How to Be a Woman

May 11, 2008 by Fox

I’m getting in touch with my feminine side today. Excuse me while I adjust my bra and gloss my lips. I don’t often visit my girlish self. I suppose I suppress her since I develop software for a living, compete in endurance sports for kicks, and play with personal finance for pleasure. None of these activities traditionally align with the womanly qualities of being compassionate, nurturing, or gentle. There’s nothing compassionate about passing a flatted cyclist during a 112 mile bike race. I neither feel gentle when buying stocks nor nurturing when programming binary software.

Perhaps I’m just a tomboy thinking out loud in a skirt, but what does it mean to be a woman today? How can women be fierce in finance yet generous in giving? Must she be either a femme fatale or all sugar and spice?

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Here are ten ways to keep it real living as a woman today:

1. Put yourself first.

All too often women put themselves last. They sacrifice their health, wealth, and self in favor of their family and friends. They intuitively put their needs, desires, and dreams last by caring for and nurturing others first. This is no secret. The airline industry has known about this tendency for years. Before every flight we get a little safety speech telling us to put the oxygen mask on ourselves before placing it on our children. Why is this? It’s simple really, if you can’t breathe you can’t help others breathe around you. This is just like life. If you fail to acknowledge your life first, what are you living for?

2. Live in your skin today.

How many times have you looked to tomorrow to achieve your goals today? “If only I were thinner, younger, more perky…then I would reach for the stars”. Perhaps you look to the past and dream of what today could have been? “If only I invested in Microsoft way back then”. None of these approaches are helpful for today, now, this second. By living in your skin today, you authentically capture the moment, the here, the now. It’s amazing what can be achieved by focusing on the now and letting the later take care of itself.

3. Keep your tits real.

Stop knocking your knockers. Stuffing yourself with silicon may bring satisfaction in the short-term, but the long-term ramifications may leave you feeling a boob. It’s no mystery most women have terrible body images. We’re fed idealized images of pubescent malnourished models and made to believe our lives would be better by being cellulite free. Do yourself a favor by ignoring these airbrushed and Photoshopped media myths. Today’s woman would be wise to look back through history to observe how changing one’s physical form based upon the whims of fashion can scar. Women in China used to bind their feet for a fashionably small footprint, leaving themselves crippled in the process. Western women pushed and poured themselves into corsets to obtain minuscule midriffs, only to damage their backs and internal organs.

Despite warnings from the past, the search for fashionable perfection persists. Today, women use invasive procedures to suck out fat and plump their pouts. There are costs to physical modification, and these costs extend well beyond the financial. In seeking the ideal of the day by fixating on outward appearances, we fail to fix and address the inward self. No amount of outward augmentation can address internal issues of sagging self-esteem, lack of self-love, or corroded self-confidence. Keep your tits real and tilt your focus inward. Your chest may just swell from what you discover on the inside.

4. Be a bra.

It seems elusive, the bra that supports all your bits, lifts, and fits. But when the best brassiere is begotten, the upward mental and physical lift is immeasurable. Like a favorite foundation garment, sometimes what we need most in life is a little bit of support and understanding. Be a supportive structure to your sisters, mothers, girlfriends, and daughters. Lending a shoulder to cry on or offering an ear to listen is all we really need to lift our sprits and brace our courage.

5. Show some muscle.

Forget “sugar and spice and everything nice”. Today’s woman must be made of some muscle, motivation, and might to live well. Voicing your thoughts, beliefs, and notions raises awareness of your self. Speaking with confidence and acting with strength can only bring belief in your abilities and clarify the path with which to follow. Cast your vote and be heard. Flex some female muscle.

6. Seek progress, not perfection.

The state of being without flaw or defect is pretty much impossible. Nobody is perfect. The ideal is evasive. Removing one’s focus from attaining perfection and seeing life more as a state of progress can better set a woman on the path towards success and fulfillment. Seeking gradual improvement, advancement in knowledge, and moving forward toward a goal is far more attainable. Seek progress in life and the feeling of personal satisfaction is very possible.

7. Be yourself, not your title.

Too often women identify themselves solely as mother, wife, or in terms of an occupational job title. This is a mistake. By tightly coupling oneself to a socially constructed title it’s easy to forget who you really are. What happens to one’s worth when a marriage ends and the title of “wife” must be legally surrendered? Who suffers when a career ends and a women ceases to be manager, director, or an employee? What happens to one’s internal self when these titles are relinquished? By not identifying with and tying ourselves to a title it becomes easier to see our true selves. Without these titles, who are you really today?

8. Embrace your finances.

Many women today forget to take their finances into account. This is a huge oversight. Women must become financially savvy in today’s economy since we generally live longer than men, earn less income, raise children, and manage households. Becoming better aware of how to negotiate a salary, how to invest in retirement, and how to spend wisely only helps us raise financially savvy children, earn more competitive incomes, and better prepare for financial catastrophe.

Leaving all financial matters to the men in our lives is a huge mistake. Marriages end and husbands can die. I’m sorry to not embrace tales of Cinderella and magic pixie dust but couples do get divorced. If your prince holds the financial purse strings you may just be back with the evil stepsisters wearing a gunny sack. Too many women leave the finances to their husbands and fail to jointly participate. Women should indeed hope for the best, but plan for the worst by learning about money and how to manage it for them self.

9. Enhance your education.

Today, woman would be wise to continue along the path of enhancing their education. Education is a loose term. It doesn’t necessarily mean seeking higher degrees and poignant pieces of paper. Education can mean gradually acquiring knowledge of a particular subject or activity. The point is to never stay stagnant and never stop learning. Knowledge is key to understanding where you stand, how you got there, and where you are headed. Practice enhancing your knowledge and who knows what follows.

10. Stop being Super Woman, ask for help.

My mom tried to do it all in the 80s. She lived with the belief she could balance her career, raise children, clean house, cook meals, launder clothing, keep fit, and stay mentally well. Impossible. It’s just too much to balance. Watching what she went through and the anguish she felt, I wonder if all could have been better if she just stopped trying to be Super Woman, and asked for help. It’s seems so simple, asking for help. Yet I think women can feel uncomfortable admitting it’s all just too much. Asking for help doesn’t mean failure or defeat. Asking for help gives others the opportunity to further an effort or purpose. Asking for help lets others contribute and perhaps find a level of fulfillment not otherwise possible. Let go of the notion of being Super Woman, and ask for help.

Happy Mother’s Day!

Are there other ways to be a woman today? What do you fellows think? Am I just stuffed full of estrogen?

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Carnival Update:
Over the last week I participated in two carnivals.

I’ve been thinking a lot about life insurance lately. I don’t have a death wish or anything, but I think life insurance is a neglected area of personal finance which requires some Squawkfox attention. Without a proper or adequate life insurance policy, you can leave your dependents in financial disarray if you happen to make an early departure.

Life insurance is a funny animal. This is a product which is more often sold than bought. Basically, the insurance industry is based on hefty commissions and perks which renders the policy peddlers biased towards their pocketbooks. This industry is a complex, weird, and wacky business. There are writers, underwriters, sales forces, brokers, and agents. When I started shopping around for my “better half’s” policy, I found myself wound in a tangled web of weirdness. I would call an “agent” and then get passed to brokers of brokers of agents of brokers.

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Getting straight answers on what insurance to get and how much to buy was impossible. Everyone seemed to peddle the same policy s$it, and I trusted no one with this vital piece to my financial well-being. My “better half” and I spent weeks untangling the life insurance web, and I would like to share my findings with you.

Here’s how I bought life insurance without getting screwed:

1. Get Term Life Insurance

I’m about to save you billions of brain cells, hours of time, and thousands of dollars. Ready? Just buy term life insurance. The only exception is if you are an extremely high net worth individual, in which case you “have people” to discuss your privileged a$$ed-options and don’t need my blog anyways. Smile.

For the rest of us, there are two flavors in life insurance policies: Term Life and Cash Value.

Term Life: Is pure life insurance. You pay a simple annual premium to receive a predetermined amount of life insurance coverage. If the insured person perishes, the beneficiaries collect, otherwise the premium is gone. Term life is similar to the way home or auto insurance works.

Term insurance has no investment component. You’re buying life coverage that lasts for a set period of time provided you pay the monthly premium. An annual renewable term is purchased year-by-year, although you don’t have to re-qualify by showing evidence of good health each year.

Cash Value: All other policies (whole, universal, variable etc.) combine life insurance with a sneaky so-called investment option to build a cash value. Your premiums not only pay for the life insurance, but some of the money is placed in an investment account (operated by the insurance company) to grow in value over time (assuming you don’t miss your premium payments). This sounds really rosy, especially since people don’t like thinking their premium dollars are wasted.

So what’s the catch? For the same amount of coverage (say $250,000), cash value polices cost anywhere from 4 to 10 times more than comparable term life policies. There are also significant penalties to ending a cash value policy early or missing premium payments. Your cash value policy is also invested with the insurance company, so the fees you pay are likely high and not competitive. Lastly, cash value policies are the bread-and-butter of agents and brokers as they are lucrative with commissions and bonuses (remember, life insurance is sold, not bought). Buying a cash value policy lines the pockets of these people. Due to the expensive nature of this product, the sad scenario is most people end up being under insured.

By buying term life, you get more insurance for your beneficiaries for less bucks.

2. Do You Need Life Insurance?

You generally only need life insurance when other people depend on your income. If you have a spouse and/or children dependent on your income, then you should get life insurance. Those with mortgages and many years left to raising kids most certainly should get insurance. You are unlikely to need life insurance if you are single with no dependents, independently wealthy, retired and living off retirement investments, or a child (more on children later).

3. Calculate Coverage Needs

When buying life insurance make sure you’ve got enough. Deciding how much you need is both a subjective and quantitative decision. Since the main purpose of life insurance is to prove a lump-sum payment that replaces the deceased person’s income, the question you must consider is How much income do you need to replace? Also consider the following:

  • Are there any outstanding debts to pay?
  • Will the surviving partner have childcare expenses?
  • Is there a mortgage to cover?
  • Are there other assets on which to draw?
  • Will your children be out of the nest soon?
  • Will there be education costs for college or university?

The answers to these questions can influence the decision on how much coverage you need. Be sure to consider all variables before deciding on your coverage needs.

4. Determine The Term

Insurance agents and brokers are huge fans of selling cash value policies you can keep throughout your life. These cash value (whole life) policies fatten their wallets with juicy fees and commissions. What agents tend to gloss over is you probably don’t need life insurance throughout your life. You generally only need life insurance when you have dependents (see #2).

Since you’re a smarty now and are thinking about Term Life insurance, here’s how to determine your term:

How often do you want your premium to adjust?

The cost of insurance goes up as you get older and your risk of dying increases. Sorry to be a downer. On the upside, term life insurance can be purchased so your premium adjusts (increases) annually, or every 5, 10, 15, or 20 years. The less frequently your premium adjusts, the higher the initial premium will be.

Advantages to longer terms: The advantage to locking in to a longer term policy (15, or 20 years) is you know how much you will be paying over that time. You also require fewer medical evaluations to qualify for the lower rates.

Disadvantages to longer terms: The disadvantage to a longer term policy is you will be paying more in the earlier years than you would on a policy that adjusts more frequently. You may also want to change the amount of insurance you need as your situation changes, so you are throwing away money by ending a longer term policy with a premium guarantee.

A happy balance are policies of terms 5 or 10 years. My “better half’s” term life policy is nicely set at 10 years.

Guaranteed Renewability

The better term life policies have this feature which guarantees a policy cannot be cancelled because of poor health. Do not buy a life insurance policy without guaranteed renewability.

Guaranteed Renewal Rates

When comparing various policies, what really matters is the total overall amount you pay for your coverage for ALL the years you require life insurance. Be sure the premiums paid each time you renew are guaranteed and outlined term-by-term in your policy. To better evaluate various policies, have the agent do a present value comparision of the total. This figure represents the cost of a policy for all the years in a single payment, today.

5. Buy When You’re Healthy

The worst time to buy life insurance is when you need it. Older people and those not in the best of health pay steeply higher rates for life insurance, so buy as early as you can WHEN you have dependents.

6. Don’t Insure Children

I’ve seen this happen to many new parents. Some agent discovers you just had a baby, and sells you a Gerber “Grow-Up” policy, or some other policy providing $5,000 of life insurance for kids. This contradicts the entire logic of life insurance since you are NOT financially dependent on your children - your children are dependent on YOU. Don’t let these agents gain economically from your emotional attachment to your new baby. This is a lucrative cash value policy gone sour. Ohh, my dear mom bought one of these policies for me at four months old. I still shake my head about it. Rest assured I cashed that silly thing in years ago and bought myself a $250,000 Term Life policy for less than half the cost of the $5000 Cash Value baby policy premium. I’m no sucker.

7. Shop Around

Always invest some time in shopping around for the best term life policy at the best rate. It makes little sense to stop at the neighborhood insurance broker and expect the best rates without knowing more about what’s available. Here are some places to consider looking for low-cost term insurance:

  • Are you a member of any Groups, Professional Associations, Business Organizations, or Alumni Associations? You can often find low-cost insurance by inquiring within your clubs and organizations.
  • TermForSale: To get a sense of what your premiums will be with various companies, try this online quotation service.
  • Blue Cross
  • Automobile Associations
  • RBC Insurance
  • TD Insurance

8. Skip Mortgage Insurance

Do yourself a huge favor, avoid mortgage insurance policies. These policies only pay off the balance on your mortgage if you die. The problem with this insurance is you are paying the same premium for a steadily declining amount of coverage, as you pay down your mortgage. It’s best to skip this narrowly-focused policy and favor for a broader term life policy and include the mortgage payments in your calculations when determining how much coverage you need.

9. Tell The Truth

There is no sense in telling tales on your insurance application to get a lower rate. Be assured that insurance companies will investigate any claim made before paying out. Be sure to always tell the truth.

10. Getting Rid of Cash Value Insurance

So now you’ve gone though your paperwork and see you have an expensive cash value life insurance policy, now what? Do yourself a favor and don’t cancel it until you secure some affordable term life to replace it. The worse thing you could do is leave your dependents vulnerable while in between life insurance policies.

That’s my brain on life insurance. I hope you found this lengthly article helpful. I’m wondering how many of you have life insurance? Do you have cash value or term life? Have you ever felt screwed after buying a life insurance policy? Do tell!