Financial Advisor Magazine just came in the mail. This month there is an article about attracting more single women as clients. There are two great quotes that I wanted to share with you:
“Women are better investors than men” – Wibberly, CIC Wealth
“80% of men will die married but 80% of women will die single” – Penta BBH, Center for Women & Wealth
If those two quotes aren’t enough to get to start investing, I don’t know what else to do. Those quotes tell us that women are AWESOME at investing and that heterosexual women are going to have a substantial amount of time not married (at least our 20s and ten, fifteen, perhaps 20 years after our partners die). What are you waiting for?
Start investing now. If your job offers you a 401k or 403b (tax benefits and usually matching) start contributing now. Call HR. Now. If you’re worried about how much money is going to start coming out of your check, start by contributing just 1% and increase your contribution percentage a bit every year.
If your job doesn’t offer you a retirement plan, open an Individual Retirement Account (IRA) as soon as possible. Depending on whether you choose traditional or Roth there are tax benefits now or tax benefits later. You won’t get the matching but you will get to take advantage of compound interest.
Not sure where to begin? Find a fee-only advisor and get hopping! If you’re 30 years old and can contribute $415 per month you can build a million dollar nest egg by the time you retire at 67 years old. Can’t contribute that much? No worries. Something is better than nothing. If your nest egg ends up smaller than you’d like, you can partner your investments with your Social Security payments and go live in one of these 8 beautiful countries.
Either way, it’s time to get hopping.
I keep running into all these websites, blogs, etc. providing specific financial education for women. Many of the articles, posts, what-have-you seem to be focused on explaining to women why they need to plan financially. Are women still caught up in this I-don’t-have-to-be-proactive-about-my-money-because-my-husband/boyfriend/partner-will-do-it-for-me stuff?
As a woman that grew up in the booming 80’s and progressive 90’s it never occurred to me that I should be waiting for anyone to take care of me. All my heroes took care of themselves, both female and male. I grew up knowing that I would graduate from college, helm my destiny, grow my retirement fund, and create happiness for myself. Is this not true of all American women my age? Do we really need to be told that it’s important to be fiscally savvy?
I’m crazy, so maybe this is an area that I’ve overlooked. I put it you: women, what did you think your life would like like as an adult when you were a teen? How have you taken care of financial planning as an adult? Does your life look the way you thought it would?
Share your thoughts in the comments section below
Shay Olivarria is the most dynamic financial education speaker working today. She has written three books on personal finance, contributes to multiple online media platforms, and is a foster care alumni. She’s been quoted on Bankrate.com, FoxBusiness.com, and The Credit Union Times, among others. Visit http://www.BiggerThanYourBlock.com to find out more about her work.
Join the discussion
I’m excited to be featured Saturday, July 10th on African Speak “Honoring Powerful Black Women in our Community”. As usual I’ll share some financial literacy tips, but I’ll also be talking about my journey from foster care to professional speaker and author in the personal finance arena. Along with me will be:
Jewel Carter – Community Activist / President Urban De’Version
Zekita Tucker – Author / CEO Zeniam Publications
Shanquil Merriwether – Community Activist / Milwaukee Chapter Pres. Action Network.
Join us every Saturday at 6:00pm (Central) for our Live Radio Show. We are dedicated to a rise in awareness of Afrikan people World-wide. We will cover topics that concern our Nation. Come share your views in our Chat Room with individuals of like mind. Call in your questions: (646) 381-4162 / Email your questions at AfrikanSpeak@yahoo.com or Text us at 414-379-7969 http://www.AfrikanSpeak.com
As a special treat I’ll be providing a discount code to purchase 10 Things College Students Need to Know About Money and Money Matters: The Get It Done in 1 Minute Workbook. Listen in online or by phone Saturday 4pm PST and 6pm CST.
Shay Olivarria will be the keynote speaker at this event on personal finance in Carson, CA.
I’m really looking forward to giving the keynote address at the money & emotions event hosted by Become N.E.W. on Saturday, May 29th in Carson, CA.
Become N.E.W. says
Join N.E.W for another EMPOWERING event! This is a financial workshop. Addressing our relationship with money and learning valuable skills in overcoming emotional spending and remaining financially stable in a struggling economy.
Shay Olivarria will lead our Financial Workshop. http://www.ShayOlivarria.com
Lester Barrie will host this event. http://www.lesterbarrie.org
Comedy relief by Comedian Barry Brewer. http://www.myspace.com/barrybrewerthecleancomic
There will be other speakers and presenters as well as additional treats and surprises to make this a very memorable and EMPOWERING event.
Can’t wait to see you there!
Please RSVP today to SAVE THIS DATE!! :o)
Money Matters: The Get It Done in 1 Minute Workbook and 10 Things College Students Need to Know About Money will be available at the event.
See you there!
I’m really looking forward to working with the Network of Empowered Women. Join us Saturday, May 29th at the Rita Walters Learning Complex in Los Angeles for a timely discussion about healing your relationship with money.
Order your copy of Money Matters: The Get It Done in 1 Minute Workbook before the workshop or pick up your copy on site.
The audio companion to Money Matters will be available online soon.
See you there!
Life is chess, not checkers. Make smart moves.
If you haven’t read the new study “Lifting as We Climb: Women of Color, Wealth and America’s Future” it’s time you do. One of the most startling discoveries of the study is
For all working-age black women 18 to 64, the financial picture is bleak. Their median household wealth is only $100. Hispanic women in that age group have a median wealth of $120.
Yes, you read that right. Though there are many reasons that these statistics exist I’d like to make mention of a few key points.
We tend to make less to begin with, so it’s vital that we manage what we earn well.
They also are more likely to be employed in jobs and industries — such as service occupations — with lower pay and less access to health insurance. And when their working days are done, they rely most heavily on Social Security because they are less likely to have personal savings, retirement accounts or company pensions. Their Social Security benefits are likely to be lower, too, because of their low earnings.
We can control our reactions to what happens to us and to do that we have to be aware of our options.
The current economic crisis has shown that a person’s wealth affects not only retirement security, but also a person’s ability to handle financial setbacks such as a job loss or a health emergency.
It’s imperative that we:
Start planning ahead
Figure out our net worth
Monitor our credit scores and understand why they matter
Show that we respect ourselves by making good money choices
Make a spending plan
Don’t use quick cash services
At the end of the day, for many reasons, it’s up to many women to make good choices for themselves and their families. We must ask the questions we don’t want to hear the answers to and make the tough choices. Educating yourself about personal finance will help put you in a position of power and you’ll be stronger for it.
I’m so excited about being featured on The Voluptua Project today!
For those of you that aren’t familiar with the site, here’s what it’s about:
“The Voluptua Project™ caters to voluptuous women of ALL sizes but chiefly those size 6/8-18/20 and the men that love them.We provide access to curve-friendly resources, promote HEALTH, spirituality and wellness in addition to a rock solid experience – online and off – to connect with one another.
Additionally, the project seeks to effect social change through community activism and support groups offering assistance with a host of empowerment and encouragement programs that address issues such as health/weight issues, self-esteem and an introduction to entrepreneurship.”
Take a look at my feature and browse the site. There are great articles about fashion, perception, and more.
Visit The Voluptua Project. It’s the site for curvy ladies and real gents.
I responded to a query about women business owners, and I was chosen to be part of an article that will be in Redbook! The writer asked me questions for the article, but the exciting part is that they sent a photographer, make-up artist, stager, etc. to do a photoshoot with me.
I’ll let you know as soon as the magazine is available on stands.
I’m reading one of my favorite books on taxes, Taxes Are a Women’s Issue: Reframing the Debate. The book urges readers, especially women, people of color, and the working poor, to better understand taxes and fight for a system that supports all Americans.
If you get a chance, pick it up. It’s a really interesting read.