Financial Planning – The Ultimate Feminine Protection
May 2007 In and Around Town - Delta

There’s a book out that’s causing some controversy, called The Feminine Mistake, by Leslie Bennetts. The book contends that the biggest mistake a woman can make is leaving the corporate world for motherhood, the way traditional women did before the feminist movement of the 1970s, and many well-educated women are doing today, rather than struggling with balancing parenthood and career. Bennetts feels that, “it’s too risky to count on anyone else to support you over the long haul.”

I think the assumption of many working women is that when a woman decides to leave her corporate job to become a stay-at-home mom, she is going to be frittering her time away watching soaps, eating bon-bons, shopping and lunching with her other fellow desperate housewives. Not true, especially when she has small children. The assumption is also that the husband will handle all the bills, investments and finances.

I haven’t actually read Bennetts book because I’ve been too busy with all the gossip on Sanjaya on “American Idol”, and eating bon bons, but I agree that you can no longer trust The Man (figuratively and literally!) to take care of you for the rest of your life, and everyone needs some sort of life apart from the children. But I also believe that staying in a corporate job that is sucking your will may not be the answer, either.  

Women – and men -- need to understand their finances before deciding the leave, or in my case, not return to, the full-time workforce. Can they really afford it? Do they have a clear understanding of their monthly expenses and investments? Do they have a back-up plan in mind if anything happened to their spouse?

I’ve been thinking about this a lot because my mom has had to have a crash course in finances since my father got sick. I think prior to his illness, I don’t think she even knew how much their mortgage was.

Women also need to be involved in all financial decisions, including any major expenditures and investments, even if they’re not making any of the money, and not be afraid to ask scary questions. Remember that saying, “There’s no such thing as a stupid question, only the one that isn’t asked.”

I admit that I’m one of those people whose eyes start to glaze over when terms like IRA, 401(k), ESOP and Small Caps are thrown about. But I also know that the decisions I make about those terms will affect me and my family.

I think all women -- whether they are corporate executives or stay-at-home moms -- should be well-versed in finances (or at least have a financial planner they can call!), as well as have basic computer skills and know how to change a flat tire. Too many women, even in this day and age, are brought up to believe that money, computers and cars, are exclusively male territory.

And THAT'S the real feminine mistake.