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    Financial Self Defence for Canadian Women
    Financial Self Defence for Canadian Women
    Financial Self Defence for Canadian Women
    Ebook107 pages1 hour

    Financial Self Defence for Canadian Women

    By Joanne Shaw

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    About this ebook

    Financial Self Defence for Canadian Women is a concise, easy to understand overview of the key components of financial planning. This book takes a down to earth approach to the most fundamental aspects of good financial know how. The format of the book uses the basics of personal self-defence such as awareness, avoidance and defence and looks at finances using these criteria. Women in Canada need a good resource for basic financial security and this book endeavours to provide just that. It is no longer necessary for women in Canada to be concerned about their financial knowledge as this book will make you feel empowered about your financial matters.

    LanguageEnglish
    PublisherJoanne Shaw
    Release dateJan 29, 2015
    ISBN9781927799086
    Financial Self Defence for Canadian Women
    Author

    Joanne Shaw

    Joanne uses a down-to-earth approach to financial matters. With a Certified Financial Planner (CFP) designation, a degree in Psychology, and over 20 years of martial arts training, Joanne explores our psychology of money and how our personal relationship with money impacts our ability to be financially successful. Money represents power, and being aware of our personal money consciousness enables us to use money in a conscientious way.Joanne has done numerous speaking engagements and is the author of the Polly Pennywise series of children’s books which teach children the basics of finance. Joanne gives volunteer lectures to Grade 10 high school students. She is passionate about educating today’s youth and women about the basics of finance. Joanne is currently a financial planner with Canfin Financial Group. You can contact her at jshaw@canfin.com or via her personal website at joanneshaw.canfin.com.

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      Book preview

      Financial Self Defence for Canadian Women - Joanne Shaw

      Financial Self Defence for Canadian Women

      by

      JOANNE SHAW

      Published at Smashwords

      Financial Self Defence for Canadian Women

      © 2015 Joanne Shaw

      ISBN 978-1-927799-08-6

      Disclosure: The following information is given as a general guideline to financial knowledge. It is not intended to give specific financial advice. Please consult a qualified financial planner for specifics of your own personal financial situation. You may find a Certified Financial Planner (CFP) on the Financial Planning Standards Council (FPSC) website at:

      http://www.fpsc.ca/find-a-planner-certificant

      Acknowledgements

      Writing any book takes tremendous time and effort but it is never done in isolation. I am so fortunate to be surrounded by wonderfully talented people and I would like to acknowledge their contributions. First I must thank those closest to me: my husband Ken who is an endless source of encouragement and support in all I do. I thank my daughter Pam who is my inspiration for putting words on paper. I must acknowledge my best friend Kathy who tirelessly reads all that I write and provides me with corrections and creative ideas for expanding. I thank my sister Cheryl for allowing me to share some of her story.

      Every book requires people with special skills and knowledge and for this I am most grateful to my cover artists Kathy and Marie. Most of all I wish to thank my editor Alan Annand whose patience and tireless efforts to educate me and make my books happen have been paramount it getting my message out there.

      Thank you to all who have touched my life, all who have had faith in me and all who have supported my efforts in producing my book.

      Table of Contents

      Introduction

      Chapter 1: Money Consciousness

      Chapter 2: Awareness

      Chapter 3: Avoidance

      Chapter 4: Defence

      Summary

      Appendix 1: Glossary of Terms

      Appendix 2: Personal Self-Defence strategies

      Appendix 3: Expense Worksheet

      Appendix 4: Love, Marriage and Divorce

      About the Author

      Introduction

      As a martial artist I know a few things about self-defence. As a CFP (Certified Financial Planner) I know a few things about financial literacy and financial planning. Since there’s a lack of knowledge about both these areas, I decided to meld the two loves of my life into one succinct book.

      There’s a need in the marketplace today to address finances for Canadian women. A survey of Canadian women was conducted in which they were asked how they felt when receiving financial advice. The majority of women responded by saying they felt belittled and talked down to. In particular, women found that where a meeting included a male partner, the financial advisor (whether male or female) continually addressed the male partner and ignored the woman. They were very unsatisfied with the approach taken by most financial institutions. Their experiences were so bad that many of them didn’t even want to go back to companies providing financial advice.

      In addition to this discrimination, much of the financial information specifically related to women is based on American experience, which means much of it doesn’t apply to Canada. We have a different financial and tax situation in Canada. This book came about in order to address financial questions from a Canadian female perspective. I want to present relevant information from a mature financial perspective that respects women and gives them the fundamentals they need to survive and thrive financially.

      In Canada, women on average make less money than men but have higher expenses for everything from a haircut to shoes to clothes. According to Stats Canada, women make 30% less money but their cost-of-living is almost double that for men. Furthermore, women live longer so their need for money is more crucial than it is for their male counterparts. It is incredibly important for women to become knowledgeable about the basics of finance.

      Often I’ll meet clients as a couple but the woman may not have any interest in the financial details. The fact is she may be forced to deal with financial affairs if her partner becomes injured or dies. I hope to encourage and educate women to the best of my abilities because, just as in self-defence; only you can protect yourself!

      Men and women differ widely in their attitudes towards money. In general, men want to make the highest returns possible and reward themselves while women see money as a form of safety and security. Men don’t often want to talk about insurance, estates, wills and powers of attorney because this somehow implies they may die someday. Women need to know that all these financial details are in place.

      While I can’t address the reality check that some men need, I can certainly advise women to become actively involved in their family finances. By ignoring issues such as wills, powers of attorney and the appropriate amount of insurance coverage, a woman may be left with nothing because the basics of insurance and estate planning were not properly put in place by her partner.

      The generation of people who grew up during the Depression of the early 1930’s have influenced the Boomer generation who have in turn influenced all subsequent generations. During my mother’s generation it wasn’t uncommon to find suddenly widowed women who didn’t even know how to write a cheque. (A cheque is a written form of currency which is signed by the holder of a bank account and given in payment for something.) Women who were never taught or ever exposed to finances were terrified in such situations.

      In today’s world information is readily at hand on the computer so it is much easier to become self-educated in these matters. Women are gaining higher levels of education and acquiring higher-paying jobs resulting in a greater need for financial knowledge. The situation for women has been steadily improving but we still have a long way to go.

      In martial arts, becoming more physically self-assured and empowered is very important. In life it’s equally important to become financially self-sufficient and empowered. As we progress I’ll use the basics of self-defence as a platform to provide guidelines for your financial self-defence.

      As a financial planner, it’s always amazed me that clients who believe they’ll make money actually do so, while those who think otherwise are equally correct. Two different clients may enter the market at the same time with the same investments and yet the outcome will differ. This defies logic. One explanation I can offer is that the client’s belief system and the emotional energy they’re attracting into their lives are having a major influence on the outcome of their investing. Ultimately the client’s expectations for payoff, and/or their discipline to persevere (or not) with an investment program during market fluctuations is the greatest determinant of their return.

      Much of what we believe and many of our emotions regarding money are the result of money attitudes we witnessed as we were growing up. In general we either fully adopt our parents’ attitudes about money or we reject them completely and rebel. Either way, we seldom sit down and make a rational decision about what our attitude and belief system is when it comes to money and finance.

      Everyone has heard the expression, Money is the root of all evil. The truth is it’s really the worship of money that is the root of all evil. There

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