"Of all life's financial shocks, few compare to bringing home an infant. Just one tiny person costs $250,000 to raise — not including college," said Kimberly Palmer, author of “Smart Mom, Rich Mom.”
After becoming a mom to two children, Palmer was inspired to write this financial guide for moms. In her book, she explains how to make intelligent money and life choices. The book provides women of all ages with financial tools that will help them build wealth while tending to their families' needs. Readers will gain insight into saving money, protecting themselves and their families from hard times, purchasing insurance, estate planning and investment planning.
Palmer will discuss her book at the Potomac Library, 10101 Glenolden Dr. in Potomac on Saturday, Jan. 28 at 2 p.m. Admission is free and she will sign copies of the book for purchase.
A Bethesda native, Palmer graduated from the Holton Arms School, Amherst College and graduate school in Chicago. She became the senior personal finance editor of U.S. News and World Report and is now the features editor of the money team at AARP where her focus is on work and jobs content and, as she said, "the next stage of life."
She has written two other books: “The Economy of You: Discover Your Inner Entrepreneur and Recession-Proof Your Life” which tells the stories of 100 successful people who built financial security by launching side businesses and “Generation Earn: The Young Professionals Guide to Spending, Investing and Giving Back.”
"I decided to write ‘Smart Mom, Rich Mom’ because I had written so many articles about money — and I felt there was definitely a lack of articles aimed at moms," said Palmer. "It seemed like financial books for young women all dealt with budgeting, couponing or working while raising children. Many women and moms are savvy, but have the old-fashioned mind-set that their husbands should make all the financial decisions. There is a 90 percent chance that women will end up being in charge of the finances; thus, they need to become the CFO of own households sooner, rather than later."
"In ‘Smart Mom, Rich Mom,’ I address many issues from knowing where the family assets are, to being a part of the sandwich generation and having to take care of both children and parents, to providing a checklist to take action — slow steps toward getting on top of financial issues that really matter. I also offer advice and ideas that the reader can apply to her own life," she said.
Another topic in the book is how to talk to children about money and how to teach them good money habits. Palmer said, "Children need to understand how a credit card is used, why we write checks and put money in a bank, how to save, why we invest in the stock market, and the importance of saving — for college, for retirement, for a vacation — or for something they really really want. The book advises how to answer their questions and open up conversations about money."
“Smart Mom, Rich Mom” has been well-received since it debuted. The New York Times calls it "solid" and "witty," and Foreword Reviews says it brings out the "fun" in funds. Publishers Weekly calls it an "excellent book" and "invaluable resource" that "does much more than fill a niche; it bridges a huge gap."
"Moms manage family finances in countless ways, so their decisions need to be smart ones," said Palmer.