A Woman’s Guide to Money Management

Now is the time to plan your financial future

women-and-moneyWomen have unique needs when it comes to money. In this three-part series on women and money, black enterprise will tell you what you need to know when it comes to money management (part 1), investing (part 2), and tax and estate planning (part 3).

In this series, we’re driving home the point that gaining control of your finances means you’re laying a foundation for a stable future. The choices you make with your money today will determine the quality of life you live tomorrow. “It’s about equating savvy money management with expanding life choices. This is how women get empowered. Women need to see the connection between money and choices in their lives. And being on top of your money gives you the power to have choices,” says Manisha Thakor, chartered financial analyst and personal finance expert for women.

From learning about women who developed a money management plan or made tough financial choices while dealing with life challenges and life stages, to learning about the top five rules of investing for women, this series will feature resources and a list of next steps that will encourage you to develop your own financial action plan and build wealth that will last for generations to come.

Creating a financial plan should be on everyone’s to-do list. Financial planning is not solely for the rich, nor should it be left up to your significant other. It is important for everyone—especially women—to develop a financial plan. According to a recent study conducted by Prudential Financial, less than a quarter of women feel “very well” prepared to make important decisions about their financial futures. The Shriver Report, a study conducted by Maria Shriver and the Center of American Progress, found that in 2008, nearly 4 in 10 mothers, or 39.3%, were the primary wage earners in their family due to being single, a working parent, or because they earned as much or more as their spouse or partner. Don’t rely on the help of a spouse or wait until you make a certain amount of money to develop a financial plan. Starting this process wherever you are in life helps to prepare and secure you financially for whatever is to come. Whether you’re trying to pursue homeownership, build wealth, start a business, manage your household finances, or send kids to college, it is vital to have a plan of action in place.

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  • http://www.tisasilver.com T Silver

    Great start to the series. Just out of curiosity, do you have the stats on men and how well prepared they feel about making decisions regarding their financial futures? Also, I’m looking forward to the estate planning section, it is an important, often neglected, part of any solid financial plan.. Some information on insurance, particularly life/long-term care would be great.

    • http://blackenterprise.com Sheiresa McRae

      Yes, in part 2 of the series, in the March issue, we briefly touch on how well men feel prepared about investing. Thanks for checking out the series.

  • http://www.ppocoverage.com ppo plans

    I want to give a gentle reminder: For women, as with all individuals, investments form financial planning; investments generate returns for the future and take care of your financial needs.

  • RaNesha Coleman

    I think this is a good article because it relates to issues happening everyday. I do think that editing should a better job in proofreading as signer was spelled signor in the second paragraph. Other than that great article.

  • Deyonce Tijani

    I would like to thank Mrs. Baly for sharing such a profound portion of her life. This happens all to often and I have seen such cases where no one was prepared. This has given me the will to put things in place to ensure that my family will not be burdened with caring for my children as well as my final expenses. Great courage Mrs. Baly.

  • http://www.ernestburleyjr.com Ernest Burley, Jr.

    Good article! This is such useful information. I applaud your commitment to relaying information that will be helpful to so many people. One thing that is often left out of financial plans are your P.A.L.s. It is essential to have your P.A.L.s around at all times. The P.A.L.s I’m referring to are plans the Protect Assets and Lifestyles – Health insurance, Disability protection, Emergency savings… These P.A.L.s and some others can be the difference between financial harmony and financial ruin. Don’t forget your P.A.L.s when developing your financial plan. A good financial planner won’t let you forget them.

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