SOF for Women
Soldier of Finance. The very words sound intellectual, disciplined and tough. Some would say it even sounds macho or masculine. I would say they are wrong.
Throughout my military career I had the pleasure of serving with many women who were outstanding soldiers and leaders. They were smart, strong, and brave with great command and influence. As a Certified Financial Planner I have worked with countless women with many of those same qualities. They are smart, strong and possess tremendous leadership skills as well as a complete understanding and control of their own financial lives. They truly are Soldiers of Finance.
One of the great things about working to become a Soldier of Finance is that there are no restrictions on background. SOFs come from all age and income brackets, all areas of the nation, all levels of education and, yes, both genders. In fact, I personally believe that women maybe “wired” to become Soldiers of Finance more easily than their male counterparts.
It is, in my opinion, imperative that women grasp financial concepts and understand money. In fact, it may even be more important for women to apply SOF principles than it is for men.
Look at the specifics:
Women and Money
- The Women, Money, and Power Study by Allianz Life Insurance (2006) found that 60 percent of all wealth in America is controlled by women. In fact, women in the U.S. spend more than $3.3 trillion annually, according to the Business Women’s Network. That’s some purchasing power. Plus, Peter Hart and the Investment Institute reports that women own 47 percent of all stocks.
- Yet, as many as 90 percent of women questioned in the Allianz study say they feel somewhat financially insecure, despite the fact that the Business Women’s Network says females make the vast majority (95 percent) of all family financial decisions.
- In too many cases, married women leave all of the financial planning, bill paying, investing and record keeping to their husbands. However, what they do not realize is that, according to the Allianz report, 9 out of 10 women will, at some point in their lives, be solely responsible for their finances. There are few things as sad as a grieving widow with absolutely no clue about her money.
Women Stand Up!
When you look at our world, it quickly becomes even clearer that women must understand money. Unfortunately, often it’s because women must be more efficient with their income. There are several reasons:
- First, according to AFL-CIO data from 2004, women earn just 80 percent of what men make, and those in professional and related occupations bring home almost 32 percent less than their male counterparts.
- The organization reports that almost a third of all working families—some 7 million—are led by a single mother, many without involvement or support from fathers.
- Because women earn less, they receive smaller pensions and Social Security payments when they retire, according to the AFL-CIO.
The reality is frightening, isn’t it?
Yet just like during my military experiences, I have met and learned from many women who not only understand their finances, but who know how to do all of the right things with money. That’s my goal for you, also.
For that reason, Soldier of Finance is not just for men.
The concepts and techniques taught both in the Soldier of Finance book and on this website are designed for both males and females. While we all may think of men when we think of “soldier,” the terms “leader,” “master,” and “Soldier of Finance” all know no gender.
Carry on. Hooah!
1. AFL-CIO: www.pay-equity.org/PDFs/ProfWomen.pdf
2. Allianz: https://www.allianzlife.com/womenmoneypower/main3_5.html
3. Business Women’s Network: Women and Diversity, WOW Facts 2001