Consistent with my desire to financially empower women, I have been working with other researchers to understand why women are not financially empowered. Why are women not as prepared for retirement? Why are women not as financially literate? Why are women not as confident? One area where we hope to add to the body of knowledge is the area of cohort theory where we are finding very different financial behavior from generation to generation and the empirical results that we have found to-date contradicts what most people would think. According to cohort theory, important historical and societal events affect values, attitudes and ideology of individuals during earlier formative years. The precise delineation of each generation is debatable and depends upon the consequential event defining the personality of that generation, inducing similar life trajectories. Rational females should develop financial skills required for good financial decision making but different female cohorts exhibit varying levels of independence. But not all cohorts approach finances similarly. Today’s guest understands how this younger cohort of women think. After all, she is one. She is an amazing young woman who has taken the time to observe and understand what women her age are thinking and how that influences their behavior, which is usually not in their best interest. Amanda Abella is a Millennial Business Coach who teaches online entrepreneurs (many of them women) how to make money with online marketing. When we first spoke, we were both excited to learn from each other, that what I found in the empirical data was in fact what she was seeing in the millennial world. I’m thrilled to have her on the show. Welcome Amanda to Financially Empowering Women. Bio: Amanda Abella is a financial writer, speaker and author of the Amazon bestselling book Make Money Your Honey: A Spirited Entrepreneur’s Guide to Having a Love Affair with Work and Money. Her work has been featured in Forbes, The Huffington Post, Business Insider and more. She is also the Savings Advisor for MoneySavingPro.com, a website that curates independent reviews of financial products to empower consumers. Amanda can be reached at: Skype: amandaabella | Facebook amanda@amandaabella.com | www.amandaabella.com

Financially Empowering Women

Financially Empowering Millennial Women

Last year President Obama remarked on equal pay for equal work, which got people talking.  He said that “Today, the average full-time working woman earns just 77 cents for every dollar a man earns He went on to say that “in 2014, that’s an embarrassment.”  We know this data is correct and no one is  disputing that there is a wage gap, but some want to debate that the  difference is due to women’s life choices — such as women choosing to leave the workforce when they have children or take care of parents or simply provide support for their husbands to enable them to make a better salary. The pay gap of 23 cents is only part of the story.  Maybe you say to yourself that the gap does not matter since your husband is making a good salary.  That is fine for now.  But what about when you are in retirement?  Women receive smaller pensions and less social security than men because of this pay gap.  So it is important to understand that many decisions that we make throughout our life don’t just effect today, but have cumulative long-term consequences that become evident later in our lives. For those women who want to be financially independent, regardless of marital status, the ability to land a good job when you need it can go a long way.  Although we know the unemployment numbers are difficult to untangle, according to the Bureau of Labor Statistics there were 15% more unemployed married women looking for jobs last month than married men.  If you are among the unemployed, looking for a job, our guest today can help with some pointers.  Janet Ritt Chocky, MA has been successfully assisting people with their job search needs for over 20 years.  She has a background in human resources, particularly in the recruitment and employment genre.  She is an experienced career counselor and resume writer and has helped thousands of people obtain employment, return to work, acquire new job skills, prepare for employment, and essentially get the job they want! Janet published a book titled “100, (Yes, 100!) Job Search Tips.”  The book is available as hard copy or eBook on Amazon.com and BarnesandNoble.com. She is currently a career counselor and resume writer, as well as an adjunct professor.  Janet volunteers as an Alumni Mentor for Monmouth University, as well as resume writing and career counseling for some local non-profit organizations.  She can be reached at jchocky@gmail.com.

Going Back to Work and Getting the Job You Want - Ep.25

Over the past eight years of financial turmoil, more Americans from all different backgrounds have suffered from shocks to their wages and benefits.    Some people are still out of work.  In addition, home values and personal saving have also taken a hit.  Another disruption to many Americans, something many people don’t consider, has come in the form of disabilities.  According to the U.S. Census Bureau, almost 57 million people had a disability in 2010.  And on top of all that we know that half of all marriages in America end in divorce.   What is my point in stating all these facts?  Clearly in life the best laid plans of mice and men often go awry.  So why do we have the hubris to think that we don’t need a plan?  No plan B, no contingency.   In fact, a recent Bankrate.com survey found that roughly 3 out of every 4 Americans are living paycheck-to-paycheck, with little to no emergency savings.  Less than 1 in 4 Americans have enough money in their savings account to cover at least six months of expenses (which is the recommended amount to cover unexpected life events) and  half of those surveyed have less than a three-month cushion.  Most shocking is that 27% have no savings at all. Perhaps we all subscribe to the John Lennon quote that “Life is what happens when you’re busy making other plans.” Maybe you think that you can plan and set goals, but you still run into this unpredictable thing called, “life.”  This is true, but still should you just leave it all to chance, simply letting life happen to you? On this show we introduce a guest who knows all too well what it feels like to experience disruption or what economists like to call, shocks to her life.  She has experienced career derailment, marriage dissolution and even disability.  She has every reason to check out but that is not what she has done.  Instead, she writes about her disability, finding an audience with her personal blog and syndicated column.  Susan Reagan is a survivor.  She has made lemonade out of lemons and she has graciously agreed to share her journey with us.  Thank you from all of us Susan for coming on Financially Empowering Women! About Susan Susan Reagan is currently employed as a staff writer for two marketing companies. She writes about a variety of topics from Lean Six Sigma to ancillary healthcare services and everything in between. The majority of her career has been spent in healthcare operations management and healthcare marketing.  She began as a Recreational Therapist, which led to a preceptorship to earn her administrator’s license and then to regional marketing leadership. Susan has a B.S. in Business Management and Marketing and a B.A. in Therapeutic Recreation, and a collateral certificate in Gerontology. Susan earned an MBA in Healthcare Administration from Moravian College.  She serves on the board of directors for a non-profit agency that serves people with disabilities and chairs their grant committee. Susan had several life-changing events that occurred all at one time.  She lost her voice due to a muscular disorder and came to the realization that her marriage must end. Her 17-year career in healthcare ended as a result of losing her voice. During this time her father was gravely ill, as well. Susan can be reached at susan.ann.reagan@gmail.com Her personal blog http://livingwithvoiceloss.blogspot.com/ Which is syndicated on http://vocaldisorders.org/blog/ Susan is available for public speaking engagements in front of large groups and organizations. She shares her life-changing story of voice loss and her inspirational story of success.   Through this journey Susan has found new life, new purpose and new meaning in helping others.

Financial Empowerment Allows Women to Deal with Financial Shocks That Happen to Many of Us - Ep.24

As a nation, Americans owe billions on outstanding credit cards and the average U.S. household with at least one credit card owes over $15,000 in credit-card debt.  Many Americans are in trouble as they endure harassment from debt collectors, yet only a fraction of people seek aid from a credit counselor. Many people confuse credit-counseling agencies with debt-settlement companies, who are often fraudulent organizations who make promises they can’t keep. Credit counselors advise people on how to make better budget and lifestyle decisions and develop a debt-management plan to pay back their creditors. Many counseling sessions are minimal in cost. Meanwhile, debt-settlement companies offer to negotiate with a person's creditors to reduce the amount of debt they own—and they usually charge a very large fee for their services. These debt-settlement organizations have deterred many people from getting good advice from credit counselors who can be trusted.  The National Foundation for Credit Counseling® (NFCC®), founded in 1951, is the nation’s largest and longest-serving non-profit financial counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services. Regina Poznansky is a Certified Senior Counselor and Trainer with Consumer Credit Counseling Service of New Jersey, Inc. She is also a Certified Housing Counselor.  Her background and experience include 10 years of teaching Physical Science, and over 6 years with Beneficial Data Processing Corporation as Assistant Vice President, where her responsibilities included: finance, training, special projects and human resources. In addition, she worked in  various corporate consulting positions where her analytical and problem solving skills were utilized. Her work with Consumer Credit Counseling Services over the past 15 years marries her past experiences and expertise. It includes developing and presenting training programs, financial reviews, referring clients to appropriate resources, credit report reviews and developing partnerships with various non-profit and for-profit organizations.   Regina W. Poznansky Consumer Credit Counseling Service of New Jersey,lnc. 185 Ridgedale Avenue Cedar Knolls, NJ 07927 Phone 973-267-4324 Fax: 973-267-0484 Web: www.CCCSNJ.org

Know the Difference Between Debt Counseling and Debt Settlement - Ep.23

There are many academic and non-academic studies that talk about the power that women have over money.  A recent 2013 study that showed that 40% of households with children under the age of 18 were headed by breadwinning women.  That's four times higher than the number of breadwinning women who headed their households in 1960.  Along with earning more, women are taking control of their family's finances.  In marriages where the wife brings home a bigger paycheck, the woman is twice as likely as her husband to make the financial decisions.  This is good because when we take over the finances, we are developing essential skills that will be relevant for our entire life.  At Financially Empowering Women, our goal is to help you acquire knowledge and develop your financial skills.  While the skills are similar for both men and women, we know that women often approach finances differently than men and today’s guest agrees. Sharon Lechter, CPA, CGMA, is an international expert on money and entrepreneurship as well as a respected author, philanthropist, educator, and international speaker.  She is the founder and CEO of Pay Your Family First, a financial education organization.  She served both Presidents Bush and Obama on the first President’s Advisory Council on Financial Literacy.  In 2013, she led an initiative to change the laws related to financial literacy education requirements for high school graduation in Arizona.  Consistently recognized for her tireless work for women, she was honored with the Positively Powerful Women award for Philanthropic Leadership, selected by the Phoenix Business Journal as one of its 25 Dynamic Women in Business, and awarded 2013 Woman of the Year by the National Bank of Arizona.  Connect with Sharon: Website: http://www.sharonlechter.com/ More info on the book: www.sharonlechter.com/women Facebook: https://www.facebook.com/AuthorSharonLechter Twitter: https://twitter.com/sharonlechter

Using Power to Create Financial Success - Ep.22

Today’s show features Marty Guerrero, author of “Exposed: Auto Repair’s Dirty Little Secrets to Rip You Off!”, where she explains how we can take back our power when dealing with auto mechanics who often charge fees for services which are either unnecessary or, in some cases, aren't even done.  She exposes mechanics’ tricks and offers additional advice on things that you should know about your car to stay safe on the road. Find more information about Marty and her book on her website: www.martyguerrero.com

Financial Empowerment and Your Car - Ep.21

Women constitute 51 percent of the population and are earning, inheriting and controlling more money than ever. Yet a recent survey across the United States, United Kingdom and Asia surveyed women with a personal income of at least $100,000, or investable assets of $500,000 or more, and the research indicated that more than half of women surveyed do not have financial advisors. In the U.S., 47% of female wealth creators and 75% of women under 40 report not having an advisor. The numbers are high even in the upper end of the market.  While having a financial advisor is not required to become financially empowered, many women can benefit from some type of financial guidance but for whatever reason don’t choose to pursue it.  Maybe they don’t know whom to trust or maybe they simply don’t think that they can afford it. Professor Laura tells the story behind Financially Empowering Women and her vision of sharing financial guidance to women who, for whatever reason, do not have someone that they trust to help them.  One of her goals is to help women sort through the constant deluge of irrelevant information, misinformation and conflicted information.  In this age of information, we hear the mantra, “content is king.” But it’s important to remember that while content is important, context is more important  – that for content to be meaningful, we must assure that it is significant and accurate, and that it comes from a reliable source.

The Story Behind Financially Empowering Women and Top Tips for Women

While Social Security is important to most Americans, it is especially crucial to the financial security of women. Women live longer than men and they are less likely to receive a pension from their employer. According to the Institute for Women’s Policy Research, in 2010, 46 percent of elderly unmarried women relied on Social Security for 90 percent or more of their total income. Social Security helps keep women aged 65 and older out of poverty. Social Security is dedicated to promoting public awareness about the programs they administer so we are fortunate to have Carl Robinson, Public Affairs Specialist with the Social Security Administration on this show to talk about Social Security and women. Carl RobinsonPublic Affairs Specialistwww.socialsecurity.gov/myaccount

Thinking Strategically When It Comes to Social Security Benefits - Ep.19

It seems a good time to talk Medicare since we are in the middle the 2015 Medicare Annual Enrollment period which ends on December 7th.  Medicare is the federal health program that provides health coverage to 50 million Americans ages 65 and older and younger adults with permanent disabilities. Medicare is a vital source of retirement security for 23 million women ages 65 and over, who tend to have lower incomes to pay for health care. Women also tend to have more chronic conditions than older men and more than half of all older Medicare beneficiaries are women.  On this show,  Medicare Consultant, Mary Jeanne Cullen helps us understand how it works. Contact information for Mary Jeanne Cullen: MedicareAssist, LLC PO Box 22 Springfield, NJ 07081 908 400 9123 www.medicareassistnj.com

Choosing a Medicare Plan that is Right For You - Ep.18

This episode is about making the decision to finally claim your financial power; it’s about learning from your mistakes and deciding not to be a victim of poor financial decisions.  I have been in finance all of my working life and I have met hundreds of women who have chosen to be financially dependent – usually dependent upon a man.   I’m not just talking about uneducated or non-working women.  Often they are college educated, who also contribute to the household finances.  On this show I have invited a guest, Diane, who has recently committed to become financially empowered.   Diane is college educated and has often been the primary breadwinner in her marriage, yet she didn’t pay attention to her finances until recently when she decided enough was enough and that her life had to change.  Listen to Diane’s story.

Making the Decision to Be Financially Empowered - Ep.17

Allowing our emotions drive decisions will almost always result in a large financial mistake.  We know that emotions often get in the way of our decisions and there is no exception when we talk about the average American family’s single largest asset - their home, which conjures up all kinds of emotion.  Home is that safe place where you feel comforted and loved.  For many women it is a place of security, it is where we raised our children, had our first…” fill in the blank”.  We have many memories associated with our homes and we often make emotional decisions regarding our homes.  In this episode of Financially Empowering Women we will hear from Real Estate Expert, Virginia Cassidy (Ginny) who works as an agent with Remax in Mountain Lakes NJ.  Ginny is a professional real estate agent with a certificate in interior design.  Her introduction into the real estate business was working with “expired”  listings.  These are homes that have already been on the market and did not sell. These homes presented a challenge, that she was happy to have the opportunity to meet. She now uses that experience selling difficult homes to the advantage of her clients. Pricing, promotion and presentation are what sells houses. She knows how to use the 3 "p's" to get the job done.  Ginny can help you make rational (non-emotional) decisions about your most important financial asset, your home, to ultimately improve your financial well-being.   Virginia "Ginny" Cassidy Luxury Home Marketing Specialist RE/MAX Neighborhood Properties Office: 973-334-3341 Mobile: 201-230-5539 Email: GinnyCassidy@REMAX.net Website: GinnyStagesandSells.com

Managing (Buying and Selling) Your Most Important Asset: Your Home - Ep.16

For many of us, our human capital (we measure this as the PV of all of our future earnings) is greater than our financial capital.  As a financial adviser, I view Human Capital as a very important asset in our overall wealth.  On this show we are going to talk about how woman can grow this very important asset class by discussing empowerment in your career. The most fundamental way for you as a working woman to increase your human capital is to get a raise.  Of course we want to convert this human capital into investment capital so that you can save and grow it for future needs such as retirement. Recent studies show that women’s earnings on average are about 77 percent of men’s.   Now there are reasons for this, such as, women taking time out of the work force for care-giving or women choosing careers that are not as highly compensated, but there are other barriers that we as women create.  Additional studies on the gender pay gap conclude that a key reason men get higher salaries on average is that they’re more inclined to negotiate. Many women are less likely to negotiate because they tend to lack self-confidence.  This problem can be overcome if women would just learn how to effectively communicate in business. My guest on this show is Christine Clifton who is a business communication coach, trainer, and speaker to help us with this concern.  Christine has spent over 20 years in the Corporate world in management positions of Operations, Human Resources, and Sales.  In her 6th year of entrepreneurship, she now teaches others how to have effective business conversations.  She believes that 'You don't have to shout to Stand Out.' You can reach Christine Clifton on LinkedIn or on www.ClientCentricGrowth.com, 201-738-7463.  Her information can also be found on www.financiallyempoweringwomen.com  

Women: Ask for a Raise, but Make Sure You’re Worth It - Ep.15

Many of you have heard me say that when we plan for retirement, we should look at the things that we can control and put together our best plans to increase our probability of success.  Well that is all well and good but there is one thing that we cannot control and it is an area of life that scares us all.  Yes, we are talking about rising health care costs.  Many people find the idea of planning for these costs so daunting that they choose to ignore these costs altogether when planning for retirement.  Well, you know that ignoring something doesn’t make it go away, and furthermore, the idea of ignoring this problematic issue is incongruent with our philosophy of claiming our financial power.   One problem is that most people overestimate what Medicare will cover.  Medicare in general covers much less than traditional employer plans and it certainly does not cover long-term care needs if we are unable to help ourselves with the major activities of daily living.   So how do you plan?  There are calculators online and ways for you to figure out how much you need to save, depending upon your health – for example, if you are a smoker, drinker or diabetic, and also your longevity, based upon family history, but in the end this is the single largest unknown in everyone’s financial plan.   In finance we talk about risk and how you deal with risk.  The textbooks tell us that we can deal with risk by either Accept – Not very empowering Transfer – This is what insurance is about Avoid – We would like to do this but not so easy Reduce – This is empowering! Sure most people in the financial world focus on transferring risk to an insurance company. But today we are going to address the risk of high health care costs from a different angle.  Instead of transferring the risk, why not reduce it all together.  Now that is empowermentand to help us talk about this risk reduction we have Dr. Karen Portale, MD, an emergency room physician for 20 years and Christopher Stepien, D.C., a chiropractor and crossfit gym owner and trainer www.heroesjourney.com.

Avoiding High Health Care Costs as Part of Your Financial Plan - Ep.14

Today’s show is focused on international investing. While many investors have been shying away from investing in Europe and Emerging Markets, a well-diversified portfolio will have international investments that go beyond today’s news.  Our guest today is Bill Chisholm from Thornburg Investment Management who helps us understand why international investments are important.  Over the past 10 years, international investments have outperformed the US market, as measured by the S&P 500, 7 out of 10 times International equities represent more than half of the world’s market capitalization.  That has changed over the years.  When we look at performance, the US market, international developed markets and the international emerging markets, all have very different patterns of return.  In statistical jargon, they are all weakly correlated, so by including them together in a portfolio, an investor can improve their dollar return over the long-run by smoothing out volatility.  Most people don’t realize that volatility cuts into the amount of money you earn.   When people say they achieved an average 8% return, I always ask them, “with what level of volatility”, since the return percentage is only part of the story.  Most people don’t look at the full picture, but volatility will cut into the actual dollars that you earn.  Volatility matters a great deal.  This is a hard concept for people to understand, but it is fundamental to investing responsibly. We also explain the difference between passive and active management.  Active management is where a fund manager actively chooses stocks to hold in their fund.  You pay higher expenses for active management.  However, many fund managers don’t really add value; they simply follow the benchmark, so after fees, they underperform the benchmark.  Passive management is simply investing in an index, such as the MSCI EAFE, either in an index fund or an ETF (we spoke a bit about ETFs last show).  However, active management can be beneficial.  Cremers and Petajisto’s 2009 study showed that there are a handful of actively managed mutual fund managers who are able to beat the market, after their fees.  Their study rocked the academic and investment world.  The problem is that the average investor doesn’t know how to find these funds, which is why I often recommend that most people stick with an index or ETFs.   If you have the tools and the skill or you are working with an investment professional, you want to look for active management with a high active share, which has the potential to beat the benchmark.

013- International Investing

In today’s show we discuss two very disparate topics; Women’s empowerment as consumers, and What are ETFs? Women’s Empowerment as consumers:  Money is one of the major sources of power. Understanding, controlling, managing, spending and earning money provides status, power, freedom and control of everyone and everything that money can buy.  As women, holding these abilities over money tips the scales and balances power, which is why I think the idea of financially empowering women is so very important. This is why we produce this podcast and offer seminars - to inspire women to become empowered and that is why we support organizations (from the local chapters of NOW to various other groups) that support women.  One such group is The Women’s Choice Award, which is dedicated to empowering women by supporting women’s decisions as consumers.  The Women’s Choice Award for Financial Advisors was created by WomenCertified®, Inc in partnership with WIFE.org (Women’s Institute for Financial Education).  Today we speak to the founder of the Women’s Choice Award and the CEO of WomenCertified®, Delia Passi, who is the leading female consumer advocate in the nation. What are ETF’s:  An ETF or Exchange-traded funds is an investment company which usually invests with the objective to achieve similar returns as a particular asset class or market index.  ETFs have grown in popularity over the past decade because of their flexibility to trade like a stock and provide instant diversification in the form of an index fund.  In this answer to a mailbag question, we discuss the advantages of an ETF over individual stocks, mutual funds and index funds but we also talk about the need to understand what you invest in.  You don’t need to know about the plethora of investments that are out there, but you do need to know about the things that you own and if you decide to invest in ETF, make sure to do your research. About Delia Passi Women Certified®, a marketing and research firm and home to the Women’s Choice Awards is led by Delia Passi, the nation’s leading expert on marketing to women and consultant to numerous Fortune 500 companies. Delia is the leading speaker on the women’s market and a lifelong leader and advocate for the female consumer.  Prior to founding WomenCertified, Delia was the Group Publisher of Working Woman and Working Mother Magazines.  Passi is also the author of Winning the Toughest Customer: The Essential Guide to Selling to Women (Kaplan, 2006)

012- Women’s Empowerment as Consumers, and What Are ETFs?

Claiming financial power is not about hoarding money. It is about understanding how money works and using it to help you live your life, on your terms. We were taught, as women that relationships and responsibility to others are more important than responsibility toward ourselves. At times we have allowed others to think, talk and act on our behalf rather than solving our own problems and taking control of our own lives. You, as a woman, are determined to have a voice and to make responsible financial decisions. I, as a female financial advisor, am resolved to provide responsible financial education through a fiduciary and ethical relationship. This show is different because we are not going to make you uncomfortable about past decisions, yell at you or bark out financial orders (i.e. DENIED). The purpose of empowerment is to equip you with the knowledge so that you can determine the best solution for you. Together we can combine forces to understand the truth about managing money. We can do it! You can do it! Claim your female financial power today!

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Financially Empowering Women

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