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How to enter the contest?

To enter, just post a comment below with your name and why you think you are “divalicious.”   For extra points, follow us on twitter (@ladiesfund) and tweet about this event, and post a second comment below linking to that tweet and informing us you are following us on twitter.  All entries must be received by 11:59 pm EST on Sunday, 15th July 2012.  The prize is a pair of tickets for 2 women to attend Divalicious 4.  Only women can enter this contest.  Good luck and may the most divalicious gal win!

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Women make most of the choices about purchases, and most of the decisions about investments.

% of Purchasing Decisions made by Women*

∙  83% All Consumer Products

∙ 94% Home furnishings

∙ 92% Vacations
∙ 91% New Homes
∙ 80% DIY Home Projects
∙ 51% Consumer Electronics
∙ 60% Cars (Really it is 90% because they influence an additional 30% of the decisions)
∙ 89% Choose which new bank account to open
∙ 80% Healthcare

Women in the Work Force*

More than 66% of working women, and more than 50% of working wives, earn more than 50% of the household income. Women:
∙ Write 80% of all checks
∙ Pay 61% of all bills
∙ Own 53% of all stock

“Wired” Women*

Among women who use the Web (women who are “wired”), 83% are the primary decision makers on matters of healthcare, finances, and education.

* All of these statistics are taken from Tom Peters’s book, Re-imagine!

Making the Best Decisions
∙ Use a budget

Of the “5 Most Expensive Mistakes Women Make” (Sept. 1995, Working Woman Magazine), #3 is not using a budget.

1. Assuming you current financial status is permanent
2. Paying too much for convenience
3. Not using a budget
4. Waiting for the right time to save
5. Fearing the wrong risk

∙ Take a new approach to budgeting

In “Budgeting Tips for the New Year” (Winter 1997, Stages Magazine); the #1 Tip is to take a new approach to budgeting.

∙ Have the right frame of mind

Don’t let fear drive your ability to take control of your financial life. Creating a budget can seem complicated, but the most effective budgets are simple. As in developing any new habit, take it step by step. The pay-off is big.

“Like success, money is an emotionally volatile issue for most women. It’s probably the most complicated relationship we have—and the one that most controls our lives because we let it.”  - Sara Ban Breathnach, author, Simple Abundance

Original article

managing money, spending money ladiesfund, money, power, women

By Barbara Hagenbaugh, USA TODAY

In the year since the recession began in December 2007, the jobless rate for men rose from 4.4% to 7.2%. At the same time, the jobless rate for women rose from 4.3% to 5.9%.

Given that women are more likely to work now than in prior downturns, dual-income households may be on better footing to withstand this recession, says Donna Ginther, director of the Center for Economic and Business Analysis at the University of Kansas. Approximately 61% of women 20 and older were in the labor force in December, up from 37% 50 years ago. “It’s a kind of built-in insurance. If you lose one of two incomes and you are losing the highest income, it hurts, but it’s not as catastrophic as say, losing the only income in a household.”

The government on Friday said the overall unemployment rate jumped to 7.2% in December, the highest in nearly 16 years. Firms cut a seasonally adjusted 524,000 workers in December. For all of 2008, firms cut 2.065 million jobs, the most since 1945.

The report showed a big gap between the job market for men and women. Behind the difference:

•The market for jobs typically held by women has been far better than those typically held by men.

Three-quarters of the workers in the health care and education sectors are women, according to economic consulting firm IHS Global Insight. Employers added 536,000 workers in those two fields in 2008, a 2.9% gain.

At the same time, men represent 93% of workers in construction and 72% in manufacturing. Employers cut 632,000 construction jobs in 2008, an 8.5% drop, while 791,000 manufacturing jobs were cut, a 5.7% decline.

Such a division is nothing new and has been seen in prior recessions, says Anne Winkler, economics professor at the University of Missouri-St. Louis.

•Women are more likely to work part time than men, perhaps making them less vulnerable. Approximately 25% of women work part time vs. 12% of men, Mission Residential chief economist Richard Moody says.

“When employers are actively cutting hours for the workers they do keep, it could be that those already working part time have a bit more security … as they are not likely to be receiving benefits and in general, are likely to cost employers less than full-time workers,” he says.

Updated 1/12/2009 4:45 PM

http://www.usatoday.com/money/economy/2009-01-11-unemployment-rate-sexes_N.htm

security financialsecurity, ladiesfund, tudawood, womanandmoney, women, working

NEW YORK (CNNMoney.com) - Men work more than women … on the job anyway … at least in terms of overall hours.

That’s just one reason why when you make a general comparison of men’s and women’s earnings in most fields, men usually come out ahead, according to Warren Farrell, the San Diego-based author of “Why Men Earn More: The Startling Truth Behind the Pay Gap – and What Women Can Do About It.”

“People who do best in a field (financially) just plain put in more hours,” said Farrell, a former board member of the New York City chapter of the National Organization for Women (NOW).

But hours alone don’t fully account for the gap in women’s and men’s earnings. Farrell identifies 25 work-life decisions that men and women make in the course of their careers that have a direct bearing on their earning potential.

Farrell found, for instance, that men are more likely to opt for doing that which can lead to a higher paycheck, including:

• Relocate or travel extensively for work
• Take on more hazardous assignments
• Work in the hard sciences
• Take jobs requiring greater financial risk
• Work in unpleasant environments (e.g. prisons or coal mines)

Women, by contrast, are more likely to seek “careers that are more fulfilling, flexible and safe,” Farrell writes. But the tradeoff is that “the pay can be lower because more people compete to be fulfilled, causing the supply to exceed the demand.”

Even among highly paid women — those who make over $100,000 — Farrell found they are more likely than men at the same pay level to forfeit some pay in exchange for more free time. (And by “free time,” I just mean free from the office. But often women reduce their work hours so they can take care of their families.)

While men may end up with more pay in many fields, Farrell believes women can end up with a better life on balance.

And in some fields, they have a shot at having a more balanced life and making more than their male counterparts.

He found more than 80 such occupations for regular working women. That is, not supermodels, who not surprisingly can earn far more than male models thanks to a seemingly insatiable demand for tall, thin, airbrushed versions of feminine beauty.

In 39 of the occupations Farrell found, women’s median earnings exceeded men’s earnings by at least 5 percent and in some cases by as much as 43 percent. (See the list here.)

Why do some fields pay women a premium? “No one really knows perfectly the answer,” Farrell told me.

One factor may be scarcity. In fields like engineering, a company may get one woman and seven men applying for a job, Farrell said. If the company wants to hire the woman, they may have to pay a premium to get her.

That’s because she may have more competing offers than her male counterparts. The reason: not only is she a top performer who can boost a company’s profitability but employing her helps a company improve its equal-opportunity standing, which in turn can help it secure government contracts.

Also, where women can combine technical expertise with people skills – such as those required in sales and other arenas where customers may prefer dealing with a woman – that’s likely to contribute to a premium in pay.

“She gives people the best of both worlds,” Farrell said.

Another factor also may be an increase in the number of career programs designed to advance women, he noted.

It’s not that Farrell doesn’t think pay discrimination exists. It does, he said, but it’s not always against women. There’s plenty of it against men, too.

He points to careers that have limited opportunities for men – e.g., dental hygienist or elementary school teacher because people prefer a woman in those roles. That’s not that much different from law firm clients who years ago may have preferred to deal with a male lawyer, he notes.

I don’t usually use this column to recommend books, but “Why Men Earn More” will provide much food for thought, no matter where you stand in the pay-gap debate.

And for anyone inclined to assume men have it easier at work, this book — complete with far more textured, subtle arguments than a column can ever convey — will make you think twice.

money and relationships ladiesfund, relationships, tudawood, women, womenandmoney

Boy, was I wrong. It’s actually pretty much most women who would rather have the Miu Miu bag than the condo on 5th Avenue, at least when it came to the buying part.

Since real estate, shares or other big purchases are generally stressful, the buying part is much less fun. With shoes, bags, chocolate and make-up, its all smiles.

I was at a seminar with some incredible women today. Talented, hard-working and ambitious; the furthest thing from the “trophy” girl. Yet, to a tee, they would define their monetary happiness much more by their materialistic possessions than their savings.

Since I find the topic of women and money so fascinating, I pondered aloud why it was so much harder to convince a woman to invest than a man. To the women in the room (all except me), the answer was painfully obvious. Investing is not fun for women typically. Shopping is.

Does that mean to make investing more fun for women, it should be presented like shopping? Can it even then be successful because there isn’t the instant gratification or ability to show it off, so to speak?

Buying shoes or real estate? Why not just live in the shoe?

managing money estate, investing, ladiesfund, real, shopping, tudawood, women

As a question, it seems like a non-sequitur. After all, why should a woman’s ability to make money affect her femininity and some might even say her ability to attract the opposite sex? Don’t most people like money? Shouldn’t it enhance her appeal, if anything?

There is always two warring schools of thought on this. History has shown that powerful and empowered women whether they are Cleopatra or Madonna, J-Lo or Angelina Jolie, tend to have a lot of pick. However, there is always the other school that preaches kindergarten teachers are every man’s dream.

Some say this is changing with the times, but ultimately the question remains: Does making money make you less feminine? And, does it even matter?

Uncategorized ladiesfund, money, power, women

UN Secretary-General Ban Ki-moon has called on the nations to ensure that the current financial crisis do not impede funding of women welfare programmes.

“The global financial crisis is forcing all of us to save and cut costs where we can. But our work for the women of the world must continue undiminished,” Ban emphasised at the presentation of the 2008 International Award for the Health and Dignity of Women by Americans for UNFPA.

The recipients of this year’s award, which honours exemplary contributions to women’s health and the promotion of women’s rights, were four American women from the corporate sector and activists from Madagascar, Mexico and Nepal.

“These honourees all understand a fundamental truth,” said Ban. “When you empower a woman, you empower a family.” Empowering women frees valuable resource for development, as well as increases the chances of an education for their children, and their children in turn, Ban remarked.

“In short, when you empower a woman, you change the world,” the Secretary-General said, adding that this is exactly what UNFPA does by striving for maternal health and gender equality.

Ban pointed out that one woman dies each minute from complications related to pregnancy or labour. “We must halt this terrible tragedy.” Recently the UN teamed up with world leaders to launch a new initiative to strengthen health systems in an effort to reduce the number of women who die in pregnancy and childbirth, one of the eight Millennium Development Goals (MDGs) with a 2015 deadline.

The task force on maternal mortality will be co-chaired by British Prime Minister Gordon Brown and World Bank President Robert Zoellick will focus on financing health care systems and pay for health care workers.

New York, Oct 9
Press Trust of India
ptinews.com

security crisis, financial, ladiesfund, programs, welfare, women

Women make most of the choices about purchases, and most of the decisions about investments.

% of Purchasing Decisions made by Women*
∙ 83% All Consumer Purchases
∙ 94% Home furnishings
∙ 92% Vacations
∙ 91% New Homes
∙ 80% DIY Home Projects
∙ 51% Consumer Electronics
∙ 60% Cars (Really it is 90% because they influence an additional 30% of the decisions)
∙ 89% Choose which new bank account to open
∙ 80% Healthcare

Women in the Work Force*

More than 66% of working women, and more than 50% of working wives, earn more than 50% of the household income. Women:
∙ Write 80% of all checks
∙ Pay 61% of all bills
∙ Own 53% of all stock

“Wired” Women*

Among women who use the Web (women who are “wired”), 83% are the primary decision makers on matters of healthcare, finances, and education.

* All of these statistics are taken from Tom Peters’s book, Re-imagine!

Making the Best Decisions
∙ Use a budget

Of the “5 Most Expensive Mistakes Women Make” (Sept. 1995, Working Woman Magazine), #3 is not using a budget.

1. Assuming you current financial status is permanent
2. Paying too much for convenience
3. Not using a budget
4. Waiting for the right time to save
5. Fearing the wrong risk

∙ Take a new approach to budgeting

In “Budgeting Tips for the New Year” (Winter 1997, Stages Magazine); the #1 Tip is to take a new approach to budgeting.

∙ Have the right frame of mind

Don’t let fear drive your ability to take control of your financial life. Creating a budget can seem complicated, but the most effective budgets are simple. As in developing any new habit, take it step by step. The pay-off is big.

“Like success, money is an emotionally volatile issue for most women. It’s probably the most complicated relationship we have and the one that most controls our lives because we let it.”

Sara Ban Breathnach, author, Simple Abundance

managing money decisions, ladiesfund, purchases, women, womenandpower

1. Identify any fears and concerns you have about handling and managing your finances.
2. Identify how money is spent in your family.
3. Take advantage of the Internet to learn about all the relevant financial matters that affect you.
4. Determine and assess your current financial situation. List your assets, income and expenses.
5. Identify your objectives and develop a written financial plan (including your goals for education, family, and retirement).
6. Determine the types of investment most appropriate for your current situation and goals.
7. Calculate how much money you can save and invest monthly.
8. Consider speaking to a professional financial planner.
9. Create a realistic financial plan, budget your resources, and stick to it.
10. Don’t be afraid to make mistakes – you will learn from them.

Source: MsMoney

managing money investing, tips, women

Committee parties are a great social activity, but are they the best way to invest money? T. U. Dawood explores how some women manage money and get the most out of it.

It’s a fact that men and women are different. Everyone from Cosmopolitan to Dr John Gray have made millions writing on this very topic. How are the sexes different, however, when it comes to the big M: Money?

Traditionally, Pakistani women have kept their extra money hidden in closets and invested in jewellery. Pundits all over the world have claimed that gold is an outdated mode of investment but as gold prices have risen drastically over the last few years, women who chose to invest in jewellery have benefited tremendously. However, gold is not a liquid investment and generally when you sell your jewellery you do not get nearly anything near its true value. Another way Pakistani women invest is by placing their funds in committees rather than in banks.

How exactly do committees work? Many committees are one year in length and have either 12 members or 24 members in pairs. A set figure is put into the ‘kitty’ and each member in turn wins the jackpot every month. The winner is usually selected through the process of lucky draw and she generally hosts a tea or lunch the following month, where she collects the money. Typically, the organiser gets the first committee.

Committees can’t quite be called an investment as the general definition of investment is ‘money or capital that is laid out with an expectation of profit’.

Committees do not give back any additional money or interest, which suits many people who do not want any Riba or non-Shariah-compliant gains.

The members who generally gain the most from a committee are those who get the “kitty” in the first four months of the first quarter of the pool. This enables them to benefit from the time value of money. This means, if they invest the entire kitty when they get it, they can make a tidy profit from it. Even if they use it to make a big purchase, they have benefited because they have saved on the interest they would have had to pay had they borrowed money to make that purchase.

So what is the charm of committees?

People from all sections of society participate in committees, and for various reasons:

Zainab, a maid, earns Rs8,000 a month and places Rs2,000 a month in her neighbourhood committee. She believes in them because she enjoys getting her hands on a large sum when her turn comes.

Faiza, 30, organises a committee of Rs10,000 a month. She uses the money for travelling to America and buying things for herself without having to ask her husband for the money.

Maryam, 55, participates in a dollar committee with large sums of money. She enjoys the fun of being a part of the committees’ monthly social get-togethers and of course, is delighted when her turn comes up. She usually spends the money on buying a nice piece of jewellery for herself.

Razak, 37, is a part of a couples’ committee. He doesn’t know much about finances and investing and finds this a fun, social way to meet his friends and when his turn comes, enjoys spending the money with his wife on something extravagant that they wouldn’t normally treat themselves to.

All those interviewed admitted to not knowing much about financial markets. Most feared stock markets, some worried about Riba being un-Islamic and all enjoyed the ease and simplicity of the committee structure.

However, not everyone subscribes to the committee system:

Mikael, 38, couldn’t understand why people invest in committees. “There are now a variety of investment options for everyone’s needs, including halal munafa, so I can’t quite understand why so many people would invest in committees where you just get back the money you put in.”

Abu Bakr, 29, agrees. “I work for a local bank and there are so many great ways to invest your money that committees really make no sense to me. They are money losers.”

So what are these alternate investment options and is it easy for non-financially minded individuals, especially women, to access, understand and benefit from these options?

Investment options

There are plenty of investment options out there as alternatives to committees, depending on the investor’s needs, risk appetite and preferences.

There are banks offering 6.25 per cent profit on 10-year deposits, others offer 13 per cent per annum on a fixed deposit for five years and 12 per cent per annum on three years. Most of these products also provide access to your money as and when needed, through cheque or Debit/ATM card.

However, most of these options are for medium to long-term investors.

The only real viable option for short-term investors is open-end mutual funds. Income funds which have no investment in equity are giving between 9-12 per cent with rates expected to increase as interest rates have increased recently. Most income funds should give at least 11per cent (annualised) by December with interest compounded daily.

Mutual funds allow investors the option of accessing their money at any time -–– something a committee does not -–– and it is an easy instrument to add money to monthly.

For those who feel ambivalent about regular investment options, there are plenty of Shariah-compliant term deposit and mutual funds products available that offer halal munafa.

Investment options for women

Other than one mutual funds brand, there are no specific investment options for women, but all financial institutions have casual investment options in which any one is welcome to invest. One of our leading banks has a great poster up in many of its branches stating a woman doesn’t have to invest in committees anymore. However, when they were called, they confirmed that this is just an advertisement for their super value account deposit scheme of 7.25 per cent. They are using women for marketing purposes but the product is not specifically for women as the benefits are the same for both sexes.

Women and money reality

Although many Pakistani women feel that finance is a man’s domain, studies conducted the world over are now showing that once women get started in investing they actually can have better instincts for it than men.

According to Ruth Hayden, author of How to Turn Your Life Around: The Money Book For Women, many of the more appealing ‘female’ characteristics, such as patience, tenacity, and pragmatism give women an advantage over men once they start investing.

She writes, “Women have an intuitive sense. They are practical and understand that things work in stages and are therefore comfortable with volatility. And once they’re in the market, they’ll stay put.”

Although it is much harder to convince women to start investing than men, once they invest, they generally keep their money in for the long haul.

Since most financial planners preach that investors who stay in markets for the long-term generally have the most benefit because they ride out the peaks and valleys, a woman’s patience can serve her very well.

Where women are weaker, generally, than men is in making quick, short-term turnaround cash. Female brokers enjoy trading as a way of life but the average woman does not find this kind of playing the market as practical or appealing.

Merrill Lynch recently did a study of women’s investment patterns and the conclusion was that the majority of American women are “not doing what they need to for total financial independence and retirement.” Although no such similar survey has been done in Pakistan, it is a fact that fewer Pakistani women have a financial plan for the future than their American counterparts.

This Merrill Lynch survey found that in America, 48 per cent of women versus 38 per cent of men do not feel knowledgeable when selecting between investment options.

Women hesitate to investment. While men jump in fast, women are scared to enter because of lack of experience and knowledge.

This made me think. Do women tend to be less daunted by financial planning if they attack the investment beast with a partner?

Professor Hersh Shefrin, the Mario L. Belotti Professor of Finance at Santa Clara University and author of Beyond Greed and Fear: Understanding Behavioural Finance and the Psychology of Investing, has found that when women invest they generally perform better than men. He states, “The average women’s investment club outperforms the average men’s investment club.”

This has led Hayden, in her book, to recommend women begin investing by doing so in a group. She suggests that women treat investing like men treat baseball: “an excuse to get together.”

So, instead of women meeting to place money in a committee, they meet monthly, pool their money together and invest that money together, in Shariah-compliant or conventional instruments, and reap the benefit together. Could that be the future of a committee here in Pakistan?

T. U. Dawood is Chief Executive of Dawood Capital Management Ltd.

managing money committees, investment, money, options, women