You're watching...
Lynette Khalfani-Cox on how having the right financial attitude can make women more in control of their finances
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
-- Friday and we are talking about females this Friday.
And how to get women.
In business I know no -- hair above funky freebie women I don't know necessarily bad patient accumulation I don't know what we're going on never get a -- assuming the -- NN health funny -- the money -- and joining us -- website is in the money notes dot net annuity author of perfect credit seven steps to great credit rating thanks for -- with the -- look at how many I was -- I should mention is all about me.
In my notes dot com that is my personal site ask -- -- it goes dot com is my site for.
The public let me ask me their questions and get free responses.
And aliases that idea at OK yeah -- asked the money goes dot com okay so sorry -- -- I think we and we didn't get them thought we should note that.
Ocalan and -- you are telling me in the break -- that.
More than half of women right now are the breadwinners.
In the sampling that's really you know little shocking if it.
Such a little shocking but I think you know we've got some really good -- Recently to to tell us about this Prudential Financial.
Just came out with a biennial study they do this every two years to attract women in their financial behaviors that kind of what's going on within they've been doing it since.
The year 2000 for this 2012.
Study what they found is that.
53%.
Of US women are now the primary.
Breadwinners in their household so.
Settlement -- angle of course so of course they're the primary bread without it but even among married women a lot of them are out earning.
Their spouses or women who are coupled and living with a partner -- -- Are -- earning their partners as well so.
I think she -- business same kind of took some male dominated jobs like construction.
Store down and -- even on Wall Street some investment banking jobs of course the Borland and obviously had seen a lot of job losses and yes it's definitely the case that.
You know if you think about a man in the households either lost his income lost his job completely or maybe he actually got a new job.
Replaced his old job but not at the same salary that he'd been earning -- -- -- the -- for his partner might be out earning him so I'm sure the recession.
Had a big role played a big role in this but when that you also mentioned in the study shows that women aren't as confident as men so what advice would you give -- and went on the noise out there.
To get started get things going a little bit sore I think -- two key things are educate yourself and get help.
You know there's no shame in asking for help if you feel like you know what I couldn't really tell -- stock from -- from a mutual fund I don't know about annuities or whatever.
And in the study a lot of women say just that they be.
That's up I mean they said you know nobody really taught me about the stuff I don't know about it right so you can educate yourself you can read books you can take courses you can go to seminars that but I'm not okay not to know it.
So some -- that -- and also get help let me read a financial planner a financial advisor.
You know give a teen together who can help to education who are working -- -- to get help they are you know part of the study -- Big difference is an ethnic groups so they actually looked at differences among white women African American women.
Latino women and Asian American women and -- they saw overall.
About thirty some -- percent 35% of women do have advisors -- and many more -- -- that they would be opened to an advisor.
Okay and did minute men were light and -- having until myself -- oil well I'll research it on my own that kind of thing yet but among all women African American women where actually the most likely to say.
Be willing to work with the financial advisor he's likely to have -- financial advisor current claim that I read likely that's correct Coke and an open to it and and ironically African Americans also.
Just across the board for women.
You know least likely to be married least likely to have the most amount of assets and income but the most optimistic.
The most positive about his future and saying you know I think things are gonna work out I'm gonna get this together.
So a lot of good attitude the right attitude definitely -- and -- the most likely to have the financial advisor.
Asian American women pay they had the highest level of assets they were the most likely to be invested in things like stocks bonds mutual funds iris.
I'm Hispanic women were the most likely where they're the least likely.
To say they enjoyed investing only about 18% of them and they were also the most likely to have children.
Which is a big factor for women in their finances you know why because across the board one of the things at this Prudential survey revealed is that.
One of our top priorities is caring for the family.
And making sure there were not a burden to our family members them so like African American women and Asian American women.
Where though most likely to have life insurance for example.
Just -- things got really is to say something should happen to us you know again -- have that protection in place for your kids a freer loved ones and I leave behind and it.
And the top three financial priorities among one and we just have a full screen and a shore up on India the household expenses eighth grade and then it is debts because we worry about that and you let you flashed up what was the third when I forgot what it was actually.
We got it about live here well -- not to outlive your savings retirement oriented that's right out.
The opposite in terms of four men they'll remember their top concern according to the study was external factors and the economy the number one worry for -- was.
How well as the US economy doing so it'll.
You know we talk about you know men -- Mars women from Venus that the Africa entirely less than it ever did an event Saturday women are probably a little bit more in tune with how much money they need because.
Historically and traditionally they've been in charge of the household finance that's an absolute and that holds true.
I -- -- credentials -- tracking this stuff since 2000 they've tracked that number.
Consistently and it's been on the up -- of over 90% of women.
Are involved in the household finances and are helping to control the family's finances so they're writing the checks like you -- -- the pay the bills doing the grocery shopping so perhaps it's no surprise that our number one concern is.
Household bills debt because we're kind of seeing a lot of what's getting on with the spending with the bills that are coming way that kind of.
And in my household like things done and efficient plane ticket and not done late so that.
That would get going hello yes I know -- my counsel -- my husband I -- the spreadsheet guru.
Likes to pay bills -- I do -- if you but he gets -- all and then you know everybody assumes that I don't know anybody -- -- -- -- I don't know if you know like you know actually thank you thank -- girl tell you -- idea I appreciated -- what are some of the -- that you can give women try to start a business out there so.
This is a great thing because one.
Highlight that was represented in the survey -- that no number of women who want to start a business.
As you normal business owner in my company the medical jealousy and an ask -- -- -- dot com that I mentioned and -- 450% of African American women say that they wanted to start a business so they were really high in terms of indexing took to start a business.
It's a phenomenal time a couple tips I would say.
Don't let a lack of capital or access the capital.
Prevent you from pursuing your dreams if you have entrepreneur -- ambitions you've got to be creative.
Maybe you've got a barter for products and services that you need maybe you need to rent or lease space to worry about buying a building or buying the whole bunch of equipment.
Certainly you want to have your brand very well represented.
You wanna have a great elevator pitch you wanna -- but explain to somebody in my.
Ten seconds or less.
What's your business is what you do.
What the product or service you offer isn't and then you wanna make sure that there's a great market for whatever it is -- -- offer to the public rights to become -- -- you know good.
I do is they -- be creative ideas they might be stuff.
Yeah they don't they like to do with GeMS it commercially viable again some of resources out there to social media yes -- it.
Will show the cracked what website the style they definitely see that come may go is that -- the quite asking when he goes back come when that I think you so much for coming on some good my Clinton and talk money as you have a great weekend and should be.
