You may recall that back in April, the world’s largest retailer faced the prospect of a class action lawsuit with an estimated 1.5 million plaintiffs. Women workers at Walmart were claiming gender discrimination as a result, they said, of few promotions and lower wages than their male counterparts. The 9th Circuit Court of Appeals gave the thumbs up on the suit although the number of plaintiffs was reportedly reduced by nearly two-thirds.
Last week, Walmart asked the U.S. Supreme Court to overturn that lower court’s ruling. The company claims the 9th Circuit’s ruling is at odds with previous rulings by the high court. Walmart attorneys, of course, say if the Court of Appeals ruling is allowed to stand, it will have huge implications for other businesses. Not promoting or paying women equally with their male counterparts? Yeah…I’d say we’re all interested in that. The Supreme Court should decide whether they’ll hear the case later this year. Hang in there, gals! Until next time, here’s to good planning!
There’s been so much going on lately, what with the markets and Greece, etc. But I want you to know about 2010’s Equal Pay for Equal Work Day…..April 20th. In order to make the same money that a man did in 2009, the average woman had to work the additional 100 days in 2010. Ladies, don’t we work hard enough as it is?
For those of you keeping track, it’s almost 50 years since the first Equal Pay Act was passed by Congress, yet women working full time still only earn 77 cents for every dollar a guy pockets. African American women earn 61 cents; Latinas, 52 cents.
There’s another move at the federal level, with bipartisan support, to level the paying field. The House has already passed the Paycheck Fairness Act (S.182) which would require employers to set wage differentials based on anything other than gender. It’s now on the Senate side. So, come on folks, call your Senators and ask them to support the Paycheck Fairness Act. Higher wages mean a higher benefit from Social Security. I’m sure I don’t have to tell you how important that is. Until next time, here’s to good planning!
Sometimes in life you just know you are right. The naysayers will tell you not to bother…that you’ve got no chance. Just forget about how you were treated…let go of it….and get on with your life. I’m sure Betty Dukes and the six other plaintiffs heard all that and more back in 2001 when they filed a class-action gender discrimination lawsuit against the world’s largest retailer, Walmart. Their complaints were the usual ones that women face in the workplace: fewer promotions and lower pay than their male coworkers.
Earlier this week, the 9th Circuit Court of Appeals in San Francisco gave a close (6-5) thumbs-up for the class-action lawsuit to proceed. The court didn’t rule on the allegations of discrimination. But, with roughly 1.5 million plaintiffs, a successful outcome could have far reaching implications for women workers everywhere. Walmart has fought the allegations vigorously and vows to appeal to the U.S. Supreme Court. You think it doesn’t matter who is on the high court?
Assuming this gets resolved, a loss for the company might turn its slogan into the usual battle cry for corporations over their workers: “Save Money, Live Better”. It’s just another reason to support your local stores who hire local people! Until next time, on this national Save the Frogs Day, here’s to good planning!
I’ll do virtually anything for a good photo. Despite being acrophobic, several years ago I climbed more than 75 steps to get to the top of Boston Light, the oldest lighthouse in America. (I’ll add some of those shots to this blog as the weather warms.) My photo shoot budgets average somewhere between zero and the cost of batteries. For Annie Leibovitz, the famous photographer, it was lavish photo shoots that, reportedly, put her in a $24 million hole. She almost lost her home and the rights to all of her 100,000 photographs. Last week she cut a deal with a private investment firm that will help her market her photographs and manage her debt. She’s the best example I’ve got of late for why it’s important to have a budget and live within your means.
That investment firm, Colony Capital LLC of Santa Monica, CA, will be her sole creditor. In addition to her home, there are two additional Manhattan town houses. The real estate alone is valued at $20 million. No other details have been released. I hope Colony Capital can help keep her on track so she can focus on her photography. Remember the magazine cover with a nude and pregnant Demi Moore or Whoopi Goldberg in a tub of milk?
This economy continues to be very tough for many people. Cash flow is tight and millions of Americans are still struggling. Please cut your expenses and keep working to pay down your debt. Let me know if you need a budget form. Until next time, here’s to good planning!
A Maryland nurse came out on top last month in her battle with the Internal Revenue Service. In the process, she may have helped thousands of other students who are getting their M.B.A. degree.
Lori Singleton-Clarke started working toward her Masters of Business Administration through an online degree program in 2005. When she filed her 2006 federal tax return, her tax preparer told her she qualified to take her $14,787 tuition expense as a deduction. When the IRS audited her return in 2006, they disallowed the deduction. Lori (who keeps and files every receipt) kept rereading Publication 970 (Tax Benefits for Education) and continued to believe her deduction was justified. She couldn’t afford to hire an attorney so she handled the many, many letters and meetings with IRS representatives, digging in her heels as the process continued. Ultimately, she took her case to the U.S. Tax Court. Since her case was before the Tax Court, she didn’t have to pay the contested amount before going to trial.
Ms. Singleton-Clarke’s skills as a nurse came in handy. Used to being brushed off (or even ignored) by physicians and surgeons, she was not intimidated when she had her day before Judge Stanley Goldberg in the Tax Court, late in 2008. She sat at one table…..the IRS’s two attorneys and several paralegals were at the other. (If I ever spend time in a hospital, I want a nurse like Lori!) Judge Goldberg later praised her preparation and presentation skills in an interview after he issued his ruling. This case will provide a roadmap for others earning their MBA, and, perhaps, other professional degrees. Good work! Until next time, here’s to good planning!
Men and women definitely have different experiences and perceptions about money and finances. I’d like to pass along some ways that women can change their lives by changing these habits. This comes from the Women’s Institute for Financial Education, www.WIFE.org:
1) Dependence on Others – forget about the white knight riding in to sweep you away
2) Putting Things Off – Don’t procrastinate and get stuck. If you take small steps you’ll build confidence about your ability to manage your finances
3) Allowing Fear to Take Over – The market dives of 2008 and 2009 are the best example: people buying high and selling low. Have a long-term investment plan and stick to it. In the end, you’ll be better off
4) Not Having Goals or Direction – How can you get anywhere if you don’t have your roadmap? List your goals with steps to achieve them
5) Not Investing in Your Career – If you put your career on hold to raise a family, you may be hurting your chances for a secure retirement. You’ve got to have those 40 quarters of employment to qualify for Social Security. Keep in touch with former bosses and take classes to keep current
6) Not Being Ready When Your Marriage Ends – Whether it’s divorce or death, all marriage end. Have a frank discussion with your spouse/partner about finances. Both of you need to be able to survive and thrive no matter what happens
7) Not Getting Good Professional Advice – Everybody’s got an opinion about what to do. It’s pretty daunting and easy to get confused. Talk with a lawyer, financial professional, and tax person to make sure you’re doing everything you can to plan for your future
Start 2010 off right! Take charge. Until next time, here’s to good planning!
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