Archive for the ‘Financial Management for Women’ Category

Scary Financial Stats for Women – It’s Time to Take Control

Saturday, February 7th, 2009

womenmoneyIn the December 2008 edition of ‘The Deal’, I found an article about the financial confidence of women and the glum future ahead for many.

The article refers to a recent ANZ survey that showed the 40% of women older than 50 years are single and will likely be responsible for managing their own financial affairs for the rest of their lives – which is likely to be 30 or more years!  Though most of these women surveyed were comfortable managing their day to day finances, unfortunately only 23% were comfortable making investment decisions.  What shocked me was of these 2,000 plus women surveyed, 60% worried they would not have enough money to live comfortably in retirement!

I realize that the financial market is not looking overly good for anyone at the moment however this should not stop women for becoming more financial literate and thus financially confident. It is a great time to look at your financial picture and your knowledge, and make steps to fill in these gaps. Being comfortable beyond our day to day finances is essential. As this survey shows, women really need to be able to make investment decisions that will enable us to have financial freedom and look forward to an enjoyable retirement.

An article worth reading to direct you to the right places for Financial Advice can be found on Australian Women Online, ‘How to get good advice about money’

If you are lacking in financial knowledge, skills and confidence, I recommend that you start to address this today. It is never too late to start. Susan McDonald, co-author of  ‘A Super Investment’ started when she was 50 years and is today a very successful Financial Advisor and Property Developer.

Being financial savvy is essential for women of all ages and there is not excuse or reason for us to avoid it any longer. It’s time to take financial control of your present and your future.

Book Review ‘Secrets of Six Figure Women’ by Barbara Stanny

Saturday, February 7th, 2009

I have just finished reading Barbara Stanny’s inspiring book, “Secrets of Six Figure Women - Surprising Strategies to up your earnings and change your life.”  I have to say I was a little hesitant when I purchased the book due to the title and the look of the book being fairly cheesy!  As such I also suspected the advice and stories in the book might be lightweight however as I am researching the subject and found that there is not a lot out there, I would take the risk.

The Powers of Other Women’s Stories
Barbara tells her life story which is semi-interesting, however the stories that she gathers from high salary earners and low salary earners are inspiring. What I also found valuable was the themes that Barbara discovered that occurred amongst these two groups of women and how we can identify them in ourselves. There is even some career coaching exercises which are great for those women looking to make a career transition in order to up their salary or gain more satisfaction from work.

Note: If you are looking to make a career change, free resources can be accessed via Six Figures Career Resources and numerous other career sites or you may wish to see a career coach.

Women are still chronically underpaid across the globe however one would hope, in the western world at least, with women surpassing men in education pay inequality would be a thing of the past. Not so. Discrimination is clearly rife and there is a glass ceiling, though it is great to see women are forging amazing careers and earning fantastic salaries irrespective of this.

Take Responsibility
What the book really confirms is that it is up to us as women to assume responsibility for our careers and our earnings. Yes, it will be tough and it will be uncomfortable.  Facing your fears and trusting in yourself and the future is hard. It will be rewarding though both personally and financially as these women’s stories prove.
Barbara has a great list of the 9 traits of chronic Under-earners -
1.    Have a high tolerance for low pay
2.    Underestimate their worth
3.    Are willing to work for free
4.    Are lousy negotiators
5.    Practice reverse snobbery
6.    Believe in the nobility of poverty
7.    Are subtle self – saboteurs
8.    Are unequivocally codependent
9.    Live in financial chaos


If you find that you fall into any of these areas, you may want to reflect and look at how you can change this.
Most of us will have to overcome our fears and re-work our thinking about ourselves, which is a good thing as it helps us be the best we can.  I would recommend this book to anyone (male or female) who believes they are not working to their full potential and who wants to earn more.womenpower1

Salary Negotiation

The book does not explore salary negotiation, which is also a part of this process and an area where women are notoriously unskilled and / or lacking in confidence. The great news, like all of what Barbara covers is that you can change your career and your earning capacity. It is up to us.

To access a free salary negotiation guide and quiz to assess your salary negotiation skills visit Six Figures

Investment in the Book & Yourself

Even as someone who considers herself fairly knowledgeable and confident in the areas of careers and salary negotiation, I got a lot out of Barbara Stanny’s book “Secrets of Six Figure Women – Surprising Strategies to up your earnings and change your life.”  I recommend making a $28 investment in this book and look forward to meeting and reading about more amazing six figure women.

If you have read the book , I would welcome your thoughts and opinions.

The Undomestic Goddess

Sunday, January 25th, 2009

Whilst recently posting my concerns around the come-back of the Domestic Goddess, I was pleased to  yesterday find a book titled ‘The Undomestic Goddess‘ in a Melbourne city Op Shop. The title grabbed my attention as did a few other interesting buys which I cannot wait to get into ‘The Great Sales Book’ by Jack Collins and ‘Negotiating at the Margins – the Gendered Discourses of Power and Resistance’ by Sue Fisher and Kathy Davis.
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‘The Undomestic Goddess’ is by Sophie Kinsella and looks like a light and entertaining read.  The lead character Samantha has an IQ of 158 and is a Cambridge-educated Lawyer who somehow finds herself hired a cleaning lady and seems to find some enjoyment in this new found life of hers. Hmm, I just hope it does not disappoint and turn into one of those predictable books where she finds a man and domestic bliss. Cleary this is a concern in an age where according to new research by ANZ, 40% of women over 50 years are single, be it through divorce, widowed or never marrying. One has to be a little more practical I think these days. So whilst domestic bliss is great, having an good income and financial management plan is even better!  Well, I guess for $2 I am going to at least give this book a try, or if all else fails sell or donate it.

A Few Compelling Salary Negotiation Facts for Women

Thursday, January 1st, 2009

MoneySome of the issues that contribute to wage inequality will not be easily resolved and will take time before we see real changes. However, there are a few areas women can take control of to assist in addressing the imbalance. These all revolve around negotiation of salary; be that for full time or part time work, a bonus, added benefits or asking for above award wages.

Studies undertaken on this topic across the globe show that women are highly uncomfortable with salary negotiation – as a result we avoid it.  Even when we do enter into a salary negotiation we don’t actively seek out the best deal for ourselves, but rather look to a positive outcome for both parties.

Some key facts include:
•    Men initiate negotiations about four times as often as women.
•    Many women are so grateful to be offered a job that they accept what they are offered and don’t negotiate their salaries.
•    Women report salary expectations between 3 and 32 percent lower than those of men for the same jobs.
•    Women who consistently negotiate their salary increases earn at least $1 million more during their careers than women who don’t.
So, if the last fact is not going to entice you to develop your salary negotiation skills so that you have both a personally and financially prosperous career, I am not sure what will!

If you want to learn more about salary negotiation visit Six Figures Salary Negotiation Resources for your free salary negotiation workbook and quiz to see how ready you are to negotiate your next pay rise. There are many great articles, websites, books and seminars you can attend to develop your negotiation skills.  Being a successful negotiator is a matter of educating yourself and putting what you learn into practice. Like all things worth doing it takes time however the benefits are truly worth it.

Do you have a Salary Negotiation Story to Share?

Wednesday, December 31st, 2008

I am writing a book for women on Successful Salary Negotiation and would love to hear your salary negotiation stories; be they great or perhaps not so great so that other women can learn from them and we can work towards addressing the current pay inequality that exists between men and women.

If you are happy to be interviewed via phone or face to face and to share your story (your name can be anonymous) to be included in my book  please email me kelly.magowan@sixfigures.com.au Include in the subject line – salary negotiation story.

Charity: I would like to donate a percentage of the money from the book sales to a charity that is aligned with assisting women advance in the workforce both career and salary wise. Any charity suggestions you have would be welcomed.
I look forward to hearing your stories in 2009!

Thank you and Happy New Year
Regards,
Kelly