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    Wealth Strategies for the Everyday Goddess
    Wealth Strategies for the Everyday Goddess
    Wealth Strategies for the Everyday Goddess
    Ebook187 pages1 hour

    Wealth Strategies for the Everyday Goddess

    By Reena Hunjan

    ()

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    About this ebook

    Every woman is a Goddess who deserves to feel financially secure.
    Wealth Strategies for the Everyday Goddess was written to inspire women to take control of their financial future by making informed, strategic decisions.
    Attaining financial literacy is integral to living a life where decisions are made from a place of abundance and want, rather than financial fear or insecurity.
    - You deserve to make financial decisions with a feeling of confidence.
    - Learning to manage your money doesn't have to be overwhelming.
    Wealth Strategies for the Everyday Goddess takes you on a journey filled with stories, illustrations and reasons why women ought to care about managing their money in the first place. Use this helpful guide as you embark upon the adventure of creating your personal wealth management strategy.

    LanguageEnglish
    PublisherTellwell Talent
    Release dateMay 22, 2019
    ISBN9780228801702
    Wealth Strategies for the Everyday Goddess
    Author

    Reena Hunjan

    REENA HUNJAN, CFA, is a wealth management consultant, research analyst and author. Her practice focuses on helping clients understand their finances and develop actionable strategies for achieving individual goals pertaining to wealth and sustainability.Prior to becoming an independent consultant, Reena spent nearly two decades in the financial services industry conducting research and analysis on behalf of major Canadian banks as well as prominent mutual fund companies. In 2018, she founded www.moneyforher.com, a financial literacy resource for Canadian women who want to take control of their finances. Reena earned her BA in Economics from McGill University and holds the Chartered Financial Analyst Designation from the CFA Institute.

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      Book preview

      Wealth Strategies for the Everyday Goddess - Reena Hunjan

      This book is dedicated to my parents.

      Thank you for believing in me always, and for referring to me as beta, or son, so that I was constantly reminded that gender is a social construct and does not define who we are or the extent of our capabilities.

      Wealth Strategies for the Everyday Goddess

      Copyright © 2019 by Reena Hunjan

      Edited by: Lisa MacDonald

      Illustrations: Kendra Pan, kendrapan.com

      Cover Design: John VanDuzer, wishart.net

      Tables and Figures: Kathleen McBride, cranberryink.com

      All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the author, except in the case of brief quotations embodied in critical reviews and certain other non-commercial uses permitted by copyright law.

      IMPORTANT:

      The opinions expressed herein are solely those of the author. To ensure the currency of the information presented, readers are strongly encouraged to solicit the assistance of appropriate professionals.

      Further, any examples presented are intended only as illustrations. The authors, publishers and their agents assume no responsibility for errors or omissions or for damages arising from the use of published information or opinions.

      Tellwell Talent

      www.tellwell.ca

      ISBN

      978-0-2288-0171-9 (Hardcover)

      978-0-2288-0170-2 (Paperback)

      978-0-2288-0172-6 (eBook)

      Table of Contents

      Foreword

      Introduction

      CHAPTER ONE

      Four great reasons why women ought to care about wealth

      CHAPTER TWO

      Myths that hinder our ability to create wealth

      CHAPTER THREE

      Credit card debt is not your friend

      CHAPTER FOUR

      Know how much you earn and don’t spend beyond it

      CHAPTER FIVE

      There is a difference between saving and investing and you need both

      CHAPTER SIX

      Registered accounts

      CHAPTER SEVEN

      Insurance

      CASE STUDY

      Abra takes control of her financial future

      Tools and Templates

      Glossary

      About the Author

      About the Illustrator

      Foreword

      WE LIVE IN AN ERA OF UNPRECEDENTED OPPORTUNITY FOR WOMEN. Gender equality is taking centre stage as more women take on leadership roles, female-driven movements continue to rise up, and the number of enlightened men grows. In fact, $12 trillion will be added to the global GDP by 2025 if women’s equality is advanced, according to a McKinsey Global Institute report. Such is the power of parity.

      Although we still have a ways to go before achieving pay equality and comparable access to opportunities, women are an economic force. We earn, spend, and influence purchasing decisions at a far greater rate than ever before. Women represent the world’s greatest emerging market.

      With this newfound economic and financial opportunity, comes an equal degree of responsibility. Despite our growing presence and importance in the global economy, many women are inadequately equipped to step-up to this responsibility. While we influence 80% of global buying decisions and account for $7 trillion in consumer and business spending in the US alone, we continue to be underrepresented in, and underserved by, the financial services industry.

      Simply put, women are not empowered with the knowledge and skills they need to ensure and secure their financial future.

      This important book demonstrates how our financial views are still shaped by societal expectations, traditional roles, and the media’s depiction of women. As a result, we have yet to take command of every dimension of our financial lives. For too long, women have unwittingly delegated that responsibility to the men in our lives or, in the case of young women, to parents.

      Why does this archaic mindset still exist? I believe it’s another manifestation of the imposter syndrome, or what I like to call the roommate in my mind who chatters incessantly, trying to convince every woman that her fears of not having enough, or not being enough, are real.

      Reena Hunjan has travelled far and wide to better understand the ways in which women fall prey to the biases and predispositions that do not serve us well. Her conversations with women from all parts of the world have uncovered the driving forces that result in far too many women falling short in financial literacy, confidence, and empowerment. Reena makes a compelling case for why it is important for women to better educate themselves and take control of their financial futures, highlighting many of the pitfalls along the way.

      Reena has eliminated the jargon and overwhelming details that often discourage women from fully engaging in all-things-financial. Instead, she provides pragmatic advice and a set of tools and templates that equip young women with the information and insights they need to navigate their way to economic security.

      With a humorous, approachable, and informative style, Reena has broken down the many complex elements of a financial portfolio to first principles. Whether you need information on debt, credit, savings, and insurance or you wish to be educated on investments and retirement planning, this essential guide is packed full of applicable advice and illuminating case studies that show how to put it all into practice.

      As someone who was forced to figure out much of this financial quagmire by myself, I wish I had owned a book like this one when I was starting my career. As a stepmother to three young women in their 20s and 30s, I can equip them with this essential reading and help remove some of the stress and anguish from their financial journey.

      Every woman finds herself among goddesses, but if there were one title to bestow on Reena herself, it would be the Goddess of Empowerment. Her work is a gift to every young woman hoping to secure her financial future.

      Anita Sands

      Business leader and advocate for the advancement of women

      April, 2018

      Introduction

      AS A YOUNG GIRL, I HAD MY LIFE MAPPED OUT. I WAS GOING TO BE married by the time I was 27, have two children by the time I was 35 and live with my Prince Charming forever after in suburban bliss. At no time did I consider how I would pay the bills.

      My dolls had pretty clothes and beautiful hair, but not one of them came with a calculator or cheque book. No one mentioned that one day I would be responsible for supporting myself, or that learning basic financial concepts could make the difference between a life of financial security and sleepless nights worrying about how I was going to pay the bills.

      Things didn’t quite turn out as my young self had planned. At 35, I found myself a single mother of none—and Prince Charming was nowhere to be found. And I wasn’t alone. Many of my female friends and colleagues were also living lives that turned out to be different than what they had imagined in childhood. And part of their new reality was the responsibility of earning and managing their money—neither Cinderella nor Snow White had seemed concerned with saving for retirement.

      As a financial services professional, researcher and woman, I have been intrigued by the differences in how women and men relate to money and build wealth. Specifically, I found myself asking why, as a group, women seemed to be financially disadvantaged compared to men—and what we could do to change that.

      I travelled the globe, meeting women from different cultures and economic circumstances, trying to understand the factors that had led to their wealth, or lack thereof. I met happily (and unhappily) married women who depended on their husbands for all or some of their financial security. I encountered single moms struggling to raise children while earning an income sufficient enough to support them, as well as female professionals who earned healthy salaries but felt overwhelmed by the labyrinth of financial services offered—feeling a lack of confidence in their financial choices.

      This is what I learned:

      • For most women, wealth is not about money. It’s about feeling secure in their ability to take care of their families and financial obligations, and having enough left over to indulge in the things that make them happy—travel, hobbies, dinners out, etc.

      • Many women simply lack knowledge of the basic financial concepts that would enable them to make confident financial choices. This is often due to a lack of opportunity to acquire this knowledge. Financial literacy is not taught in school, and becoming adept at managing their money was not part of the daily messaging surrounding them growing up.

      • Our choices around money are intimately tied to our background, experiences and beliefs about money and wealth.

      My hope for this book is to empower women to make financial decisions from a place of financial literacy and with a feeling of confidence. In its pages, I endeavour to convince you to care about your financial future, and present a simple explanation of topics that I believe every woman must understand. I will also provide you with a roadmap to help you on your journey towards feeling confident in your financial future.

      The hardest part about writing this book was this introduction—trying to explain why I had spent so much time and energy researching and writing about women and wealth, and why it was so important to me to share what I have learned so far. And after much consideration, I realized:

      • I sometimes want to scream and shout in frustration about the conflicting messaging and expectations that are thrown at women.

      • I hate knowing that women stay in unhealthy, even dangerous, relationships due to financial need.

      • It annoys me that smart, capable, professional women can earn substantial amounts of money throughout their career and be left with little at the end.

      • It hurts

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