March is Women’s History Month: Are you a Sugar Momma or a Kept Woman?

The definition of a Kept Woman has several meanings. Throughout history a Kept Woman has referred to a mistress, housewife or woman who was dependent upon a man for all her financial support. As we fast forward to the year 2011 the definition has not changed greatly.

As we celebrate Women’s History Month 2011, it is interesting to make note that in the United States women are the primary breadwinners in 40-42% of homes. Women under 30 years of age typically out earn men in the United States. Thirty seven percent of the women in China and Taiwan are the primary breadwinners. Times are changing. However, much of the research has failed to disclose how many women are the primary breadwinners due to being a single mom or head of household whether through choice or divorce.

As a woman business owner are you Sugar Momma or a Kept Woman? Does your business bring in enough revenue to support you and your family in the lifestyle it would like? Does your business still rely upon family income to keep the bills paid? I often meet women who say they are a business owner but in actuality they are a Kept Woman. If you are the Sugar Momma have you protected you and your business in the event your partner divorces you? Many men will joke that they would love to be a kept man or stay at home dad but my experiences have shown me that rarely can a man’s ego handle being in a relationship with a woman who out earns the man. Women need to protect their personal and business assets.

Being a Kept Woman has its advantages. It allows you to have fun while pursuing your passion and not always facing the tough challenges that a business owner deals with on a daily basis. A Kept Woman does not worry about meeting payroll or paying the bills. She is less focused on maintaining a budget. The advantage is that she has the money to grow her business without worry. This is a great position to be in and envied by many. However, the Kept Woman must note the current trends taking place in the courtroom. In the event of divorce, alimony is rarely awarded to the woman. If the spouse were to pass away is there enough insurance? I have personally witnessed women being left with nothing due to the spouse passing way and the will not being updated to include the current wife. Life insurance policies often do not get updated if there have been one or more marriages or spouses. The first wife, due to oversight, will get everything. Do not let this happen to you. Be prepared to go from Kept Woman to Sugar Momma as smoothly as possible.

Regardless if you are a Sugar Momma or a Kept Woman you need to embrace the choice you made. In America we have the freedom to choose. Women’s History Month is a time to self reflect on the sacrifices women before us have made so that we can enjoy the freedoms we enjoy today. As a retired United States Marine, I am eternally grateful for the women who served before me and blazed the trail so I could enjoy a twenty year military career. I also revel in knowing that I blazed the trail for the women serving on active duty today. The women today on active duty are doing things that were unheard of when I served my country. These brave women are blazing the trail for our granddaughters and great granddaughters. Sugar Momma’s I want you to ensure you have your finances in order to protect you, your children and your business. Kept Women, I also want you to ensure you are protected in the event of a divorce or death. Women you must understand your family finances and your business finances. Do not become the next Mrs. Madoff or Mrs. Hearst. Do not lose your fortune or life style as you know it due to not keeping an eye on your finances. Celebrate Women’s History Month by getting your life in order by reviewing your Will and financial plan.