How to make financial security a reality?

Women grow up in households where a man stereotypically handles the finances. And guess what? She defers financial planning to the partner whom she trusts. Frankly, both partners need a voice in the relationship regarding the finances.

When it comes to saving for retirement women have numerous stumbling blocks such as time for caregiving, lesser paycheck, longer lifespan and much more.

Let’s be honest, women give up too much.  A bigger percentage of women opt out of employment to nurse their babies, unfortunately, it may lead to long-term risks of economic dependency.

Sadly, a partner may die or become incapacitated. What if your marriage ends in divorce? Yet, many women don’t fully give much thought to the importance of personal financial planning. It is a responsible thing for a woman to help her aging parents as well as her children at the university but it becomes a problem when she doesn’t take care of her own financial needs first.

Educating self

Financial literacy impacts on a woman’s present and future life. Literacy will open more doors for opportunities. She can read investment pdf books for example. Women can make very good strategic planners because they can multi-task. You can develop a financial plan as a couple and review it annually or quarterly. Did you know that finance is a bigger cause of stress? Therefore, improving your financial literacy consequently recovers your health and happiness.

Seek professional advice

A woman can find herself unemployable in the industry she has been thriving because of a break from the career she took during childbirth. Are you a coachable and passionate woman?  You don’t need one magical person in your life to mentor you instead have mentoring moments to help push your career to the next level. Surround yourself with people who are willing to help you discover your strengths and talents.

Don’t postpone your plan for retirement

While most men begin planning for retirement in their 40s it is not a priority for the majority of women. If you invest early for retirement you do not have to depend on your relatives and friends for survival once you retire. When you effectively plan for retirement you can enjoy world tours, hobbies or even buy gifts for your grandchildren.

Have multiple income streams

Let’s face it if you rely on a single stream of income it is like sitting on a legged chair. You sit precariously. If you lose that job your life crumbles.

Using loans to purchase personal liabilities

A woman should invest in assets that put money back in her pocket. It is awesome to look smart but fashion and trends come and go. Spend on quality wear not quantity. You can buy boots that can stand winter for example rather than something you will wear twice. In fact, what you spend in grocery can be compared to the cost of ads! Paying too much for a block of cheese is spending foolishly.

Finally, it is a fallacy for a woman to believe that she will not be responsible for her future standard of living. She takes charge of her life in retirement when she learns how to achieve financial security. In fact, most women count on their husbands to support their lifestyle. Honestly, they are wicked to themselves! The prevalence of divorce puts such women into financial insecurity which is why many women in their later years live below poverty lines.