6 Ways to Combat 'Bag Lady Syndrome'

Liz Revenko / Jun 7, 2018 / Retirement Planning / Saving, Budgeting and Debt Management / Women's Issues / Life Balance / Financial Planning

Women worry more than men about their financial security, according to an annual nationwide survey by the American Psychological Association and Harris. Nearly a third of women polled say they worry about finances all or most of the time, and nearly half reported stress in struggling to pay for basics. In addition, in a 2013 study by Allianz, almost half of women reported that they “sometimes” or “often” fear losing all their money and becoming homeless.

Extreme anxiety over finances is common enough among women that it has been dubbed “bag lady syndrome.” What is bag lady syndrome? This definition represents the fear of running out of money, losing your home and ending up destitute and alone, save for some plastic shopping bags stuffed with whatever you can carry.

This anxiety can erode a woman’s mental and physical well-being, place strain on her relationships, affect her career and even create the very situation she fears, no matter how money-savvy she really is. It can make a woman feel alone.

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Moving In Together - Financial Advice Starts with Money Talk

Sabrina Lowell / Jun 27, 2017 / Women's Issues / Financial Planning

You’ve learned a lot about each other in the time you’ve been dating, and you agree you’re ready to take your relationship to the next level.

You don’t feel ready for marriage or formal partnership yet, however, so you decide to live together. Combining households, whether you're married or not, means you’ll need to address financial questions like shared bills, housing costs and saving for the future.

You’ll need to learn to merge money-management styles, designate responsibilities and establish shared goals—all in close quarters and while keeping the love alive!

When it comes to moving in together - financial advice starts with money talk. Here are four elements to consider.

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Time to negotiate salary? 6 smart tips for women asking for a raise

Sabrina Lowell / Jan 31, 2017 / Women's Issues / Financial Planning

If you want to build wealth, the two main things you can control are your income and the amount of it that you spend. You might be making smart spending decisions, but you should also take steps to increase your pay.

This is especially true for women, who tend to earn less than their male counterparts. Because of this, women may have less money to put aside for retirement.

While some research suggests that women experience more negative consequences for negotiating their salaries than men do, asking for a raise usually works. In a 2014 survey of more than 31,000 employees, PayScale.com found that 75% of people who asked for a raise got at least a small increase, even if it wasn’t the amount they requested. Many people who were denied the first time they attempted to negotiate salary learned ways to increase the effectiveness of their ask, simply by virtue of making the attempt and bringing the issue to the forefront.

If you're looking for tips for women asking for a raise, here are a few that can help.

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Effective Financial Planning Tips and More: The Q4 2016 Newsletter

Mosaic / Dec 1, 2016 / Mosaic News / Retirement Planning / Investments / Saving, Budgeting and Debt Management / Women's Issues / Financial Planning
What Financial Planning Tips are inside:
  • Discover why long-term exposure to emerging market countries makes good sense; 
  • Learn actionable ways women can close the retirement gender gap, including estimating retirement income needs and investigating long-term care insurance;
  • Find out how to save and pay for college without accruing overwhelming debt;
  • Learn about recommended best practices for handling identity theft;
  • Get acquainted with new Financial Planner George Galat V and his why
  • Read about the advisors: their speeches given, conferences attended, and books read, with takeaways from each.

To read the new issue of Effective Financial Strategies, please click here

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Women's Circle Roundup: Savvy Gifting Strategies

Liz Revenko / Nov 29, 2016 / Estate Planning / Women's Events / Women's Issues

Another successful Women’s Circle rounded out our financial understanding. Over lunch, we discussed savvy ways of gifting to charity, clarified the gift tax, and outlined ways to give to friends and family before discussing the more personal aspects related to both giving and receiving. This roundup is chock full of strategic tips from the Circle.

As we ramped up to the holidays, it was especially meaningful to hear how women of a wide range of ages and backgrounds felt about giving and receiving with grace, enabling each of us to learn what we needed from one another’s challenges and successes.

 

Helpful takeaways

Here are the smart giving tips that we talked about in the educational component of the Circle. Go ahead and share them.  Think of each tip like a holiday sweater: if one doesn’t fit you, give it to a friend who can rock the snowflake turtleneck look!

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Deciding What to Do With the Family Home After Divorce

Mary Ballin / Nov 15, 2016 / Women's Issues / Life Balance / Financial Planning

The family house is where you create and store memories. Family gathers for the holidays, babies come home from the hospital, children and pets rampage through the backyard and much more. It is the place that we retreat to when we are tired or sick. It is home.

But when a couple decides to divorce, they must figure out what to do with the house. You must weigh the pros and cons before making a decision that could be financially harmful to you down the road.

Here are key financial issues you must consider when deciding what to do with the house:

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Better Balance in all your Personal Financial Partnerships

Liz Revenko / Nov 8, 2016 / Women's Issues / Life Balance / Financial Planning

When you hear the phrase “financial partnership,” you might instantly think of the relationship you have with your banker, investment advisor, or business associate. But what about your romantic partner, kids, parents, and friends? Finances can and do impact these other relationships in your life, arguably in deeper and more important ways.


How do we balance financial partnerships?

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Newsletter: 3rd Quarter, 2016

Mosaic / Sep 22, 2016 / Mosaic News / Retirement Planning / Investments / Saving, Budgeting and Debt Management / Women's Issues / Financial Planning
What's inside
  • Discover which portfolio protection strategies will serve you well over the long haul, and which strategies won't; 
  • Delve into cross-border planning issues so you'll be prepared to move money internationally;
  • Learn how talking about money with trusted friends changed Sheila Schroeder's relationship with her finances, and get started on money talks of your own;
  • Find out about Women's Circles, Mosaic's guided conversation groups for women;
  • For those starting their first jobs, get help understanding your benefits in our "Ask a Planner" segment; 
  • Get introduced to our newest team member, Shelby Stahr, and
  • Read about the speeches given, conferences attended, and books read, with takeaways from each.

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Newsletter: 2nd Quarter, 2016

Mosaic / Jun 23, 2016 / Retirement Planning / Investments / Saving, Budgeting and Debt Management / Women's Issues / Financial Planning
What's inside
  • Creating a Diversified Portfolio
  • 15 Minutes a Month to Maintain Financial Health
  • Why Not Try Your Hand at Magic?
  • Upcoming Mosaic Women's Circles
  • Ask an Advisor: What are some important items to consider after a divorce?
  • Spotlight on Sabrina Lowell
  • Around The Office

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Mosaic Women’s Circle - San Francisco, June 9, 2016

Liz Revenko / May 31, 2016 / Women's Events / Women's Issues

You are invited to our upcoming Womens Circle in San Francisco.

 

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How Couples Can Master Financial Balance

Sabrina Lowell / May 23, 2016 / Retirement Planning / Saving, Budgeting and Debt Management / Women's Issues / Financial Planning

“No marriage is 50/50 all the time. Sometimes it’s 70/30, 80/20 or even 90/10.” Plenty of us have heard some version of this relationship adage. The part often left unspoken is that hopefully you won’t always be the party putting in more.

It’s true that a marriage requires give and take, but it’s vital to a family’s overall well-being for both partners to find an equitable way to share responsibilities, especially when it comes to managing money.

So what does an equitable balance look like, and how do you get there?

 


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Women: How to keep divorce from ruining your financial future

Mary Ballin / Mar 29, 2016 / Women's Issues / Life Balance / Financial Planning

Divorce is usually traumatic for everyone involved — well, except the divorce attorneys — but ample research shows that in many ways it’s harder on women.

Women who divorced at least once in their life were 24% more likely to have a heart attack than women who stayed married, according to a 2015 study by Duke University researchers, and divorcing more than once pushed the risk to 77%. Even after remarriage, women’s risks remained higher. Conversely, men’s risks increased only after two divorces, and remarrying wiped away the higher heart attack potential.

Within a year of divorcing, more women than men live in poverty and receive public assistance. They earn less money and are less likely to be able to afford to live independently, according to 2009 U.S. Census Bureau data. Divorce can hurt not just a woman’s income but her credit standing and retirement savings as well.

It’s important that women understand how these issues are likely to affect them, so they can prepare themselves as they transition into the next chapter of their lives.

 

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Newsletter: 1st Quarter 2016

Mosaic / Mar 18, 2016 / Risk Management / Investments / Women's Issues / Insurance / Financial Planning
What's inside
  • Do Alternatives Help a Portfolio?
  • Umbrella Insurance Protects You From Financial Catastrophe
  • Equity Crowdfunding: Cool Concept, But Should You Invest?
  • Five Things You Should Expect From Your Advisor
  • Mosaic Women's Circles
  • Spotlight on Kyle Morgan
  • Around The Office

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Female Caregivers: Care for yourselves, too

Mary Ballin / Feb 11, 2016 / Women's Issues / Life Balance

It’s not just a stereotype or tradition that casts women in the role of caregivers — it’s life. Women provide the bulk of care needed for children, spouses, relatives in ill health, and aging parents. About 60% of the 43.5 million American adults who provided unpaid care in 2015 were women, according to a study by the National Alliance for Caregiving and AARP. Yet, too often the women who are so adept at caring for others fall short of adequately caring for themselves.

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Breadwinning women are finding ways to have it all

Sabrina Lowell / Feb 4, 2016 / Women's Issues / Life Balance / Financial Planning

Women are gaining ground in America’s workforce. The wage gap between the sexes has narrowed; women now account for nearly half the nation’s workforce; and in many couples, women are the primary breadwinners. But progress often comes with complications: Many women report dissatisfaction at home even as they make strides in their professional lives.

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