If you’re anything like me managing your money is a constant struggle. A struggle to stay on the budget you created because something ALWAYS comes up. A struggle to leave that really cute outfit or pair of shoes that is just a little over budget in the store. Or a struggle not to loan (who am I kidding, most of the time it is GIVE) money to someone close to me.
But this ‘willy nilly’ approach to managing our money is simply NOT sustainable or productive. Women of color are simply far too vulnerable on the financial side not to take money management seriously. In an important report released in 2010, Mariko Chang, reveals that women of color are at the bottom of the financial totem pole in a number of ways:
- Single black and Hispanic women have a median wealth of $100 and $120 respectively; the median for single white women is $41,500.
- While white women in the prime working years of ages 36-49 have a media wealth of $42,600, the media wealth for women of color is only $5.
- Nearly half of all single black and Hispanic women have zero or negative wealth, the latter of which occurs when debts exceed assets.
- While 57 percent of single white women own homes, only 33 percent of single black women and 28 percent of single Hispanic women are homeowners.
- Only 1 percent of single Hispanic women and 4 percent of single black women own business assets compared to 8 percent of single white women.
- Social Security is the only source of retirement income for more than 25 percent of black women.
- Prior to age 50, women of color have virtually no wealth at all.
I challenge you to make 2012 the year where you PREPARE for a better financial present and future. Check out this article sharing a monthly guide to money management that has some relatively easy steps you can follow to be more financially secure.
If you have conquered your financial demons, please take a moment to comment and share your strategies for success.
Stay tuned for more on this important subject!