Those are all good things to do. But why aren’t women getting information about building real wealth?
Women make 85 percent of consumer purchases. (Hint: Not all of them are of Jimmy Choo footwear.) Yet they are too often ignored, patronized or marginalized by the financial planning industry.
Kimberly Palmer, author of “Smart Mom, Rich Mom: How To Build Wealth While Raising A Family,” has a friend in that line of work. He told her about a colleague who talked to the husband and referred to the wife in the third person. The wife was sitting right next to her spouse.
That’s why we need books like this one. We do need to worry our pretty li’l heads about money.
Palmer’s book is both a wake-up call and an empowerment treatise. It’s based on her own research (she was senior money editor at US News & World Report for nine years) and interviews with moms around the country.
Again, though, this isn’t “save money by clipping coupons” advice. In fact, Palmer suggests a smarter strategy: “Think about how to be a skilled shopper every day and not just a discount chaser on the weekends.”
Full disclosure: I use coupons. But I don’t for a moment think that I can retire on the proceeds.
Taking charge of your finances
Smart moms are proactive, not reactive. Some of the tactics the author suggests:
Think like a boss, whether you work full-time, part-time or not outside the home at all.
Spend and save smarter with an attitude of “frugal luxury” and smart negotiation skills.
Plan ahead for crises, including the fact that women will likely end up managing their own money eventually due to divorce or widowhood.
Invest! And do it with an eye toward minimal fees, maximum tax breaks and prioritizing her own retirement over a kid’s college plan. (Hint: You can’t finance retirement.)
Model smart financial behavior to the kids, and start it early.
This is a book I wish I’d had as a young woman. It would have given me permission to think about my own current and future needs vs. always focusing on the desires of everyone else in the room.
I’m happy to be able to give away a copy because I believe it will help another woman from needing to play catch-up later on.
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Note: Due to the high cost of international shipping, a winner from outside the United States will receive an Amazon gift card.