On the 10th anniversary of her first book Prince Charming Isn't Coming: How Women Get Smart About Money
, best-selling author Barbara Stanny talks to Jean about helping women become financially secure.
Barbara says she wasn't always smart about her money. In fact, at age 46, Barbara says she lost all her money after her then-husband used their savings in a series of bad business deals…and then skipped the country. "Research shows that women do not get really serious about managing money until they hit a crisis—until they lose a job or lose a husband or [are] on the very brink of retirement," she says.
Barbara says her father, who is the "R" in H&R Block, did not bail her out of her financial mess. Instead, she took matters into her own hands. "It is really a lot simpler than you think. It doesn't take a lot of time to get smart and doesn't take a lot of money to create wealth," Barbara says. There are three steps Barbara says women should follow to become better with their money:
- Learn something new about money every day.
- Have a conversation about money every week.
- Automatically save money every month.
Joining a Money Group and collaborating with other women who want to be profit-oriented is something Barbara says every woman should do. "When you get women in groups and you talk about money, something happens that is almost magic," Barbara says. Once woman understand money and start building wealth, she says making money no longer seems like an intimidating goal.
"Taking charge of your money—you can help yourself," Barbara says. "It is an act of love. It is an act of self-love, it is an act of love for people you care about. You can make their lives better, you can give to causes you are passionate about."