Earlier this week, we gathered together some of GoGirl’s favorite bloggers and friends at the fabulous Warren-Tricomi salon on Madison Avenue for an evening of beauty, networking, and financial health. Guests were treated to complimentary manicures and blowouts while mingling over refreshments (provided by Kelly White Burrows) in anticipation of a presentation by personal finance expert and author Manisha Thakor, whom co-hosted the event.
Mary Fischer from The Mommyologist having her hair styled
Linda Grant of NYC Single Mom and Kristan Serafino of Serafino Says
Jill Seiman of Glamamom and HighLine Media and Nicole Feliciano of Momtrends
The evening served as a reminder of not only how great it feels to be pampered, but also how important it is to take care of oneself in every respect. Because of course it’s sexy to feel beautiful; over the course of the event, it became clear that it’s sexy to be money savvy, too.
After we all allowed ourselves to indulge in the amazing services offered by the Warren-Tricomi salon, we indulged in Manisha’s crash course on what it takes to maintain our financial health. Her down-to-earth, funny, and honest presentation covered four important financial topics: Money and Relationships, Saving, Estate Planning and Insurance, and Self-Employment.
Money and Relationships
Manisha emphasized how important it is to “talk money with your honey.” So often we focus on political or religious compatibility in relationships, but we fail to consider the equally significant “money” issue. The reality is that it’s absolutely essential to be on the same financial page in a relationship. In fact, couples that fight about money once a week are 30% more likely to get divorced than couples that don’t.
Saving for the Future
Manisha told us that the most important piece of advice she gives to anyone is, “Start saving now!” Most of us begin thinking about saving for retirement when we’re in our 40s, but the reality is that the woman who starts saving for retirement at 25 will be rewarded with a significantly larger nest egg—just for getting a head start. This exponential growth is due to compound interest—a concept we covered in a previous post: “Demystifying Financial Planning“. Because women often outlive men, it’s particularly important for us to begin putting money away early.
And if you’re thinking of splurging on that new bag? Think about how much it will really cost you. Take your yearly income and divide it by 2000 (the number of hours an average American works a year). That’s how much money you make in an hour. Now think about how many hours you’ll need to work for that purchase. Is it really worth the time and energy you’ve spent working?
Estate Planning and Insurance
It’s tough to talk about estate planning—but it’s absolutely essential (and not so daunting, as our article on estate planning: “The Easy Breezy Guide to Estate Planning” explains). If you have children, it’s especially important to think about compiling these documents: a medical power of attorney, a will, life insurance, disability insurance, and umbrella liability insurance.
Manisha recommended a few basic, accessible tools for navigating the legal landscape of estate planning, including Quicken’s WillMaker program and LegalZoom.com. As for insurance, she offered as a general rule that you should have 5-10 times your annual income in life insurance—always more when young children are in the picture.
Self-Employment
For those who are self-employed, Manisha recommended “protecting yourself” by creating a boundary between you and your business. You can create an LLC through LegalZoom.com, and you absolutely must set up separate accounts for your business; you’ll be so happy you took this extra step, if you ever get audited.
Thank you to Manisha Thakor who co-hosted the event, and everyone who attended. A particularly big thank you to our sponsors: Warren-Tricomi Salon, Olay, ARTISTRY, Jewels by Joanne, and Physique 57, We can’t wait to host the next one!
Photos courtesy Rebecca Weiss Photography. For more photos of this event, please visit our Facebook page.
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Fabulous event! Thrilled to have been a part of it. GoGirl and Manisha are such incredible resources for women.
Glamamom recently posted..TRAVEL TIPS FOR THE WINTER SEASON
Loved this! Look at all those beautiful smart ladies!
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