Win Some, Lose Some
Today is International Women's Day today—in case you forgot. It sounds like one of those faux holidays recognized only by the U.N. and feisty women's groups. That's partly true, but there are a number of reasons to take note of the recent accolades—and ongoing challenges—facing women today.
- And the winner is... Kathryn Bigelow, as the first woman to be named Best Director at the Academy Awards last night (her film "Hurt Locker" also won Best Picture).
You'll be hearing about Bigelow's triumph in testosterone-driven Hollywood for weeks. But as girls, let's just savor one delicious, vicarious thrill: Bigelow beat out James Cameron—her ex-husband.
Hah. - In the "two steps back" category, however... New studies document the financial hurdles facing working women with kids.
Working moms earn nearly a third (31.9%) less than working fathers, according to "Decisions for Work," a study released today by researchers in London on behalf of the International Trade Union Federation.
This on top of a similar study co-authored by Stanford sociologist Shelley Correll last year called, "Getting a Job: Is There a Motherhood Penalty?"—which found, why yes, moms are typically paid less than men with kids and less than women who have no kids.
You win some, you lose some—and you keep reading DailyWorth so that professional and financial parity is something we'll all celebrate when we're relaxing on our fat, well-invested nest eggs in a few years.
The (Female) Cost of Living
It sounds almost silly: A survey of drug store goods, in the January issue of Consumer Reports, found that items aimed at women tend to cost more—sometimes 50% or 60% more.
What's disturbing is how pervasive and financially poisonous the so-called gender price bias is—especially when you consider that, on average, women earn about 23% less than men with comparable credentials.
Some other examples:
It almost sounds like a conspiracy. Women are generally paid less, yet from moisturizer to mortgages, our cost of living is significantly higher.
Why? Because we can't add? Because corporate America knows that women can be financially manipulated more easily than men?
You Tell Us: What are ways that you're being overcharged, why do you think women pay a premium for basics, how can we take back our money and use it to enrich our lives and our futures? Leave a comment below.
With thanks to Consumer Reports.
Get more details in MP Dunleavey's MSN Money column today on the same topic.
Suze Orman Says "No More Sacrifice"
On Thursday September 18th, 2009 Pennsylvania Governor Edward Rendell addressed a crowd of 4,000 women at the Pennsylvania Governor's Conference for Women, a day-long event featuring seminars, workshops and speakers geared toward empowering women. Governor Rendell has a long track record of supporting women, and is married to a serious alpha female - Judge Marjorie O. Rendell.
During his speech, Gov. Rendell took time to praise Leslie Stiles, Executive Director of the Pennsylvania Commission for Women. Apparently, Ms. Stiles, under orders to cut her budget by 25% (ah yes, the recession), opted to take a 40% reduction in her own personal salary rather than lay off a member of her staff, making her a heroine of the state. There were cheers galore from the crowd as Governor Rendell recounted this tale and highlighted Ms. Stiles as a role model of modern workplace.
Then Suze Orman — the keynote, personal finance guru, and queen of the smackdown — took the stage. Aware that the audience had been applauding Ms. Stiles' salary sacrifice, Suze pointed out that women are, by nature, nurturers. She reminded us that women still earn only 77 cents for every dollar a man earns. "We make sacrifices, putting others before ourselves. To be financially secure, we need to STOP doing that." She said point blank that one reason we ladies are still earning less than men is that we do it to ourselves. Whoops, Mr. Governor?
There's no doubt that altruism and self-sacrifice are admirable characteristics — and don't get us wrong, Ms. Stiles earns plenty of kudos for saving her staffer from the dreaded pink slip. But Suze thinks it's this type of caretaking that holds women back. So what's the lesson here? Admire the sacrifices women choose to make and surrender to being forever in second place, or stand up and demand what we deserve?
What do you think?
New Gender Gap Data
I read articles like the one below and am reminded why I started DailyWorth, and why I'm committed to building it as a service and as a movement. 
Men better at paying bills: study
by Ellen Wulfhorst
NEW YORK (Reuters) - Men and women handle their personal finances much differently, research shows, with men more likely to keep a close eye on their spending and investments and to pay their bills on time.
The gender gap emerged in the results of financial planning questionnaires filled out by some 3,500 U.S. workers nationwide for Financial Finesse Inc., an employee benefits company.
The data show two-thirds of men but just one-third of women said they regularly pay their credit card balances in full, said Liz Davidson, chief executive of the company based in Manhattan Beach, California.
Also, 90 percent of men said they pay their bills on time each month but only 74 percent of women said so, it said.
It said 71 percent of men but 53 percent of women have a handle on their cash flow so they spend less than they earn each month.
More than half of men but just a third of women said they have an emergency fund to pay their bills for a few months if they lose their job, it said.
Womenomics: A Recipe for Corporate Sanity
Womenomics, a current bestselling book by Claire Shipman and Katty Kay, asks women to question our constraints at work, and to consider that we're entitled to more flextime. Hmmm. In the first chapter, Shipman and Kay highlight a recent study from Pepperdine University that ties a company's profits to the number of women it has in senior management. In sum: more women means more profits. The point? Women are supremely positioned in this down economy to reshape workplace norms to better support our need for more sanity and more time for our families. We each need to step back and ask how can work work for me? And then move forward with a plan to negotiate for less time at work, and better pay for quality results delivered. No more hanging around the office until 5pm because you have to, especially when your son has a soccer game at 3pm. No more five-day work weeks when you really need a third weekend day to catch up with bills and DailyWorth emails (heh). We want assignments, we want to do them well, and we want to be compensated richly. We don't want to be stuck to a desk chair because it's how it's always been.
Womenomics is not just a manifesto for workplace transformation; it's a an instruction manual. Some noteworthy chapter headings include:
- Wired for Sanity
- Confronting the Feminist Ideal
- Recognizing a NO moment
- How to Change your Deal
- Promote Thyself
- Negotiate from a Position of Fact-Based Strength
- Use Economics to your Advantage
"Phenomenal Woman" by Maya Angelou
Pretty women wonder where my secret lies.
I'm not cute or built to suit a fashion model's size
But when I start to tell them,
They think I'm telling lies.
I say,
It's in the reach of my arms
The span of my hips,
The stride of my step,
The curl of my lips.
I'm a woman
Phenomenally.
Phenomenal woman,
That's me.
I walk into a room
Just as cool as you please,
And to a man,
The fellows stand or
Fall down on their knees.
Then they swarm around me,
A hive of honey bees.
I say,
It's the fire in my eyes,
And the flash of my teeth,
The swing in my waist,
And the joy in my feet.
I'm a woman
Phenomenally.
Phenomenal woman,
That's me.
The New Feminist
{Post updated July 6: See comments below. We were wrong about certain historical aspects of feminism -- hence the edits in this post.}
Back when the first second wave of vocal feminism was just getting off the ground in the 1960s, the whole bra-burning radical-behavior thing was necessary {Turns out bra-burning never happened; It's a myth perpetuated to discount serious claims made by feminists}. It was a demand for equal treatment under the law. But now it's 2009, and things have changed a little. Sure, the wage gap still exists, as does sexual harassment. But the playing field is more level than it used to be.
Enter: The New Feminist. She's a woman who still believes that we should have the same economic, social and political rights as men, but she also understands that, in the 21st century, feminism has many different faces, styles, desires and goals. Have you spotted her around town? We have, and we've noticed the New Feminist is a woman who:
Our prayers are with the women of Iran
(OLIVIER LABAN-MATTEI/AFP/Getty Images) We found this photo on the Boston Globe website and love her cuz she looks like she'd subscribe to DailyWorth if she could.
p.s. we're pretty sure it's not legal for us to repost this, so if any lawyers on DailyWorth would like to advise us on a legal photo redistribution strategy, please email This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Women Rule { + bonus downloads! }
According to Time Magazine, women will rule the future workplace, and that's a good thing. Why? Because we're focused, cooperative and "employ what is called a transformational leadership style ... extremely well suited for the emerging, less hierarchical workplace." We are more empathetic. We telecommute and job-share. We look for solutions, not confrontations. And we tend to care less about titles, and more about doing a good job and having a happy, productive workplace. So the next time that “feeling” pokes you in the gut, pay attention. Your instincts have probably been right all along.Want more? Read the full article in Time Magazine: Women Will Rule Business
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You're Stock-Savvy, After All
Are you managing your investments, or merely hoping your portfolio manager/father/husband/boyfriend has your best interests in mind? Turns out, you might be the best one for the job. Several studies have shown than women are consistently better investors than men, mostly because we seek balance in our portfolios with stocks of companies we can understand and pick security over risk. Women also do more research, trade less frequently and dump losing stocks quicker than men do. So what should you invest in? As renowned stock picker Peter Lynch used to preach, pick stocks of companies you know. Do you get your staples at Costco? Buy all your books on Amazon? Trust Whole Foods Market? Couldn't live without your iPhone? Start there.
Read more in this Wall Street Journal article posted on Mother's Day: For Mother's Day, Give Her Reins to the Portfolio
Good Morning, New Members
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We were thrilled to wake up this morning to 50 (!) new DailyWorth members thanks to this blog post by Jena of Modish Biz Tips. Jena, thanks for digging out and posting some of our earliest DailyWorths -- we love revisiting the old stuff. |
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