Once someone, man or women reaches a level of financial independence, the approach that they take to money changes. But can the same be said for those whose independence is threatened each day by potential job loss, health issues or financial disasters that lurk around every corner? Patricia Stallworth believes that we can learn lessons from women who manage their wealth well and do so with an eye on something different. something more than simply a robust bank account and a fully funded 410(k).
Citing a study done several years ago by Wilmington Trust and Camden Research, Ms. Stallworth looks directly at the attitudes affluent women have towards their wealth and applies them to women in general. Question is, will it work for women who are not-so affluent?
She suggests taking “a holistic approach to your money and view wealth as a source of empowerment versus a measure of success.” Fair enough except for the fact that we measure success in America by how much one has, who has the most toys and who can flaunt it with out seeming to flaunt it at all. We want to show folks we have arrived and this often leads to our own undoing. We often look at our success through other people’s eyes rather than the satisfaction that we will not be reliant on others for our well-being.
She writes: “Viewing wealth as a measure of your success often means that you have to find ways to let others know successful you are and that can lead to overspending.”
In far too many relationships, the woman takes a back seat to the man in her life when it comes to the financial decisions. For a financially well-to-do woman to do this seems surprising. Ms Stallworth suggests that women “Step up to the plate. Be involved in the money management process and not just in writing checks.”
I would assume that the most financially successful and affluent women not only step up to the plate on a regular basis but do so with a level of confidence that they can do something productive and memorable once they do. The problem most folks have is getting to the place where they are prepared to do exactly that. There is a certain level of education that is needed as well as a belief that the risk will pay off. It is true, an ambivalence to how the household is financially run can lead to surprises that could derail anyone’s plans. She tells women that they should be “Taking control” as if this is a power struggle that needs to be conquered rather than embraced.
She also suggests getting professional help. Time and money are on the line for the most affluent among us but the option of hiring someone to do for us who do not have a lot is not an option in most instances. Becoming affluent often consumes most of our energy. So how do you juggle the pursuit of affluence while you are attempting to run the household, pay the bills and become more financially savvy? It isn’t easy. It isn’t impossible either.
Lastly, Ms. Stallworth writes that women “Involve your children in the process early so they can grow with an understanding of money management and they do not have to repeat many of the mistakes you made.” In other words, tell them “mommy can’t afford that.”
Go here read Ms. Stallworth’s article from Black Enterprise or the research paper she uses in her report (downloaded as a pdf.)
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