Kim Kiyosaki in her book “Rich Woman” throws out some pretty sobering statistics when it comes to women and money:

 

·   47% of women over the age of 50 are single.

·   50% of marriages end in divorce.

·   In the first year after divorcing, a woman’s standard of living drops an average of 73%.

·   Of the elderly living in poverty, 3 out of 4 are women and 80% of them were not poor when their husbands were alive. 

·   Nearly 7 out of 10 women will live in poverty some time in their lives.  

 

As a landlord, I can attest that this is real life and not just statistics. I have seen my older female tenants struggle alone to make ends meet. They are fearful about their expenses and they are depressed. I always took care of “my ladies” (as I referred to them), letting rent slide from time to time in order to avoid eviction. But most landlords don’t have this luxury. The mortgage must be paid so out they go.

 

You see a lot of things as a property manager. One 82-year-old widow I knew took her own life because she was depressed over her circumstances. This is real life. All women need to take responsibility for their own financial welfare. If you won’t do it for yourself then do it for you children.

 

At MillionaireMom.com we are dedicated to helping you understand and feel comfortable with managing and earning money. We promote entrepreneurship because of the flexibility it offers in your real full time job—raising your children.

I have met some fantastic women this week. I went to an e-women networking event, to support my friend Elizabeth Gordon. She was the keynote speaker that night, promoting her new book “The Chic Entrepreneur”. I really enjoyed the women I met and plan to do business with many of them in the near future. Women supporting women. Moms supporting moms. Isn’t that the way it ought to be?

 

I interviewed a millionaire mom this week named Elon Bomani from www.DivineDiva.com. Her story of struggle and triumph is harrowing and amazing. Elon and her husband divorced, and she was left to care for their son. Ultimately, they ended up in a homeless shelter. When that happened, Elon vowed to get her power back and figure out a better path. Using her resourcefulness and “never quit trying attitude” she persevered. She became a millionaire by flipping real estate in California during the real estate market heyday.

  

Life is about choices. If you stick your head in the sand and don’t put forth the effort to be responsible for your financial welfare, then you have made a choice. Elon’s choices first led her down a path she was not happy with. The beautiful thing about life in America is you can change your circumstances by purposely choosing to do so. Elon is a shining example of this. She made the choice to sacrifice and work really hard at ensuring success. Think about Elon whenever you have moments of self doubt or just don’t feel like dealing with the unfamiliar (especially finances). I know she has touched my life. That’s a divine diva for you!