If you walked into the average bookstore, you'd think that women rule the roost when it comes to personal finance. From Suze Orman's now-classic Women and Money to the more recent (and more colorfully titled) Bitches on a Budget, there's no shortage of do-it-yourself financial advice tailored to women.
Apparently, though, when women make the momentous move from self-help to seeking professional advice about investing and retirement, things go rapidly downhill. A recent study by the Boston Consulting Group revealed that women perceived themselves as receiving wealth management services at a level of quality that is inferior to that received by their male counterparts.
According to the study, women are the key decision-makers when it comes to 27% of the wealth worldwide: that's $20 trillion! But despite the massive chunk of power they wield, 55% of the women surveyed in the study said they felt their wealth manager could do a better job of advising them. Almost a quarter of the respondents said private banks needed "significant improvement" in the services they offer to women.
"The dissatisfaction stems from the unshakable perception that men get more attention, better advice, and sometimes even better terms and deals," according to study co-author Peter Damisch. "We heard this sense of subordination time and time again in our interviews."
This perceived disparity in service arose from several key disconnects in the relationships and communications between women and their financial advisers. Manisha Thakor, Chartered Financial Analyst and women's financial literacy advocate, offers some steps savvy female investors can take to avoid being under-served by their wealth managers and investment advisers:
1. Find your adviser and get your financial education from women-run resources.
The financial services industry is dominated by males and therefore the "DNA is structured around the male experience," Thakor explains, adding that she sees many firms making an effort to change this. Most financial advisers are men, who may not inherently understand the whole-life nature of the average woman's financial plans and needs. They also may have very different communication styles than their women clients.
Thakor recommends women use women-created resources like LearnVest and DailyWorth to educate themselves in order to avoid the intimidation factor when talking about investment products with their advisers. She also encourages women to consult Garrett Planning Network, founded by Certified Financial Planner Sheryl Garrett, to locate a local certified financial planner who works on an hourly-fee-only basis. Taking these steps, Thakor explains, may alleviate the concern expressed by many women in the BCG study that they were not being taken seriously or talked to on the same level as male clients by their financial advisers.
2. Expressly state your ideal career trajectory, then ask how you should alter your investment plans accordingly.
In the BCG study, women stated that their investment advisers fundamentally misunderstood what was actually important to them, and recommended a too-narrow range of inappropriate investment vehicles as a result. Many said their advisers assumed they had a lower risk tolerance than they actually did, or that their advisers focused on short-term results and disregarded their long-term goals, which often included time out to care for a child or parent.
Thakor offers women a script of sorts to remedy this communication disconnect. "Go in and say: "I want to be a mom and I may take X amount of time out of the work force," she advises. Then ask, "How do we adjust how much I need to save and how I should invest to compensate for this?"
3. Start saving early.
It's hard to beat an excel spreadsheet for quickly shifting between a granular and top-level view of your personal finance situation. Here's reader Lauren's account balance spreadsheet she made to keep track of her expenditures, past, present, and future, and itemize her budget.
Download Lauren's Budgeter (XLS)
1. Scroll to the current month.
2. Enter your current balance in the "Starting Balance" box at the top left.
3. Enter your credits and debits on the appropriate dates they will hit your account. Use positive numbers for money getting added credits, and negative numbers for when it's getting taken away.
4. The green "Total" will change to reflect your total overall balance.
Use it as is, compare it to your own, or mod to fit your own needs.
Lauren says it's "quite nifty," and also uses it as a calendar.
Here's the excel code for the totaler for those who like to look under the hood:
TODAY();_8_10)
+SUMIF(_9_10d;"
eric seiger
<b>News</b> Corp. Shareholder Objects to G.O.P. Donations - NYTimes.com
A private foundation owning stock in the News Corporation sent a letter objecting to company's contributions to Republican causes.
Great <b>news</b>: Obama says he's learned that “there's no such thing as <b>...</b>
Great news: Obama says he's learned that “there's no such thing as shovel-ready projects” for public works.
Yankees ALCS <b>News</b> - Pinstripe Alley
Yankees ALCS news and notes. ... Yankees ALCS News. Babe-ruth-and-lou-gehrig_tiny by Brandon C. on Oct 13, 2010 10:00 PM EDT in News � Tweet � 24 comments; Story-email Email; Printer Print. Texas Rangers grounds crew employee Don Crymes ...
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If you walked into the average bookstore, you'd think that women rule the roost when it comes to personal finance. From Suze Orman's now-classic Women and Money to the more recent (and more colorfully titled) Bitches on a Budget, there's no shortage of do-it-yourself financial advice tailored to women.
Apparently, though, when women make the momentous move from self-help to seeking professional advice about investing and retirement, things go rapidly downhill. A recent study by the Boston Consulting Group revealed that women perceived themselves as receiving wealth management services at a level of quality that is inferior to that received by their male counterparts.
According to the study, women are the key decision-makers when it comes to 27% of the wealth worldwide: that's $20 trillion! But despite the massive chunk of power they wield, 55% of the women surveyed in the study said they felt their wealth manager could do a better job of advising them. Almost a quarter of the respondents said private banks needed "significant improvement" in the services they offer to women.
"The dissatisfaction stems from the unshakable perception that men get more attention, better advice, and sometimes even better terms and deals," according to study co-author Peter Damisch. "We heard this sense of subordination time and time again in our interviews."
This perceived disparity in service arose from several key disconnects in the relationships and communications between women and their financial advisers. Manisha Thakor, Chartered Financial Analyst and women's financial literacy advocate, offers some steps savvy female investors can take to avoid being under-served by their wealth managers and investment advisers:
1. Find your adviser and get your financial education from women-run resources.
The financial services industry is dominated by males and therefore the "DNA is structured around the male experience," Thakor explains, adding that she sees many firms making an effort to change this. Most financial advisers are men, who may not inherently understand the whole-life nature of the average woman's financial plans and needs. They also may have very different communication styles than their women clients.
Thakor recommends women use women-created resources like LearnVest and DailyWorth to educate themselves in order to avoid the intimidation factor when talking about investment products with their advisers. She also encourages women to consult Garrett Planning Network, founded by Certified Financial Planner Sheryl Garrett, to locate a local certified financial planner who works on an hourly-fee-only basis. Taking these steps, Thakor explains, may alleviate the concern expressed by many women in the BCG study that they were not being taken seriously or talked to on the same level as male clients by their financial advisers.
2. Expressly state your ideal career trajectory, then ask how you should alter your investment plans accordingly.
In the BCG study, women stated that their investment advisers fundamentally misunderstood what was actually important to them, and recommended a too-narrow range of inappropriate investment vehicles as a result. Many said their advisers assumed they had a lower risk tolerance than they actually did, or that their advisers focused on short-term results and disregarded their long-term goals, which often included time out to care for a child or parent.
Thakor offers women a script of sorts to remedy this communication disconnect. "Go in and say: "I want to be a mom and I may take X amount of time out of the work force," she advises. Then ask, "How do we adjust how much I need to save and how I should invest to compensate for this?"
3. Start saving early.
It's hard to beat an excel spreadsheet for quickly shifting between a granular and top-level view of your personal finance situation. Here's reader Lauren's account balance spreadsheet she made to keep track of her expenditures, past, present, and future, and itemize her budget.
Download Lauren's Budgeter (XLS)
1. Scroll to the current month.
2. Enter your current balance in the "Starting Balance" box at the top left.
3. Enter your credits and debits on the appropriate dates they will hit your account. Use positive numbers for money getting added credits, and negative numbers for when it's getting taken away.
4. The green "Total" will change to reflect your total overall balance.
Use it as is, compare it to your own, or mod to fit your own needs.
Lauren says it's "quite nifty," and also uses it as a calendar.
Here's the excel code for the totaler for those who like to look under the hood:
TODAY();_8_10)
+SUMIF(_9_10d;"
eric seiger
<b>News</b> Corp. Shareholder Objects to G.O.P. Donations - NYTimes.com
A private foundation owning stock in the News Corporation sent a letter objecting to company's contributions to Republican causes.
Great <b>news</b>: Obama says he's learned that “there's no such thing as <b>...</b>
Great news: Obama says he's learned that “there's no such thing as shovel-ready projects” for public works.
Yankees ALCS <b>News</b> - Pinstripe Alley
Yankees ALCS news and notes. ... Yankees ALCS News. Babe-ruth-and-lou-gehrig_tiny by Brandon C. on Oct 13, 2010 10:00 PM EDT in News � Tweet � 24 comments; Story-email Email; Printer Print. Texas Rangers grounds crew employee Don Crymes ...
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<b>News</b> Corp. Shareholder Objects to G.O.P. Donations - NYTimes.com
A private foundation owning stock in the News Corporation sent a letter objecting to company's contributions to Republican causes.
Great <b>news</b>: Obama says he's learned that “there's no such thing as <b>...</b>
Great news: Obama says he's learned that “there's no such thing as shovel-ready projects” for public works.
Yankees ALCS <b>News</b> - Pinstripe Alley
Yankees ALCS news and notes. ... Yankees ALCS News. Babe-ruth-and-lou-gehrig_tiny by Brandon C. on Oct 13, 2010 10:00 PM EDT in News � Tweet � 24 comments; Story-email Email; Printer Print. Texas Rangers grounds crew employee Don Crymes ...
eric seiger dermatology
If you walked into the average bookstore, you'd think that women rule the roost when it comes to personal finance. From Suze Orman's now-classic Women and Money to the more recent (and more colorfully titled) Bitches on a Budget, there's no shortage of do-it-yourself financial advice tailored to women.
Apparently, though, when women make the momentous move from self-help to seeking professional advice about investing and retirement, things go rapidly downhill. A recent study by the Boston Consulting Group revealed that women perceived themselves as receiving wealth management services at a level of quality that is inferior to that received by their male counterparts.
According to the study, women are the key decision-makers when it comes to 27% of the wealth worldwide: that's $20 trillion! But despite the massive chunk of power they wield, 55% of the women surveyed in the study said they felt their wealth manager could do a better job of advising them. Almost a quarter of the respondents said private banks needed "significant improvement" in the services they offer to women.
"The dissatisfaction stems from the unshakable perception that men get more attention, better advice, and sometimes even better terms and deals," according to study co-author Peter Damisch. "We heard this sense of subordination time and time again in our interviews."
This perceived disparity in service arose from several key disconnects in the relationships and communications between women and their financial advisers. Manisha Thakor, Chartered Financial Analyst and women's financial literacy advocate, offers some steps savvy female investors can take to avoid being under-served by their wealth managers and investment advisers:
1. Find your adviser and get your financial education from women-run resources.
The financial services industry is dominated by males and therefore the "DNA is structured around the male experience," Thakor explains, adding that she sees many firms making an effort to change this. Most financial advisers are men, who may not inherently understand the whole-life nature of the average woman's financial plans and needs. They also may have very different communication styles than their women clients.
Thakor recommends women use women-created resources like LearnVest and DailyWorth to educate themselves in order to avoid the intimidation factor when talking about investment products with their advisers. She also encourages women to consult Garrett Planning Network, founded by Certified Financial Planner Sheryl Garrett, to locate a local certified financial planner who works on an hourly-fee-only basis. Taking these steps, Thakor explains, may alleviate the concern expressed by many women in the BCG study that they were not being taken seriously or talked to on the same level as male clients by their financial advisers.
2. Expressly state your ideal career trajectory, then ask how you should alter your investment plans accordingly.
In the BCG study, women stated that their investment advisers fundamentally misunderstood what was actually important to them, and recommended a too-narrow range of inappropriate investment vehicles as a result. Many said their advisers assumed they had a lower risk tolerance than they actually did, or that their advisers focused on short-term results and disregarded their long-term goals, which often included time out to care for a child or parent.
Thakor offers women a script of sorts to remedy this communication disconnect. "Go in and say: "I want to be a mom and I may take X amount of time out of the work force," she advises. Then ask, "How do we adjust how much I need to save and how I should invest to compensate for this?"
3. Start saving early.
It's hard to beat an excel spreadsheet for quickly shifting between a granular and top-level view of your personal finance situation. Here's reader Lauren's account balance spreadsheet she made to keep track of her expenditures, past, present, and future, and itemize her budget.
Download Lauren's Budgeter (XLS)
1. Scroll to the current month.
2. Enter your current balance in the "Starting Balance" box at the top left.
3. Enter your credits and debits on the appropriate dates they will hit your account. Use positive numbers for money getting added credits, and negative numbers for when it's getting taken away.
4. The green "Total" will change to reflect your total overall balance.
Use it as is, compare it to your own, or mod to fit your own needs.
Lauren says it's "quite nifty," and also uses it as a calendar.
Here's the excel code for the totaler for those who like to look under the hood:
TODAY();_8_10)
+SUMIF(_9_10d;"
eric seiger
eric seiger dermatology
<b>News</b> Corp. Shareholder Objects to G.O.P. Donations - NYTimes.com
A private foundation owning stock in the News Corporation sent a letter objecting to company's contributions to Republican causes.
Great <b>news</b>: Obama says he's learned that “there's no such thing as <b>...</b>
Great news: Obama says he's learned that “there's no such thing as shovel-ready projects” for public works.
Yankees ALCS <b>News</b> - Pinstripe Alley
Yankees ALCS news and notes. ... Yankees ALCS News. Babe-ruth-and-lou-gehrig_tiny by Brandon C. on Oct 13, 2010 10:00 PM EDT in News � Tweet � 24 comments; Story-email Email; Printer Print. Texas Rangers grounds crew employee Don Crymes ...
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<b>News</b> Corp. Shareholder Objects to G.O.P. Donations - NYTimes.com
A private foundation owning stock in the News Corporation sent a letter objecting to company's contributions to Republican causes.
Great <b>news</b>: Obama says he's learned that “there's no such thing as <b>...</b>
Great news: Obama says he's learned that “there's no such thing as shovel-ready projects” for public works.
Yankees ALCS <b>News</b> - Pinstripe Alley
Yankees ALCS news and notes. ... Yankees ALCS News. Babe-ruth-and-lou-gehrig_tiny by Brandon C. on Oct 13, 2010 10:00 PM EDT in News � Tweet � 24 comments; Story-email Email; Printer Print. Texas Rangers grounds crew employee Don Crymes ...
Dr. eric seiger
<b>News</b> Corp. Shareholder Objects to G.O.P. Donations - NYTimes.com
A private foundation owning stock in the News Corporation sent a letter objecting to company's contributions to Republican causes.
Great <b>news</b>: Obama says he's learned that “there's no such thing as <b>...</b>
Great news: Obama says he's learned that “there's no such thing as shovel-ready projects” for public works.
Yankees ALCS <b>News</b> - Pinstripe Alley
Yankees ALCS news and notes. ... Yankees ALCS News. Babe-ruth-and-lou-gehrig_tiny by Brandon C. on Oct 13, 2010 10:00 PM EDT in News � Tweet � 24 comments; Story-email Email; Printer Print. Texas Rangers grounds crew employee Don Crymes ...
Dr. eric seiger
<b>News</b> Corp. Shareholder Objects to G.O.P. Donations - NYTimes.com
A private foundation owning stock in the News Corporation sent a letter objecting to company's contributions to Republican causes.
Great <b>news</b>: Obama says he's learned that “there's no such thing as <b>...</b>
Great news: Obama says he's learned that “there's no such thing as shovel-ready projects” for public works.
Yankees ALCS <b>News</b> - Pinstripe Alley
Yankees ALCS news and notes. ... Yankees ALCS News. Babe-ruth-and-lou-gehrig_tiny by Brandon C. on Oct 13, 2010 10:00 PM EDT in News � Tweet � 24 comments; Story-email Email; Printer Print. Texas Rangers grounds crew employee Don Crymes ...
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<b>News</b> Corp. Shareholder Objects to G.O.P. Donations - NYTimes.com
A private foundation owning stock in the News Corporation sent a letter objecting to company's contributions to Republican causes.
Great <b>news</b>: Obama says he's learned that “there's no such thing as <b>...</b>
Great news: Obama says he's learned that “there's no such thing as shovel-ready projects” for public works.
Yankees ALCS <b>News</b> - Pinstripe Alley
Yankees ALCS news and notes. ... Yankees ALCS News. Babe-ruth-and-lou-gehrig_tiny by Brandon C. on Oct 13, 2010 10:00 PM EDT in News � Tweet � 24 comments; Story-email Email; Printer Print. Texas Rangers grounds crew employee Don Crymes ...
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One of the most beneficial personal finance tools available is the budget. While budgeting might be the equivalent of dieting in the financial world, they are extremely effective and can help many individuals save money, reduce debt and make large purchases that they could have only dreamed about a few years ago. Here are four essential budgeting tips that can help almost anyone.
Budgets Do Not Have to be Complicated
You don't have to be an accountant or financial planner to create a budget. You can start with a piece of paper and a pencil. Just list all your expenses and your income. Hopefully, your income should be more than your expenses, if not, you will have to cut down on your expenses or increase your income. Once you are able to create a simple budget and keep to it, then you can experiment with more detailed or complex budgets, but for most individuals and families, the simpler- the better.
Analyze Your Budget
One of the ways to get the most out of your budget is to analyze it. Don't worry, you don't need a computer or even know statistics, you just need to look at your budget and determine where most of your expenses are coming from. Obviously your mortgage and car payment will be at the top, but look at other stuff such as the amount of money you spend on fuel, coffee or fast food. You might realize that some of your largest expenses go to items that are unnecessary.
Don't be too Strict with Your Budget
Some people find it difficult to keep on a budget, because they make them very rigid. Budgets help you live better. While they do help you to reduce non essential purchases, make sure there is some money in their so that you and your family can enjoy yourselves.
Update Your Budget Frequently
While we think of budgets as static, the reality of the situation is that most people's income goes up or their expenses vary month to month or year to year. Your budget should reflect these changes. While it can be difficult to update your budget every month, you should look it over and make necessary changes at least every few months.
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<b>News</b> Corp. Shareholder Objects to G.O.P. Donations - NYTimes.com
A private foundation owning stock in the News Corporation sent a letter objecting to company's contributions to Republican causes.
Great <b>news</b>: Obama says he's learned that “there's no such thing as <b>...</b>
Great news: Obama says he's learned that “there's no such thing as shovel-ready projects” for public works.
Yankees ALCS <b>News</b> - Pinstripe Alley
Yankees ALCS news and notes. ... Yankees ALCS News. Babe-ruth-and-lou-gehrig_tiny by Brandon C. on Oct 13, 2010 10:00 PM EDT in News � Tweet � 24 comments; Story-email Email; Printer Print. Texas Rangers grounds crew employee Don Crymes ...
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<b>News</b> Corp. Shareholder Objects to G.O.P. Donations - NYTimes.com
A private foundation owning stock in the News Corporation sent a letter objecting to company's contributions to Republican causes.
Great <b>news</b>: Obama says he's learned that “there's no such thing as <b>...</b>
Great news: Obama says he's learned that “there's no such thing as shovel-ready projects” for public works.
Yankees ALCS <b>News</b> - Pinstripe Alley
Yankees ALCS news and notes. ... Yankees ALCS News. Babe-ruth-and-lou-gehrig_tiny by Brandon C. on Oct 13, 2010 10:00 PM EDT in News � Tweet � 24 comments; Story-email Email; Printer Print. Texas Rangers grounds crew employee Don Crymes ...
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