Do You Fear Bag Lady Syndrome? | brokeGIRLrich
When I was offered a chance to snag a copy of How to Avoid Bag Lady Syndrome (B.L.S.): A Strong Woman’s Guide to Financial Peace of Mind
I found I’m in good company. Apparently USA Today did a study at one point and found that over 50% of women have real worries about winding up a bag lady. I get that. I work in a field that really ups the odds of me never settling down and I can’t begin to tell you how many older stage managers I know – nearing retirement age – who have wound up single. It’s kind of a rough life. Don’t get me wrong, I know a few stage managers who are married too… although most of them are actually men.
How to Avoid Bag Lady Syndrome addresses the concerns women face when figuring out their finances for the future on their own – be it after a lifetime of being single, a divorce or the death of their spouse.
I have to say, I felt like the first half of the book was essentially an infomercial for why you should work with a financial advisor (Lance Drucker may have a vested interest in that topic), but the second half of the book picked up steam and provided a lot of good information on how planning for the future works. Also, financial planners aren’t a bad idea, especially when you’re figuring out your finances on your own for the first time.
However, amid that infomercial was the repeated idea that you need a financial plan and guess what? You do. Everyone does.
And once you have one, a lot of the fear about the future starts to fade – especially if you start early!
I really enjoyed his reiteration of the four cornerstones of wealth management:
- Build a nest egg.
- Protect your wealth.
- Distribute your wealth.
- Plan for the transfer of your wealth.
Lance makes it clear the steps you need to aim for and provides details on how to follow through. I also loved his stress of playing offense and defense (really though, sports terminology? In a book for women, Lance? ;o)
The goal is always to maximize your earning potential while living below your means. The further below your means you can train yourself to live, the larger nest egg you will be able to live and that nest egg will last you that much longer too – allowing you to exit the rat race much sooner than most folks.
One of my favorite bits in the book was Lance’s clear explanation of different assets that generate income. I think especially as someone still on the lower end of the age spectrum (when it comes to retirement planning), it’s great to see a list of different things I can spend the next 3 decades looking into and trying to amass.
Suffice to say How to Avoid Bag Lady Syndrome is a pretty interesting read and a great idea for anyone who is really worried about their financial future. If you’re just starting out in your personal finance journey, there are a lot of other general primers I would read – but Lance Drucker’s book is one of the first I’ve seen to focus on the worries that females have specifically about surviving retirement.
This is basically the entire premise of my blog! I’ve never heard it described as “bag lady syndrome” but that is such a compelling way of putting it that I’m tempted to actually buy this book despite guessing that I know most of what’s in it already 🙂
C@thesingledollar recently posted…Zero Food Waste 2015: Week 2 (plus Braised Coconut Chickpeas and Spinach)
Hah, yeah, that was pretty much why I couldn’t turn down the opportunity to review it!
HELL YES.
NZ Muse recently posted…Ridiculously beautiful New Zealand spots I want to hike
Interesting. I never really thought about it as “the bag lady” snydrome either. Thanks for sharing your opinion on the book I’m always looking for more PF material to soak up 🙂
Kayla @ Everything Finance recently posted…How to Prioritize Your Financial Goals
I don’t worry about bag lady syndrome because I know that as long as I can breathe, I am not afraid of hard work and I will bust my butt in any way imaginable to keep a roof over my head and food on the table.
Shannon @ Financially Blonde recently posted…15 Ways to Fight Debt in 2015
Bag man syndrome… YES! I mean, I decide whether it will happen or not so that helps ease my anxiety a little. But fear of the unknown has always been great in me. :/
Will recently posted…Don’t Forget about Carrying Costs
I will have to ask my wife if she suffers from this and if so recommend the book to her. I don’t worry about this kind of thing because I think I would start making a lot of moves before I was down to just my bags or a shopping cart of stuff. I might not be able to avoid one day being alone but I sure wouldn’t be doing anything to bring distance between me and my family to make it happen. That said, my view of the syndrome is limited and I would probably gain a different perspective from the book and another viewpoint, observations, and advice.
LeisureFreak Tommy recently posted…Signs of Pension Plan Insecurity
Not me…..I will do whatever it takes to make ends meet for I cannot afford to walk around looking like a hot mess with a cart. No…..not me. I’ll take two minimum wage jobs to go.
Petrish @ Debt Free Martini recently posted…5 Reasons Why I’m Addicted to Blogging
I’ve been thinking a lot about the way I approach my finances lately, and I’ve realized that everything I plan I plan on the assumption that I will stay single forever. I don’t know that I will, but I think it’s a good way to be overprepared rather than operating under the assumption that I’ll marry someone and my resources will double (or more).
Stefanie @ The Broke and Beautiful Life recently posted…Debunking Bulk Buying
I do the same thing. I sometimes wonder if it’s because in the arts – single seems the norm and married seems like the minority, children seem ever rarer.
I’m certainly not afraid of bag lady syndrome myself, but I do worry about one of my sisters that works for herself.
I’m always worried that she’s not focusing on putting money aside for her future and planning her finances.
With few assets, she needs to start planning sooner rather than later!
Any suggestions on how I can raise such a sensitive issue with her?
Mr Ikonz @ Project Ikonz recently posted…Money making ideas – $1,000 in 10 min
I’m a fan of just doing it… but I don’t always have the most tact.
My brother and I have wound up talking about finance a lot since I started this blog, so maybe talk more about your blog with her. Or ask to interview her for a post about her finances?
Yeah! I agree – that the goal is always to maximize your earning potential while living below your means.
For me it takes a lot of discipline and self control to follow that goal, and eventually enjoy a fruitful retirement. On the other hand, while living a simple life, it means that I could get to spend some of my money to build a protection for myself in the future like having long term care insurance. I’m afraid to carry the financial burden of paying expensive care stuffs.