| As a woman's psychotherapist, among many other | | | | from other wise women that you can pass on to the |
| things, I often hear clients express concerns about the | | | | young women in your life regarding managing money: |
| younger generation of women and how easily it is for | | | | "My biggest advice about money is: get educated- |
| them to lose their way on the rocky road to | | | | learn about it Read books on investing. Start investing |
| womanhood. One of the main concepts I preach to | | | | young. Be a balanced spender/saver and be disciplined |
| older women is becoming a 'mentor' to help guide | | | | with money so that you're saving for things you want, |
| younger women into adulthood. Having the wisdom | | | | instead of 'instant gratification and pay for it later'..." |
| gained from years of 'trial and error' experiences in life, | | | | "I think it's very important for young women to learn |
| older women have so much to offer future | | | | about managing finances. It's important to have control |
| generations. I also tell clients that teaching young | | | | over your finances and know where you're going so |
| women about becoming financially responsible and | | | | you can plan for the future and for retirement; don't |
| independent is one of the main keys to empowerment | | | | depend on someone else to do that for you. Things |
| as a woman in this society. | | | | have changed a lot and more people now are single |
| Money really is power. I can't tell you how many | | | | and relationships aren't lasting that long. Women should |
| stories I've heard from clients about how they're stuck | | | | be cognizant of that and not be emotionally and |
| in a miserable and/or abusive relationship because | | | | financially dependent on men, because if the |
| they rely on a man to pay the bills. This problem is | | | | relationship goes away, you are left broke." |
| compounded greatly when there are also children | | | | "I had an elderly German woman once say to me, |
| involved who need expensive clothes, dental work, and | | | | "Honey, if you're not alone, you're going to be." What |
| just basic food and shelter. The cost of living is always | | | | she was saying was: don't count on somebody else |
| increasing and our expenses can be overwhelming | | | | providing for you and this is what I tell my daughters. |
| when we've got children to look after as well as | | | | You need to be independent and then if you share |
| ourselves. | | | | with somebody, how absolutely fabulous and |
| Luckily, I'm noticing a positive trend these days | | | | wonderful. But you need to set yourself up so that |
| whereby young women aren't as vulnerable to being | | | | you're financially independent." |
| completely financially dependent on men because | | | | "I know it's hard to think about when you're a teenager |
| they've learned some very valuable lessons from | | | | because you think you're going to be here forever, but |
| watching what their mothers and grandmothers lived | | | | my advice is start investing as soon as you have |
| through. Many young women are realizing that it's futile | | | | money of your own. Save at least five percent of |
| to depend on someone else to look after them | | | | your earnings and put it into some kind of savings. You |
| financially. With one in every two marriages ending in | | | | can start an RSP when you're 18. Put some money |
| divorce, women can no longer expect to be taken | | | | away because you do not want to depend on |
| care of financially by their partners. We must learn the | | | | somebody else for your livelihood. In my mother's day, |
| value and practicality of becoming financially | | | | you'd get married and your husband would look after |
| independent so that we feel empowered, in control, | | | | you. Now that just doesn't happen. It just doesn't make |
| and proud of our achievements. | | | | sense. You've got to have your own money and |
| In my book, "What Your Mama Can't or Won't Teach | | | | understand how money works. It's not that confusing if |
| You" (available at I interviewed over 20 women about | | | | you spend time understanding it. The best way to |
| various topics and asked them to share lessons they | | | | save money is to not spend more than you make. It's |
| have learned with younger women. The following are | | | | pretty simple, but a lot of people just don't get it. |
| direct quotes from the chapter entitled, "Money talk". If | | | | Especially with all the credit cards and access to all the |
| you are concerned about guiding the next generation | | | | on-line stuff- it's very seductive. Pay your credit cards |
| of women in a positive direction, here are some gems | | | | on time and don't ever be in debt. |