Save for your Retirement First, Children’s College Later- Studies show women consistently save for there children’s education well before they start to save for their retirement. As opposed to men who save for their retirement first, then children’s college later, as a result of that men have far more money saved for their retirement even though women tend to outlive men.
Start Saving Early- Women work fewer hours and take off more time than men do for various reasons like Pregnancy, Caring for Sick Children, Parents, etc. It can hurt your retirement account. Away to combat that is to start early, start saving right when you start working. Even if the amount is small, a little money goes along way. Your money will still grow when you are away for work.
Investing in the stock market- There is no need to be afraid of investing in the stock market. It is important for a woman to have a diversified portfolio of stocks, bonds, mutual funds, etc. However, women tend to stay away from having stocks as part of their overall investment strategy. It is the fear of the unknown, wanting to avoid risks. With the proper research and investment tracking tools, it becomes a calculated risk, which is well worth it in the long run.
It is possible a woman’s priorities maybe a little different than a man’s day today. When it comes to finances we have the same opportunity to plan and secure the life we want in our retirement years. The few tips above will get you off to a great start. “
This was a post that I originally wrote and posted on Financial Highway . They were gracious enough to let me share it with you wonderful Smart Money Chicks.