"The most common way people give up their power is by thinking they don't have any." Alice Walker – Author, Activist
Women's Equality Day is celebrated in the United States on August 26 to commemorate the 1920 adoption of the Nineteenth Amendment (Amendment XIX) which prohibits government from denying the right to vote based on sex. It was first celebrated in 1973 and is proclaimed each year by the United States President.
I believe the quote above from proclaimed author, Pulitzer Prize Winner and Social Activist Alice Walker describes the kind of “power” women would not give up during their quest for equality. Since then, women have shown their prowess in every capacity known to mankind and have excelled in creating new heights of personal and professional achievement. Yes, we’ve come a long way since then but issues remain and we need to be vigilant.
After more than 30 years of being a CFP, I am still amazed to encounter the number of thoughtful, talented, sophisticated and successful women that have, in some way, relinquished an important part of their “power” by not taking ownership of their financial legacies. It’s something about money management that seem to disarm many of the most ardent advocates for self-preservation and individuality. Men seem as vulnerable as women to this power loss phenomenon, but societal norms often compel men to be more proactive. It’s a strange thing to witness, but true.
In general terms, the mistake many people make is believing that achieving high salaries and accumulating money is the same as sustaining wealth. That could not be farther from the truth. In fact, the more you earn, the more you are likely to “burn”. And like a warm fireplace, if not managed... the heat becomes a blaze and before long, the house is on fire. By the time you call the Fire Department, the damage is done. There will be some pain and rebuilding to do. Are we prepared for that? Many are not.
During the month of August, in recognition of Women’s Equality Day on August 26, we will post financial articles and links to information that support the knowledge and power all women should have to control their financial legacy. We welcome feedback and hope you will share the “power” with others!
Eric D. Bailey CFP®
Eric Bailey is a registered representative of Lincoln Financial Advisors.
Securities and advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (Member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Bailey Wealth Advisors is not an affiliate of Lincoln Financial Advisors. Lincoln Financial Advisors does not provide legal or tax advice. CRN-2186248-072018