on how to use their intuition to make better business decisions. “We are all looking for a deeper knowledge base, and that means looking within.”

Setting the Stage

The shift comes at a time when, ac- cording to national statistics, women are facing unprecedented financial responsibility. According to U.S. Bu- reau of Labor Statistics, January 2010 marked the first time in U. S. history that women comprised more than half (50.3 percent) of the workforce. Fifty-seven percent of all current col- lege students are women, according to the American Council on Educa- tion. Thirty-eight percent of all work- ing wives earn as much or more than their husbands, as of the 2009 Shriver Report. Nearly 16 percent of wives are the sole family breadwinners. Mean- while, women continue to do the bulk of the housework (97 minutes per day for married women, versus 29 minutes per day for married men, according to a 2009 study by Vanderbilt University). Despite these employment trends,

women still make roughly 80 percent of what men do for the same work. Complicating the situation, when it comes to making financial decisions, many females still tend to be fearful, naïve and disempowered, according to financial health guru Suze Orman. “Women have been thrust into an

entirely new relationship with money that is profoundly different than anything we have ever encountered before… Yet when it comes to navigating the finan- cial ramifications of this new world, they are using old maps that don’t get them where they want to go,” writes Orman,

inWomen and Money: Owning the Power to Control Your Destiny.

Orman notes that only 12 percent of women feel confident about retire- ment and many continue to either leave their financial decisions in the hands of a male or ignore them altogether. This may be due to feeling embarrassed about their lack of knowledge, or a sheer lack of time.

New female graduates are facing a brutal job market; many laid-off women find themselves in a mid-career job

Tips for Choosing a Financial Advisor

n Look for a licensed certified finan- cial planner, who must abide by a code of ethics, take a difficult test that covers everything from taxes to invest- ments to estate planning, and keep up with continuing education credits.

n Look for a fee-only advisor, not one paid a commission to sell you a certain investment product. They will work at an hourly rate, charge a percentage of the assets they are managing for you, or a combination of the two.

n Just because someone is a good self-marketer doesn’t mean they are a good money manager. Get three referrals from people whom you respect and who have done well financially during both up and down markets. Call all three of them.

n Ask how long the individual has been a financial advisor. You want

someone with at least several years of experience, but one whom you can also grow with. You do not want someone who may retire just when you need him or her the most.

n Ask how they will incorporate your values and lifestyle to inform the advice they give you.

n Ask if they have ever been in- volved in any lawsuits. The answer should be a resounding, “No.”

n Choose someone you can under- stand. If he or she speaks in jargon and makes you feel intimidated, it is not a good fit.

Sources: Julie Murphy Casserly, certified financial planner; and

Women and Money: Owning the Power to Control Your Destiny

by Suze Orman

natural awakenings

May 2010

35

search and widows and divorceés are facing retirement with a smaller-than- expected nest egg. All these women want to know, “How can I confidently embrace my new role in the evolving economy in a way that leads to finan- cial independence?”

First Steps to Solvency

Understand the Underlying Emotions

Few heard in high school economics class that our relationship with money is intricately intertwined with emotion, comments Julie Murphy Casserly, a Chicago-based certified financial plan- ner. Some of us are spenders, whip- ping out the credit card at the mall to ease some inner pain. Some are givers, picking up the tab at group events in an effort to feed a need to be liked. Oth- ers—perhaps those who grew up in pov- erty—are hoarders, holding on so tightly to their money that they cease to enjoy it or make it grow via sound investments. Recognizing which type we are,

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