Photo: Manisha Thakor
The Practice of Personal Financial Empowerment
BY MAGAZINE EDITOR SUSAN MAIER-MOUL
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In a 2008 survey about yoga in America, the magazine Yoga Journal found over 70% of people who practice yoga are women.
Although only 24% of the households where someone practices yoga had an income over $100,000, the survey documented an 87% increase in the amount of money spent on yoga lifestyle and products during the years between 2004 and 2008.
That’s right: an 87% increase in spending during years the practice community shrank by nearly a million people. It adds up 5.7 billion dollars every year, overwhelmingly spent by women, over half of whom have a household income below $75,000.
Those numbers ought to raise an eyebrow. Women in yoga are missing the Real Life big picture on how money works.
Thinking clearly and powerfully about money
The Magazine of Yoga invited women’s financial expert Manisha Thakor for a conversation about The Yoga of Personal Finance. Manisha’s advice has been featured and applauded from BusinessWeek and NPR to CNN, Real Simple, and US News & World Report.
She describes her vocation as “fire-in-the-belly passion to teach you how to master your money.”
Manisha begins by explaining her conviction women lack financial literacy is based on hard facts.
Statistically speaking we earn less, live longer, and spend more time out of the workforce caring for family than men. As a result, 2/3rds of women over the age of 65 today rely upon meager social security payments as their primary source of income.
I focus on women because I want to change these gut-wrenching statistics.
Doing well in order to do good
Taking daily conscious steps to build a strong personal future ought to feel optimistically and energetically “like-minded.” If it sounds dull, self-denying or irrelevant to your practice, it may be time to invest in some financial literacy instead of another piece of yoga lifestyle.
Susan Maier-Moul The core principle of the community of The Magazine of Yoga is “The life you’re living is the yoga you’re doing.” Is there a parallel in every woman’s financial state in terms of purposeful living or self actualization?
Manisha Thakor As a personal finance expert focused on women, my mantra is “Own Your Finances. Own Your Life.” I believe that the reason every woman (and man) should strive to master their money… is to give themselves the power to create the lives that make their heart sing.
Susan Is it possible to see good money habits as a practice that demonstrates dealing in good faith with ourselves, and in what we’re here in this life to do?
Manisha To me, the real magic of money is its ability to give you the choices, options, and freedom to live your life on your own terms. So rather than your net worth being a sign of your self worth – I view it as being a power tool that you can use to pursue your passions and put your gifts to use for the betterment of all.
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Sharpen your skills with Manisha in person
Women and Power 2010: Our Time to Lead
Omega Institute, September 24th – 26th
Want more financial love? You can follow Manisha on Twitter at @ManishaThakor and sign up for her email updates here. Manisha Thakor, personal finance expert for women, can be reached via her website, www.ManishaThakor.com.
We may publish any content, comments or ideas sent to us.
Name may be withheld by request.
© 2011, The Magazine of Yoga, LLC.