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Narryka Williams

CADS 3703 Spring 2017

Compilation Paper
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How do gender roles / distinctions manifest throughout various life phases and what implications

does this have on smart financial and philanthropic practices?

The gender gap plays a pretty important role in the way we spend, save, and invest our

money. At different stages in life there are pretty clear cut differences between the ways in which

man and woman deal with finances. As early as in childhood one may began to start noticing the

distinctions. Boys tend to have a higher income than girls and also are more likely to spend

more, according to James McNeal. Moving towards teenage years there's another noticeable

contrast between the male and female spending is boys will spend eight more dollars than girls.

Also on average, according to teenage research unlimited of Northbrook, girls tend to spend

more of their parents money than boys. Parents are more likely to pay for the daughters' bill than

the boys'. This piece of information is so interesting to me because I can remember as a child

getting money from my dad just by simply asking but my brothers had to actually work to get an

allowance and would still get less money than me. I'm guessing that this stems from the

"American way" or the norm that the man is supposed to work and be the provider for his

household while the woman is expected to take care of house chores. This norm is slowly taking

a turn as more and more women are starting to seek out positions in the work force that men

usually have. Moving along to the adult stages one may start to see that it's much more common

for women to manage household financial matters than me. I can remember as a child that my

dad worked and my mom stayed at home and handled all needs around the house including bill

paying. My dad would give my mom his entire check to pay bills and whatever was leftover she
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could spend on whatever else she wanted and that worked for them. Men tend to have more

confidence in spending but are not the best at managing money. Men are more likely to buy the

first the thing they see when shopping, while on the other hand women tend to bargain to find the

best price. I believe that because of this very reason is why women are also known to be better at

investing money. Men are more likely to act out a hot tip, while most women tend to do actual

research and make the best choice from that. It is good to know these things about your partner

so that both people can understand where to place financial responsibility.

What are the key financial strategies and consistent habits that should be considered and

implemented / used consistently throughout various phases in life?

I think one of the most important aspects of this topic that stuck with me is to think single

when it comes to your money. Even in a marriage or relationship it's important to be able to

maintain financial freedom. Anything can happen, you and your significant other could decide to

part ways, one may become sick or injured, and sometimes death. It is important to always be

prepared in case of any of these instances occurring, not only for the sake of yourself but also for

your children. There are five steps to gaining financial independence and are as follows: 1. pay

off your debt- A survey by Oppenheiemer Funds found that about 47 percent of single Gen X

women, ages 21-34, had credit card debt. Strategies to help getting out of debt include: stop

using credit cards, pay off your bills, tackle your most expensive debt first, and dont carry a

balance from month to month. 2. write your credit history slate clean having good credit

history makes life a whole lot easier when trying to purchase a home, car, boat, etc.
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Unfortunately it isnt enough to just pay your bills on time and acquire good credit in that

manner. It is hard to understand that the only way to really boost your credit score is by actually

having some kind of debt and paying it off. I learned from this section when deciding to get a

credit card to make sure you only spend what you can afford to pay back and avoid credit cards

in your first years of college, wait until junior or senior year. 3. Plump your cash cushion

having money stashed away for a rainy day gives a person not only a peace of mind but also a

sense of security. There are so many things that can happen unexpectedly like, a flat tire, broken

phone, getting sick, or even lose your job. Being prepared for the unexpected is a very important

aspect of maintaining financial independence for me. There's been several instances where I

would began saving and all the sudden need money for something. So it's always good to have

something set aside for emergencies even if it's not a lot. 4. Open a retirement account 401 (k)

and 403 (b) are most common retirement fund plans one may get through their job. Not many

people wish to work there entire life so opening a retirement fund is imperative for that manner.

Its hard to save money, no matter how much money you make, so if your employer offers a

retirement plan thats most likely the best plan to go with. These type of retirement plans

automatically take a percentage out every month so you dont have to. 5. Buy Peace of mind

Insurance for the long time financial crisis accident that keeps you from working. We all

depend of some of kind of income and if something puts us out of a way of earning that income

then a backup plan needs to be in place. There are serval types of insurances including but not

limited to: Health Insurance, Disability Insurance, and renters insurance. These five steps are

critical at every part of life whether you're single, married, or divorced.

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There are also 10 tricks to saving money:

1. Start an automatic savings or investment plan.

2. Have your paycheck deposited directly.

3. Limit yourself to just one ATM withdrawal a week.

4. When you make credit card purchases, subtract the amount immediately.

5. When you subtract a check from your account, round up to next dollar.

6. Can't decide between 2 items in the store? Wait 24hrs before you make purchase.

7. Buy eye-catching storage bins if you tend to lose receipts

8. Get a fun savings account

9. When you pass up on temptation, take money you would've spent and put in a jar.

10. When finished paying off debt, continue to send payments to savings account

All the listed steps should be done early, regularly, and aggressively.

What is your giving / philanthropic strategy and the key philanthropic strategies and consistent

habits that should be considered and implemented / used consistently throughout the various

phases in life?

My giving strategy is to be involved with the organizations that I support. Philanthropy is

not only about giving money but also about putting in that time and effort to others. Money does

help people's situations but it's those memories that stick with someone for the rest of their life. I

get excitement from helping others in hands on situations and making other people happy. I dont

currently have a large sum of money that I can give to organizations so I enjoy giving my time

and helping hand to those who need it most.

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What are your values, vision for change, philanthropic mission statement, giving strategies and

how do you intend on using the 4t's of philanthropy.

My most important values include family, education, loyalty, faith, equality, love, and respect.

My vision is to provide for all kids who can't afford clothing. I want to also uplift them, remind

them of what's important in life, and steer them in the right direction. I hope to have a strong,

positive, and effective impact on children all over the world.

How I will spend my time, talent, treasure, and trust

I would like to give at least three hours of my time daily to an organization in my community

that shares similar values and vision as I do. I'm very good at planning and executing events so I

would love to host fundraisers and plan events for these organizations.

Mission Statement:

My mission is to provide love, hope, happiness, and comfort to children all around the world.

With passion, commitment and determination I plan to make a positive change in the lives of as

many kids as I possibly can.

Financial and Philanthropic Responsibility:

I plan to use my resources wisely and to also place my finances where they are needed the most.

Knowing how to budget money and spend responsibly to ensure that I can reach as many people

as I can.
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What is your desired financial and philanthropic legacy?

I would like to leave behind a legacy that reflects the values that I feel are important to me which

is love, family, honesty, and empathy. I want to make an impact in my community that changes

lives for the better, forever. I want to influence others to be a better version of themselves. I hope

to be remembered as someone who always gave a helping hand to anyone who I felt was in need.

I really feel like the main purpose in life is to love; love yourself, love the people around you,

and love what you do. I embody this and I hope to influence others to do the same so that even

when I'm gone the legacy lives on.

What are the financial and philanthropic consequences for women/men who are not "money

smart" and "inspiring philanthropists?'

If you are not money smart you will most likely find yourself in debt. Also when it's time to

retire one my find that because they never made a retirement fund that retiring may not be an

option for them. Another downfall of not being money smart is when unexpected situations

occur, because one does not have an emergency fund, they will not have the funds to take care of

those things.
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What are various strategies and resources that are available to assist and guide you to influence

others to be money smart women/men?

The Cary Center for the Advancement of Philanthropy and Nonprofit Studies, an academic

center in the College of Human Sciences at Auburn University, provides teaching and outreach

programming focused on financial wellness, philanthropy, and leadership education. The

Women's Philanthropy Board (WPB) serves as the flagship program and is the inspiration and

foundation for the Cary Center's multigenerational initiatives focused on youth, college students,

and adults.
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What are your thoughts about students taking this course? Should all students be required to take

this course? What are your thoughts on establishing a Life & Legacy eFolio and being a part of

the AU ePortfolio initiative?

I enjoyed designing my ePortfolio, I learned things about myself I didnt realize before this class.

It's a great tool to put all your thoughts and goals on I'm so thankful for this course and all the

many skills I've learned that will be used in order to help me navigate through life. I think all

students should be required to take this class because it teaches you things that other classes

don't. Students need to know how to maintain financial independence and become a responsible

adult. Before taking this course I had not taken one class that would prepare me for life after

graduation. I've always been a little nervous about going into the real world but now not so

much. I feel so much confident going forward and I will always remember to go back to the big

four and "ERA". Thank you

Recovery is key.

"It's not about how many times you fall, it's all about how you get up"
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Work Cited

Money smart women by Janet Bodnar

Inspired Philanthropy by Tracy Gary

http://www.carycenter.auburn.edu/