tragedy when we don't plan for the long run.
There's nothing like the feeling of being in charge of your financial life. It's a high you simply can't buy in a store. It's knowing that you're protecting your future 80-year-old self from the 5-year-old within you that wants to make that impulse purchase now. Taking a hard look at your spending and saving habits is the first step in the process. You can live the life you want, if you take charge now. It's never too late.
Here are some sites that will help you get started:
You may have seen Suze Orman on television. She's another good resource on financial planning, and has written many books on the subject.
AllforWomen.com has a money page at http://www.allforwomen.com/Money/, which is also an excellent source of information.
MsMoney.com's mission is to empower women to take control of their financial health. It's a place for women who are short on time and need quick solutions.
We like kthe "Between Friends" money page at http://www.betweenfriends.org/money.htm.
Also, don't forget to check out:
Moneyminded at http://www.moneyminded.com/
The Money Maven: The Women's Financial Forum at http://www.themoneymaven.com/
ka-Ching, the sound of money making sense, on Oxygen at http://www.ka-ching.com/
Cassandra's Revenge at http://www.cassandrasrevenge.com/
New Moon's site is also worth mentioning again. These fine folks listen to young girls and women and their dreams. On May 8th, they're sponsoring a "We'll Show You Beauty Day." This happens to be the day that People magazine's "50 Most Beautiful People" special edition will arrive on the newsstands.
True beauty comes from within, not from without. And there's nothing more beautiful than a strong, empowered woman in charge of her financial destiny. Wouldn't it be wonderful if we were to truly realize what we could do with the rest of our lives if we use our courage to tackle our "money issues"?
Teresa
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