I have not really followed Sheryl Sandberg (Facebook COO) or her new book that was just released. Last week on Facebook I saw this quote and had to share it. Maybe I like it because I was a bossy little girl. Go Sheryl.
Then I found this letter to Sheryl Sandberg from Daily Worth founder, Amanda Steinberg, and I had to share as I agree with the letter. In it, she mentions a TIME magazine cover story, where Sandberg says of her husband: “He manages our money,” she says. “I have essentially no interest.” (page 5 of the TIME article). This comment is what Steinberg is reacting to in her letter.
Each and every woman should have a stake in and understanding of their personal finances. It does not mean that we always understand everything 100%, but we should try. I know too many women, that make a good living and would willingly turn over their hard-earned income to the man in their life, because they do not understand how to manage their finances. Please stop.
I know that it might be the easy way out, but you are not doing yourself any service by giving your money over to the man in your life. You are giving away your power. I would be the first to say that I do not always understand each and every part of our finances or retirement accounts. There are often little details that confuse the crap out of me, but the key is that I try to make sense of it. I want to know. I do not give up my power to my husband. We share the responsibility of our finances and make each and every decision together.
So in light of Sheryl Sandberg, and her great success as a woman, I encourage all women out there regardless of income level to care about their finances. It does not mean that you have to manage your finances day-to-day, just care about understanding them. You might pay someone to manage your finances, your husband might handle them, but set up a time each week or month to review your finances with whoever is handling them. Make a point to understand how much you are spending, and how you are saving. If you do not, to me it is like having someone take care of your children, yet you do not know their style. Which means you do not really know what is happening, right? I agree with Steinberg, all women should feel confident managing their money so that they are able to live life on their own terms.
What do you think?