Statistically Scary

Ghosts and Goblins. Werewolves and witches. These aren’t your only fears this Halloween nerdy girls. According to diversityinc.com, women continue to stack up on Chanel instead of class A shares despite rising gas prices and endless hair loss at Wall Street.

The survey results startle, and pose many questions that must be answered. Take this paragraph below and you’ll shake your head in disbelief.

“According to a new study by ING, as much as 68 percent of Black women say they
buy what they want in a good or bad economy. A staggering 41 percent say they
feel guilty about how much they spend on expensive brands.”

Disturbing right? Unfortunately it gets worse.

“Among the Black women surveyed, 66 percent say they own a retirement account,
compared to 79 percent of all other women; 28 percent say they own individual
stocks and bonds, compared with 52 percent of all other women; and 23 percent
say they own mutual funds, compared with 39 percent of all other women.”

Now you might say black women are a greater source of the startling figures, however the ‘other women’ aren’t doing exceptionally well either; none would qualify for honours. If all this wasn’t frightening enough, I realized while reading that I know women of all backgrounds (myself included) that result in the above. Many don’t own a retirement account or contribute to a mutual fund. They Renfrew instead of H&M, legitimizing their decisions with excuses only they can rationale. Justifying a $400.00 pair of boots with a warm-feet-takes-precedence-over-savings' mind-set serves as an unfortunate example.

But in this case if the sole (no pun intended) purpose of the purchase was to keep those feet from being tougher than ice, couldn’t the cheaper ones have worked? And what happens when the regular source of income suddenly vanishes (see the The "At-choo" Effect) and then what .. the fridge can’t be filled?

Clearly, no boots are edible so in shaky times like these it should be unanimous that finances trump fashion. Even Ms. Bradshaw would agree.

But how? How do you instantly change those habits when it’s been so long it’s become you? Be afraid no more as the nerdy girls will ensure you budget without looking budget during this ‘meltdown.’

For now, here are important tips to help you from being a member of scary statistics:

• Check your closet before you say you need this or that? (You’d be surprised to see what you have in there.)

• Deal with your issues without touching leather, cotton or any other required materials used in clothes et al.

Like any other ‘substitute’, it’s temporarily. Plus, buyer’s remorse can feel worse than what originally started it all. Especially if you can’t return it.

• Cut your coat according to your size.

If you don’t make more than a percent of Sarah Jessica’s salary, don’t Gucci or Vuitton, at least not the real ones. You’re most likely not their targeted salary market anyways.

It saddens me to think there are women who’d struggle trying to define what a mutual fund is. From the ashes of financial dependency should have risen greater levels of financial smarts amongst women yet it’s never too late.

So fear no more ..

.. and stay tuned for more in finance fun!