Thursday, January 31, 2008

Hey Cinderella: Buy Your Own Glass Slipper & Other Tips from Town & Country Readers

Don't wait for the Fairy Godmother or Prince Charming to deliver the glass slipper or other trophies of wealth & status. Don't expect fairy tale endings and don't pretend to be Cinderella. That's just a snippet of the great financial advice from the 12-page special section on "Women & Wealth" in the February issue of Town & Country.

I purchased my copy at the drugstore, but many libraries also carry subscriptions. Or go to your favorite bookstore, where they let you read the magazines for free. The Feb. issue of T&C is a good read for anyone (including the guys) with an interest in building and maintaining wealth. The special section includes: Best Advice I've Ever Received About Money, which features tips from readers. Here's a summary:

1. College Plan for Baby Cinderella: One reader told a touching but insightful tale about her dad, who died when she was four. One day, he read the classic tale Cinderella --you know the deal: the girl, the slipper, the fairy godmother and the prince. Here's what happened when the pre-schooler's dad completed the fairy tale ending about financial salvation through marriage:

The Little Girl:"But what if the glass slipper didn't fit her?"

The Dad: "That's why you're going to Wellseley, so you can always buy your own glass slipper."

2. Keep yourself warm: Scenario: A 20-something woman told an older female friend that she wanted a man to buy her a fur coat. The mentor's advice: "Be able to buy your own fur coat."

The outcome: After receiving that savvy advice, the younger woman ultimately earned enough money to buy three fur coats for herself.

3. The Stocking Hedge: One reader reported that her mom told her to hold onto different shares of stock as a "financial hedge."

The outcome: Those shares, the reader reported, "have consistently paid."

4. Establish a stock-loss point: "I was once told that when your stock is down, you have not lost unless you sell." --T&C Reader

The outcome: She learned to establish stock-loss points and exit strategies for investments. Here's what the reader says: "I watch my stock and set a parameter to be met before I am willing to part with it."

5. The Intersting Beauty: Scenario: One reader told a story about how -- when she was in third-grade -- her stepfather established a bank account for her with $100. Every month, he showed her the bank statement and pointed out how much money her money was making in interest.

The outcome: "This taught me early on the value of compound interest and being aware of my own money." -- T&C Reader


Sharon Harvey Rosenberg is the author of The Frugal Duchess of South Beach: How to Live Well and Save Money... Anywhere!, which will be published in the Spring of 2008 by DPL Press.

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