Dear Girlfriends,

For those of you who might be disinterested (as I once was) in the topic of money and think it doesn't apply to you or your sense of balance, let me share with you a few stats:

• It was predicted that in 2003, more women would file for bankruptcy than would graduate from college.*
• In 2003, it was also predicted that over the next 7 years, more children would live through their parents' bankruptcy than their parents' divorce.*
• In 1981 about 69,000 women filed for bankruptcy protection; that number soared to nearly 500,000 in 1999 - a 662% leap in only 18 years.*
• The average age of widowhood in the U.S. in 1994 was 56 years old.**
• Only 5 percent (1 in 20) of us will have annual incomes of $25,000 a year at age 65.***
• During the last 10 years, mid-life divorce has tripled.****
• One year after divorce, the average mid-life woman remains single, with an average income of $11,300.****
• Over 58% of female baby boomers have less than $10,000 saved in a pension plan or 401(k).****

*The Two Income Trap, Warren and Tyagai
** Waddell and Reed
***Smart Women Finish Rich, David Bach
****Statistics and Aging Information - The Senior Source

Girlfriends, just like hormone replacement therapy is a women's issue - so is money. And just like we educate and take responsibility for our physical health, so we must also educate and take responsibility for our financial well-being. It is a copout to delegate the arduous role of managing our money to spouses; male or female, you both need to know what is being managed and how, because there is an excellent chance that one of you will be left alone to manage your affairs at some point in your future.

"Many people live their lives going nowhere and doing nothing, not because they like where they are but simply because they are afraid of change. Overcoming this fear takes real motivation. It has to hurt so much that finally you can't take it anymore and you say, 'Enough is enough! I want my life to be different.'" David Bach, Smart Women Finish Rich

Finding and maintaining balance doesn't happen by accident. It is a purposeful, well-planned mission, and one in which finances often plays a pivotal role. Living your vision means having the financial stability to do it. Having a solid financial footing indicates that somewhere in life you had a plan and you executed that plan - allowing you the freedom to make choices.

His master said to him 'Well done, good and faithful slave; you were faithful with a few things, I will put you in charge of many things; enter into the joy of your master.' Matthew 25:23

Hoping you're no longer disinterested,
Ellen

Posted by Ellen on February 6, 2007 11:24 AM  |  Category: Work/Life Balance and the Debit Card