Women, Money, and Virtues: The New American Revolution

As a father of three wonderful, strong, intelligent daughters, the husband of a fiscally savvy woman, and the brother of a woman who started a multi-million dollar business from nothing, I can honestly say that I was influenced dramatically in the writing of WEALTH VIRTUES by seeing what my sister did, benefiting from what my wife does, and hoping for what my daughters will achieve. To that end, I also find it necessary to see why it is more important now more than ever to live in a society where women need to have a broader view of finances, from what they already master – the household finances, to a more long range view of financial security.

In May of 2010, Federal Reserve Governor Elizabeth Duke briefed at the Financially Hers program in Philadelphia on “Challenging the Myths of Women and Money.” In her speech, she alluded to some stark facts:

• Women are quite likely to be solely responsible for financial decision-making at some point in their lives. Indeed, as women age, the probability of living alone increases.
  
• Women have lower average wages, lower lifetime earnings, and are less likely to be covered by a pension plan
  
• Nearly two-thirds of U.S. women ages 40 to 79 have already dealt with a major financial “life crisis,” such as job loss, divorce, the death of a spouse, or serious illness

Now let’s see how one can go about changing those facts above to fiction.

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