Gather round ladies and listen up--it's not sexy, cute or trendy to ignore money issues. Last night Caryn, the founder of GoGirlFinance.com gathered a group of ambitious, smart women to talk money. And to sweeten the deal, the event was held at the swank Warren Tricomi salon in Manhattan.
It wasn't all blowouts and manicures. There was sage advice from author and finance maven Manisha Thakor (for more on Manisha visit her site http://manishathakor.com/). Manisha created her own success and forged her own path. She joked about having to propose to her husband four times before he agreed to marry her at age 36!
And then things got tough. Manisha was kept up at night with money woes. See, she was a saver and hubby-to-be was a spender. Which left Manisha sobbing about money issues. Turns out, money troubles are a big problem for couples. I learned that couples that fight about money at least 1x a week have a 30% higher rate of divorce. TIP: Figure out your financial compatibility BEFORE you head down the aisle.
Since the crowd was a mix of women in their 20s, 30s, 40s and 50s, Manisha had wide-ranging advice. For the young, her advice was start saving early. We all know the story of compound interest. Manisha says, "The money you save in your 20s and 30s give you significant power." It's true.
Here's a little trick to get you saving more. Take your annual income and divide by 2000--the average number of hours worked a year. Then use quick math to decide if your next splurge is worth the purchase price. For example. Let's say you make $100,000 (go you!).
$100,000 divided by 2000=$50/hour.
$50 and hour is what your time is worth. Now let's say you really want that new Coach tote that is $300. Ask yourself, "Is it worth 6 hours of my time and money to buy that bag?"
Manisha advises us all to "Lengthen out the joy from hard earned dollars."
We also learned the five most valuable documents for parents: Medical Power of Attny, Will, Life Insurance, Disability Insurance and Umbrella Liability Insurance.
Are you covered? 60% of parents don't have a will. When it comes to life insurance, Manisha recommends having 5 to 10x your income in insurance if you have younger kids.
For business owners, Manisha advises to "Protect yourself by building a financial wall." This means creating an LLC (pretty easy to set up--it cost me about $500) and a separate accounts for your business. For more tips check out Manisha's books Get Financially Naked: How to Talk Money with your Honey and On Your Own Two Feet.
For more savvy money tips, head to GoGirlFinance (www.gogirlfinance.com). The site was founded by Caryn Effron to get women sharing, talking and supporting each other when it comes to business.
"Our goal at GoGirl Finance is to empower and encourage women, to not feel alone in the paths we'??ve chosen, no matter what they are." We're thrilled to have this resource to share. Now go on and make this your most profitable year yet!
Momtrends was not paid for this post, we did get a swag bag and manicure at the event (pretty standard these days!)