Skip the Diamonds – Financial Knowledge Is a Girl’s Best Friend

By Manisha Thakor

The next time you see someone dressed to the nines in a great outfit or driving a snazzy car, don’t assume that they have it all figured out, financially speaking. Even in these recessionary times, a shocking number of Americans continue to project external images that bare little resemblance to their inner financial reality.  As a financial literacy advocate, I love to track the statistics.  Here's one that really caught my eye: According to a recent survey by Charles Schwab, 40% of Americans continue to save nothing for retirement, while 60% of folks have not adjusted their thinking about when they might be able to retire despite the recent blows to the economy and the stock market.

While getting on top of one's finances is important to both genders, it's extra important for us ladies.  The reason is that statistically speaking, we are the ones left holding the bag at the end of the day.  Studies show that roughly 80% of men die married while 80% of women die single. (And no, it's not because we are killing them off!  It's due to women's longer life spans and the statistical propensity for men to remarry at higher rates when divorced in later life).  Alas, all too often the bag we ladies are left carrying alone at the end of the day is not a pretty one.  According to the National Women's Law Center, for 2/3rds of women over the age of 65 - meager Social Security payments are their primary source of income.  That means they are literally choosing between food and essential medicines.  It doesn't have to be this way. You deserve the comfort of knowing – whether single or coupled up – that you are living your life from a position of financial strength.

The good news is that contrary to popular perception, getting into financial shape is not complex.  Despite all the fancy strategies discussed on television and in the papers, when you boil it down, solid money management is pretty straightforward:  (1) learn to live within your means; (2) invest your savings wisely; (3) and protect yourself against the unforeseen.  Learning, and acting on, a few simple financial lessons will put you on the path to financial nirvana.  So give yourself the gift that keeps on giving, financial knowledge! For additional information, visit www.ManishaThakor.com.

Conference speaker Manisha Thakor, co-author of “On My Own Two Feet” and the upcoming “Get Financially Naked,” is on a mission to teach women how to live their lives from a position of financial strength. Her national TV appearances include CNN's “Your Bottom Line,” CNBC's “Power Lunch,” Fox Business Network, “NBC Nightly News,” and ABC's “America This Morning.” Ms. Thakor is also a regular personal finance blogger on The Huffington Post, monthly columnist for Military.com, and regular contributor to the national syndicated NPR show, 51% - The Women's Perspective.

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