Know your Currency
My high heels had barely touched UK soil when THE FIRM decided to relocate me again, this time to the good Ol’ US of A – “Land of the Free and Home of the Brave” – and now soon-to-be-home to this Scottish Lassie! From the sophistication of Paris, to the snow capped mountains of Switzerland and now on to the Peach State – would this “Scottish Thistle” find her inner “Southern Belle”- and would she become “Big Boobed” too?
That was 20 years ago ladies…and it wasn’t too long after my Jimmy Choos first set foot in the Peach State…that I soon realized…I’d have a better chance of Finding Nemo than my inner “Southern Belle” (Big Hair and Boobs weren’t my cup of tea) and decided instead to find my Inner Warren Buffett…the thinking…the Stock Market might give me a better ROI than a pair of Double D’s!
Perhaps, it’s because I was born without the luxury of a silver spoon…more a mangled knife, truth be told, or that I had a mother who was always telling me…there’s no such thing as a free meal…that I learned from a young age…that if I wanted something… I had to work for it… and if I wanted more I had to save for it. I know…an original idea!
Even back in my mid-20’s, barely off the plane, still on visas…and not sure whether ICE would deport me one day…I made it my business to take care of business! And that meant contributing to my 401K when I was hardly earning anything…building credit because I had ZERO credit (worse than bad credit), and most importantly, saving and investing for a future that at times seemed uncertain due to my “temporary resident” status!
It therefore never ceases to amaze me that this type of basic Financial Planning, which is so normal to me, be so foreign to others! Ladies did you realize that more than half of Americans have less than $1000.00 in their savings accounts… yes Ma’am! A 2016 Survey showed that 69% of Americans (it’s probably higher for women) have less than $1000.00 in their saving accounts…and even more troubling…only 48% of women have a retirement savings vehicle…that means…y’all are out there spending more money on “mani pedis” and leased car payments… than you’re… putting away for a rainy day.
The “Single Female”…far from a dying breed…close to extinction … is a growing epidemic … and regardless of how you got there…is going nowhere but up…if you look at today’s divorce statistics… people delaying marriage or putting it off indefinitely…which means that…women more than ever…need to get their sh*t together financially.
Now I understand unemployment or financial hardships are no “picnic” for men or women…and I’m not discriminating here…but it’s my experience…perhaps because I live in the South…that women coddled by their upbringings…with no financial point of reference…other than male providers to pick up the tab… and what credit card to swipe…are often ill-equipped to look after themselves during a financial crisis and don’t know the first thing about investing or saving. These women…single…married or divorced (financial hardship doesn’t discriminate)…even the “Buckhead Betty” with generous monthly allowance…need to do a financial health check…get involved…like its “Junior League”…and protect themselves.
Look no further than Ruth Madoff…as a cautionary tale…don’t you think she wishes she’d asked ol’ Bernie a few questions about his financial “wheeling’s and dealings” as the Feds went after his ill-gotten gains…or Theresa Guidice; our favorite NJ Real Housewife and convicted felon, who “unwittingly” signed fraudulent loan documents…oh… and closer to home that recently divorced friend with the wealthy ex husband, who’s left broke with three kids…yep…there are examples all around us…of women who were only too happy to live the “good-life”…no questions asked…until it came all crashing down.
There’s nothing more empowering than a woman knowing her own currency – and that means Earning her own money, Knowing the dollars in her Bank Account and Investing in her future. Look after your wealth the same way you would, your health, and don’t assume someone is doing it for you. And why would you want them to? Own it…like you would a Louis Vuitton purse!
Know your currency! If you don’t, no one else will!
One Comment on “Know your Currency”
Such good advice!!