Authors of Financial Books for Women
Eileen Michaels
Author of When Are You Entitled to New Underwear and Other Major Financial Decisions
- What led you to write this book?
I wrote my book as a way to reach out to women and communicate about money in a story format that would be accessible and language that was familiar. I believe that “story” allows us to identify and absorb the lessons that are being taught in a non-threatening and engrossing style;after all it was the way that our female ancestors passed information over the generations. This is not a book about investments but about our relationship to money. After all, money is our most intimate partner.
- What do you feel to be the biggest challenge facing women today when handling their finances?
The biggest challenge facing women today about money and finance is time. Our lives are complex and we are called upon to juggle our roles and manage our time with precision. The language of money and the art of investing can be learned and we are all capable of becoming articulate; the challenge for us to to create the time to learn,grow and support each other.
- How has the atmosphere changed for women investors in the last 10 years?
In the last 10 years the atmosphere has changed dramatically for women and investing but it has also changed exponentially for everyone. Ten years ago technology was in a very different state, there was no access to the Internet, few people had an interest in watching CNN or CNBC. It is really since the late eighties, the growth of the mutual fund industry, and technology that money and investing became a subject of conversation for the lay person. Up until then the management of money and investing was pretty much considered to be part of the man’s world, bankers and brokers, and pinstripe suits. The Beards town Ladies published their first book in 1996.
- How will the atmosphere change for women investors in the next 10 years?
The next 10 years? What an extraordinary opportunity. The financial world has been evaluating and acknowledging the power and ability of women as investors and financial decision makers and have determined that we an important and critical force to be dealt with. Technology enhances our ability to access information, transact business and create community. We have designed and implemented programs and seen them work. The growth that we should be able to experience for ourselves in the world of finance will surpass anything that we have known before.
- Where did you start your career and how did it lead you to where you are today?
Where did I start my career…I graduated from Nursing School on 1966 and had a career as a Registered Nurse for 10 years. After going through a divorce and becoming the sole support for myself and two young sons I changed careers. It wasn’t feasible to support the three of us on $125 a week even back then. I moved from being a health caregiver to a financial caregiver. Although I went back to school and learned the language of money and the concepts of finance, the art of what I do today is not so different from when I was a nurse. People’s lives are at stake. You never offer a prescription without a thorough understanding of the concern or problem. No two people are the same. You have to read all the labels. Be careful about mixing prescriptions. Monitor carefully and take nothing for granted. Bed side manners count.
- How much money do you need to start investing?
Everyone can save and invest something. Don’t wait until there is enough. Enough is a concept. Because of all programs offered by various mutual fund companies a woman can start with as little as even $25 a month. What is important is to begin. Nothing makes someone want to do more than the feeling of being successful and committing to a plan and following through helps promote that sense of success.
- How should a woman get started investing with no investment experience?
The best way to start with no investing experience is to begin with a simple plan. Seek the advice of a professional if you feel you need coaching, commit to educating yourself with basic knowledge so that the language of money becomes “user friendly.” Be willing to ask questions. Take some courses, read, and embrace the fact that learning about investing and money is a process. Be willing to make mistakes. This is an ongoing journey.
- If a woman has debt, at what point should she become an investor?
If a woman has debt when can she begin to invest? The issue is what kind of debt. Surely, owning a mortgage is debt but should not stop someone from investing. That is very different from credit card debt. Credit card debt that is revolving can erode the ability to save and build wealth. Creating a responsible plan should be discussed with a financial adviser or accountant to determine what plan of action most supports long term planning goals.
- Have you published any other books before this one? If so, what are they?
My plans for the future….I am currently completing my second book that focuses on the meaning of money in our lives, and how it serves as a second language in communicating with others. It permeates each relationship and speaks volumes about us, how we hand power, use money in love relationships, parent-child relationships, friendships and as a ruler for how we experience ourselves. In conjunction, with the book and my work with Ms Money I am planning a new series of women and money workshops beginning in 2000 that will be held both on the East and West coast.
- What are your future book writing plans?