A Luxury Once Sampled becomes a Necessity – More Financial Savvy

Free Food for Millionaires – see the WSJ article

Free Food for Millionaires is a  book about an Asian American working class girl who gets herself into Princeton, graduates and finds herself caught up in a lifestyle she can’t afford in Manhattan.  No matter that a Princeton grad should be able to find a good job, it seems that Casey can’t afford to live within her means.  Part of the problem is her associates, free spending investment banking types with trust funds to boot.  Simple, she should get new friends…

 

The book is interesting because it highlights the dilemma many of our daughters have.  They’re well educated, achievement oriented.  But the cost of living is so high, and so many entry level jobs fail to pay what seems to be a livable wage.  In some cases, encouraging our daughters to go for a higher paying career – banker, lawyer, doctor, may seem to be the case.   But even then, for some many girls with expensive tastes and student loan debt, there seems to be a disconnect between what they could afford when supplemented by the Bank of Parents and what they can really afford when they are on there own.

 

Far better to equip girls with the skills for economic defense and the attitude that life is a happy marathon and not a frenetic sprint, and that luxuries are luxuries – pleasures meant to be enjoyed occasionally as opposed to always.

See GirlMogul.com for more encouragement for raising successful girls.  Girl Power Apparel and Accessories.

Ways to Make Your Daughters Financially Savvy

Everyone wants to know how to be financially savvy.  Many of us especially want to teach our daughters important lessons about money.  Whether it’s so they don’t repeat our own mistakes, or that they reap the valuable benefit of our wisdom, we want to make sure our daughter’s understand the value of money – if only to dispel the notion of the shopaholic girl, or the girl who expects prince charming to come and pay for everything.  We all know how unrealistic  a goal that can be.  Better to teach our girls to be self-reliant from the get go.  Teaching them handle their money – to indeed love it and respect it is one of the foundations of girlpower self-reliance.

So without further ado – a series of posts about raising Money Chicks – Financially savvy girls.

1. Delayed gratification

So why does the first one have to be the hardest?  Because it’s the foundation of all the rest.  Teaching girls about money means teaching them that they can’t have everything all at once.  It’s something grown ups should practice as well. 

Teach them that spending money now means less for saving. And that spending money on the little things now means less for the bigger things.  Enjoy magazines?  Well the average cover price of a magazine at the checkout line is over $3.00.  Seems like a small bit of cash when you’re buying a week’s worth of groceries. 

Making your girls pay for it themselves might break them of the habit.  Suggest they take it out of the library instead.  It’s free thay way, and they have saved $3.00.  Or, if you’re feeling generous, make them a deal.  Tell them can buy the magazine, or if they wait and get it from the library, you’ll give them half of the cover price as an incentive to save money. 

Of course they might start to develop an interest in magazines of all subjects (More, anyone) but at least they’ll be reading.

Check out GirlMogul’s Girl Power Apparel– Encouraging successful girls