Money is oxygen – don’t let anyone control your supply

To note: This is the last Carrick on Money newsletter for 2021. Have a great vacation and stay safe. The newsletter returns on January 4th to start what I think will be another epic year in personal finance.

I remember interviewing Kelley Keehn about her first personal finance book and being struck by her mention of the cost of diapers if you’re a new parent. Personal finance writers were scarce in the early 2000s, as were mentions of practical and real issues such as layering spending. I have met Ms. Keehn a dozen or more times over the years at financial literacy events and just to catch up over coffee. Since that first book, she has built a brand as a personal finance educator that brings people as much as money. To coincide with the launch of his latest book, Rich Girl, Broke Girl: Save Better, Invest Smarter, and Gain Financial Freedom, I invited Ms. Keehn to respond by email to the newsletter. Here is an edited transcript:

Q: Kelley, can you tell us a bit about your background, your work and your books?

A: I worked in the financial industry for over 12 years, then 16 years ago I left and became an educator. I found that whether my clients had millions in the bank or had a million in the hole, they were having money issues. The industry isn’t designed to allow time to educate clients about money matters, so I got down to business writing books – 11 of them – on women and money, investment scams and fraud protection and general personal finance. As a speaker, media personality, writer and consultant to the financial industry, my mission for 16 years was to make Canadians feel good about money. My new mission is for women to claim their wealth.

Q: I would estimate roughly two out of three personal finance and investing questions that I get from readers are sent by men. Where are the women ?

A: Maybe they’re all emailing me – LOL. Women have always juggled so much – working, looking after the family and most of the household, looking after their parents and loved ones. COVID-19 has exacerbated all of these pressures. This often leaves them little time to put money matters at the top of their list. The number one tip I have for connecting more deeply with women is to anticipate what they need to know and do right now. I’m constantly emailing my friends about financial issues they need to be aware of and can’t tell you how grateful they are that someone is thinking about their needs instead of trying to sell them Something.

Q: A ton of money has been made in stocks, crypto and almost everything in the past 18 months. Do you think women got their fair and equal share of this wealth gain?

A: In general terms, probably not. Women are brilliant investors and a recent report from the investment industry found that they outperform men when it comes to investing. While they might not benefit as much during bull markets, I think women on average perform better in bear markets. I worry that some women are left on the sidelines with cash or too much fixed income, regardless of what the markets are doing.

Q: When you look at the marketing and communications of financial services companies, do you find that it speaks to women as much as it does to men?

A: Not at all. Often there is a free photo of a woman with her children or a touch of pink. I have heard men say they are failing in the financial industry as well. Women are just more likely to say something about it. The industry could afford to use more infographics and simple illustrations, which would make more complex concepts more interesting and digestible for all genres.

Q: Do personal finances and investments have a macho aspect that discourages women? I’m thinking about focusing on performance, returns, home runs? If so, what would be more attractive to women?

A: You bet. Women want to know the results of the investment: I can retire without being a pocket lady, I can help my children graduate without student debt. There was a lot of talk a few years ago about goal-based financial planning, but few advisers do it. Counselors need to understand what is really going on in a woman’s heart and mind, and how it relates to her finances. Advisors who do this are killing him in the financial industry.

Q: Let’s finish with some thoughts for 2022: what is the # 1 financial advice you would like to offer to women in particular?

A: Money is oxygen. Don’t let anyone control your supply. If you rely on a spouse to control your finances, you risk divorce, death, or possible mismanagement. Remember, what you appreciate, appreciate. Money and health issues are too important to be ignored or abdicated in front of others.

Subscribe to Carrick on Money

Are you reading this newsletter on the web or has someone emailed you the version? If so, you can sign up for Carrick on Money here.

Rob’s Personal Finance Reading List

The housing market in 2022

Three predictions that offer some hope – not much, but some – to people who feel left out of the market.

How to withdraw from Mom and Dad’s Bank

Some useful information for families where parents give their adult children a cash gift for a down payment for the house. These freebies are helping keep the real estate market on the boil right now – for better or for worse. Parents’ money makes the difference for some young adults who want to own a home, but it also contributes to the continued rise in prices.

Actions for children

A last-minute gift idea for parents and grandparents – seven dumped stocks that might appeal to kids, as picked by Morningstar analysts.

How to prepare your financial act in 2022

A blogger tries something a little different to help people focus on improving their finances. She’s put together a list of 40 questions you need to answer about your feelings and prejudices about money. Useful tips.

Today’s financial tool

A lively Reddit chat about when to tell your partner what your salary is.

The cashless zone

A dozen of my favorite songs from 2021. Here is a link to the songs on Spotify.

Stand up for myself, to the road

Love and hate in another era, Gabriel

Read, Richard Dawson

As I used to, Sharon Van Etten and Angel Olson

Beautiful life, Michael Kiwanuka

Souled Out on You, Robert Finley

Be worthy, Gloria Ann Taylor

Bad religion, Cat power

Garden, Dinosaur Jr.

Vortex, Nick Cave & the Bad Seeds

Beautiful scars, Merry Clayton

Weekend wind, Woods

In case you missed these Globe and Mail articles on personal finance

• Don’t Let Social Media FOMO Affect Your Investing Decisions, Experts Say
• Tax ideas inspired by holiday songs
• A good year for John Heinzl’s dividend portfolio

More Rob Carrick cover and money

Subscribe to Stress Test on Apple podcasts or Spotify. For more Money Stories, follow me on Instagram and Twitter, and join the discussion on my Facebook page. Millennial readers, join our Gen Y Money Facebook group.

Even more coverage from Rob Carrick:

Are you reading this newsletter on the web or has someone emailed you the version? If so, you can sign up for Carrick on Money here.