Issue link: https://digital.copcomm.com/i/426101
you bring together the sacred and your personal defi nition of faith into fi nances, it makes your life journey so much deeper, richer and more meaningful." ere are three "prongs" in the creation of fi nancial success, she explains: outer work, inner work and higher work. e outer work involves learning about such things as stocks and bonds, opening an IRA and negotiating the right salary. " e inner work is about refocusing the attitudes about yourself and money that keep you stuck in a rut," she says. " e higher work is about putting what extra money you have toward causes, charities and people you're passionate about. I would like to [see a world where] people make too much and give away what they don't need." In other words, if we fi rst learn how to earn and save more wisely, we can acquire a surplus. In turn, we not only have the freedom to aff ord to do things we enjoy, but also to donate to causes and people we believe in, and help to bring about change. Stanny quotes Mother Teresa to drive her point home: "It takes a checkbook to change the world." We Still Have a Long Way to Go, Baby Shockingly by today's standards, prior to the 1970s women were fi nancially dependent on the men around them to co-sign for credit cards and loans, even if they had a college degree and a steady paycheck. It was only 40 years ago that the Equal Credit Opportunity Act of 1974 fi nally allowed women to apply for credit without a man's co-signature. ough we've come a long way, we still have a long way to go, evidenced by the results from a 2012 study by the Financial Industry Regulatory Authority that women still pay a half-point higher interest rate than men. "Even if some women are not looking for security through a relationship with a man, they still have the belief that a certain something, be it a job or an inheritance, for example, will come along," says Stanny. "Money is a very easy thing to ignore until you don't have it anymore. Research shows that it takes a crisis, such as losing a job or a spouse, or being on the brink of retirement for women to get really serious about money." Whether it is losing weight or making more money, Stanny insists change can only come from a willingness to move outside your comfort zone. e number one requirement is to be willing to do what you think you cannot do. e New Plan A Stanny suggests gradual steps to make the process less overwhelming. She also guarantees that if you set time aside everyday to do these steps every day for four months, you will be amazed at the diff erences: 1. READ SOMETHING ABOUT MONEY EVERY DAY, EVEN JUST THE HEADLINES FOR THE NEWSPAPER'S BUSINESS SECTION. "When you stand in line at the supermarket, read Money magazine instead of People," Stanny implores. "Even if it is before you go to bed every night, read one paragraph of a business non-fi ction book, or a few sentences in a book on negotiation. Becoming smarter about money is a matter of familiarizing yourself with the current trends and jargon— everything that scares us—and making it no more diffi cult than reading a cereal box." 2. HAVE A CONVERSATION ABOUT MONEY WITH SOMEBODY WHO KNOWS MORE ABOUT MONEY AND FINANCE THAN YOU. "While we moan and grown about our situations, we don't talk openly about money," Stanny points out. "One brilliant thing many women are doing now to remedy this is forming study groups and money-themed book clubs. Talk to others, whether it is a buddy or a larger organized group. Ask successful people what they did to acquire their wealth and learn about the fi nancial world, and what advice they have for you." 3. EVERY MONTH, SAVE MONEY. ALWAYS SET SOMETHING ASIDE FROM WHATEVER YOU TAKE IN TO SAVE MONEY AUTOMATICALLY. "One way is to have money automatically transferred from your paycheck or your checking account into your savings account," she advises. "You need to build an emergency fund because what frequently sends people into debt is when they have unexpected emergencies and don't have the money to cover it. As you build up this fund, seek out people to advise you on investing. Take your 401K or other retirement account more seriously, small amounts for this every month as well." ough Stanny acknowledges that some women prefer a simple way of life, she hopes to push us all toward fi nancial stability. No matter the woman's lifestyle, she argues, once she has enough money, she has the tool to carve out a meaningful and gratifying life. december/january 2014-'15 21