The Smart Women Finish Rich seminar, based on the best-selling book by David Brach, aimed to steer women at UM towards a path of living rich in America Wednesday. The seminar was hosted by Melissa Seifer and Heather Berry of Morgan Stanley and was held in Founder’s Hall.
“How are we supposed to be smart about money if we’re not taught?” Heather Berry asked the question which many women (and men) confront daily.
By touching on such issues as the stock market, 401K plans, IRAs, and taxes, the seminar helped women understand the tools they need to make it big in business.
According to Seifer and Berry, women today own 9.2 million businesses, 24 times more than they did 25 years ago.
In one year alone, women earn $1 trillion.
“The most important thing is for women to take control of their finances,” Seifer said. “We all have dreams, and we need to fund them.”
The concept of “Finishing Rich” comprises of a seven-step process that includes using the power of “The Latte Factor.” Something as simple as cutting back on the expenses of a daily latte at Starbucks, a candy bar and a protein shake in the afternoon can add up to an annual savings of almost $2,500.
As for the other expenses – the super-cute Coach bag or the “perfect pair” of high heels at the mall – Berry proposed an alternative.
“Give yourself a waiting period on impulse purchases,” Berry said. “If you see a purse you have to have, walk away, come back two days later and see if you still want it.”
“Not only does waiting save money, but it helps to prioritize,” Berry said.
When asked why money is important to them, most women answered that it provided them with a sense security and independence.
The seminar taught that living rich, does not mean living expensively. It means making sure that financial expenses contribute to personal values and personal happiness.
For more information on Smart Women Finish Rich visit www.finishrich.com.
Natalia Maldonado can be contacted at n.maldonado@umiami.edu.