A man is not a plan: our special report shows why it pays for black women to master their finances - Women & Their Finances - Brief Article

Black Enterprise, Oct, 2003

IF YOU GO TO WIFE.ORG, THE WEBSITE FOR THE WOMEN'S INSTITUTE FOR Financial Education, you'll find a bevy of financial advice and an opportunity to get a free bumper sticker with the slogan: "A man is not a plan." Some may think it's feminist jingoism. However, the maxim means much more. It's a clarion call for women to develop a solid plan to secure their financial future and not to leave that responsibility to their husbands or significant others. Whether you're married, single, or divorced, the responsibility for your financial life rests with you.

Look no further than the starts to confirm the Website's edict. According to WIFE.org, women live longer than their male counterparts (those who reached 65 in 2000 are expected to live another 19.2 years versus 15.8 years for men), and on average, women spend 11.5 ears out of the workforce during their lifetime, which accounts for a huge loss of income and retirement savings. And situation is even more challenging for African American women. A Heinz Foundation study showed that half of all minority women had no money saved for retirement, with most hampered by inadequate income levels, lack of access to financial experts, and fear of losing money due to an inability to properly manage their resources.

Of course, not all black women face such dire circumstances. In fact, a good number are sophisticated investors. But most--especially in these uncertain times--need to fortify their portfolios as well as map out a long-term strategy. That's why our editors developed this comprehensive package--to show you how to save, spend, and invest your money for maximum advantage. Because every woman's situation is not the same, we provide specific, step-by-step advice to women who manage the following households:

* Single * Single parent * Married With Children * Divorced * Widowed * Retired

Read the following 12 pages to find out how you can map your individual path to financial freedom.