According to U.S. Census poverty data, women are twice as likely as men to retire in poverty. One out of eight women is poor, compared with one out of every 11 men.
Those grim facts supercharged financial guru, author and talk show host Suze Orman to move into high gear in helping women break the cycle of poverty.
“How do women end up with statistics like this?” asked Orman, who spoke yesterday at a conference at 1st Mariner Arena. “Because women put themselves last in every category, especially finances. Despite the fact that women are making more money now, they don?t make more out of their incomes. They think that the money they earn is to be used for everyone else but themselves.”
Orman wants to obliterate this selfless mentality. In her latest book, “Women & Money ? Owning the Power to Control Your Destiny,” she tackles the issue head-on and lays out a concrete plan called “The Save Yourself Plan,” to put women on the road to financial stability. As back-up, she enlisted T.D. Ameritrade to be the savings vehicle for women to begin investing in themselves.
“We wanted to combine forces with Suze in helping women gain financial independence,” said Jim Frawley, a spokesman for T.D. Ameritrade. “Suze came up with the Save Yourself Plan, and when we looked at the [poverty] statistics, we realized that this is something we really needed to do to help women.”
Ginita Wall, co-founder of the Women?s Institute for Financial Education, agrees. “Women must begin now by taking small financial steps to prepare for their future,” she said.
Orman?s five-month plan begins with opening a Save Yourself savings account. To encourage women to do this, Ameritrade will contribute $100 to each Save Yourself account after one year of consecutive deposits of $50 or more. The accounts are FDIC-insured, have no fees and earn 4.59 percent interest. Orman receives no financial gain from Ameritrade. In one month 25,000 new accounts were opened, which will result in a $2.5 million contribution from Ameritrade.
“As women if we are not powerful with our money, we are not powerful period. My hope is that saving for self first will become a habit for all women,” Orman added.
Promotional code
» In an exclusive to The Examiner, Orman is giving the promotional code found only in the book to our readers. Go online to www.saveyourself.com and type in CODE 701 to open an account. Though the program is geared toward women, it is open to men and children, as well.
