OK ladies and gents, how many of you read the story circulated around the world about the median wealth of Black women? In case you missed it in short it stated that White women in the prime working years of ages 36-49 have a median wealth of $42,600 (still only 61 percent of their White male counterparts), the median wealth for Black women is only $5.
Once they get past their childbearing/rearing years, single Black women do better. Their net worth rises to nearly $60,000 for the 50-65 group. But single White women show a greater increase in net worth across the two age groups, of nearly $70,000.
I’m sure the $5 part is what grabbed our attention. The report drew me back to a book that I received recently “A Purse of Your Own: An Easy Guide to Financial Security” (Fireside Books/Simon & Schuster Trade Paperback $15) by Deborah Owens. I loved the title and the fact that the author and I shared the same first name. The press release started off like this “You’ve seen her, know her, and might even be her. The women with the “counterfeit purse.” That’s the term for the symbolic bag that some of us may carry. Those who might dress fashionably and drive a nice car but have nothing of real value. How about that ladies? The book offers respite to women who are tired of “renting” a wealthy lifestyle with credit cards and are ready to utilize their unique strengths to build wealth a la Oprah and J.K. Rowling. That’s what I’m talking about, real cash money, no whammies. The book is a straight forward and easy to understand financial guide where women will learn to increase their PQ or Purse Quotient and learn the principles to becoming financially fit in any economy. Owens is the wealth coach on “My Generation” TV which airs nationally on PBS and she is the money columnist for New York Times best selling author Bishop T.D. Jakes’ website at www.tdjakes.com. “A Purse of Your Own” will show you:
How to clean out your purse and create a purse-onal financial statement.
How to shift your mindset from earning income to building wealth.
Why “bonds are the new sexy” and how they complement your portfolio.
How to detox your finances by adding liquidity.
How to turn your shopping sprees into investment research.
How to increase your (PQ) Purse-tonality Quotient by acquiring a wealth appetite.
How to form a Purse Group for accountability and support.
How to pass on your investment knowledge to your daughter.
Black Voices.com money coach Lynette Khalfani-Cox says, “if you’re one of those Black women (single or married) who is broke, keep your head up. Be inspired by positive examples you see and be encouraged by those around you who are getting ahead. Don’t hate on others who are prosperous. Learn what they do well, and emulate it. Also, maintain an upbeat spirit and outlook, even through the tough times.”
(E-mail the columnist at firstname.lastname@example.org.)