Join getAbstract to access the summary!

Get in the Game

Join getAbstract to access the summary!

Get in the Game

The Girls' Guide to Money and Investing

Bloomberg Press,

15 min read
10 take-aways
Text available

What's inside?

Half of women older than 65 outlive their husbands by 15 years. Ladies: Get in the game.

Editorial Rating

7

Qualities

  • Applicable

Recommendation

Vanessa Summers boosts girl power to a whole new level as she helps young women (that’s better) build secure financial futures. A former model who worked in Hong Kong as a securities broker and then founded a nonprofit organization to educate women about their finances, Summers offers the benefit of diverse experience. She writes with a friendly, simple elegance designed to take the intimidation out of personal financial management in hopes of enabling young women to take control of their finances, invest and achieve their goals. getAbstract appreciates the open-minded enthusiasm that Summers brings to her task and recommends her guidebook to anyone who is ready to control her (or even his) own financial destiny.

Summary

Gender Finance

The financial "what ifs" that women face can be staggering. While many women still assume that a man ultimately will help them achieve financial security, women live an average of seven years longer than men. Half of women older than 65 will live 15 years longer than their husbands. Older women have a more complex financial picture because they get lower Social Security benefits than men (although counting on Social Security at all assumes that the money being paid into the system will be returned in benefits years from now). Women’s benefits are lower because women still typically earn 72-cents for every dollar men earn.

Women are also less likely to be employed than men. When you combine these statistics with the staggering divorce rate, which is now more than 50%, you can see clearly why each woman needs to take responsibility for her own financial well being.

The Latte Factor

If you feel you can’t afford to save any money, take the latte factor test. Ask yourself how much you spend every day on coffee. Maybe $2.50? If you save that money instead and invest it, you will have more than $50 a month to invest. Over time, that could amount...

About the Author

Vanessa Summers  is a registered investment advisor in California. She is a former model who became a stockbroker at age 23 and went on to become head of sales at a women’s equity fund. Summers conducts seminars to help young women gain control of their financial lives. She is also founder of the nonprofit Sutra Foundation, which works to enlighten women through the vehicle of financial education.

Comment on this summary