Bag Lady Syndrome: Do You Share My Fear?
Do you worry about becoming a bag lady?
Forbes magazine reports that it’s the most documented female money fear — anxiety about finding yourself suddenly destitute and on skid row.
I posted this on Facebook and got dozens of responses from women who said it definitely resonated with them.
During my Early Morning Seminar at Women For Hire’s career expo in Atlanta, I asked for a show of hands from 100 women there if they shared that fear.
With the exception of new college grads, just about every head nodded.
I have shared their fear for years – ever since my boss called me into his office without warning and coldly informed me that I was being fired and had 30 minutes to leave the building.
That experience left me so vulnerable –stripped of my self-esteem and financial security – that I vowed I would never allow a company or person to ever chart my destiny.
It left me with a Depression mentality – always save, spend cautiously – even though I was born in the 70s.
But it did not paralyze me with fear. Instead, worry about the “bag lady syndrome” forced me to take action: I knew from that moment on that I was my safest bet – that if I bet my future on my smarts, drive and talent I would not only survive, but thrive.
The fear of growing old and penniless prompted me to start my own business, Women For Hire.
And it’s why I am launching eight new Spark & Hustle conferences for current and aspiring entrepreneurs in 2011 – to give other women the tools they need to bet on themselves, to make it happen. Click here if you’d like more information on joining my team and me and email firstname.lastname@example.org for a special discount offer.
Beyond that, I advise women to commit to negotiating–getting the best possible compensation packages instead of settling for whatever is offered. It makes a significant difference over the course of your career. Commit to financial literacy to learn how to make your money work for you.
Do you fear the “bag lady syndrome” and, if so, how do you handle it? Share your coping mechanisms with us here.