Women are DIFFERENT

December 2, 2015

Women are DIFFERENT

Women are DIFFERENT when it comes to finances. We need to understand and be COMFORTABLE with MONEY. This will result in becoming better leaders.

I am going to share a couple statistics and why this is so important.

Comfortable With Money

  1. 90% of us will manage our own finances due to death or divorce of a spouse
  2. Statistically, we live longer than men, but have smaller nest eggs.

You say – “OK great – thanks for sharing, but what can we do?”
Understand your finances. Know how the money comes in and where it goes out. Get involved.

  • Make sure you have credit in your name ONLY – a credit card will work. Trying to establish credit once something happens is tough – there is no record of “just you” unless you’ve done this.
  • Know where the money is – how it comes in, where it goes out
  • Know who owns what and who gets it when someone doesn’t come back for one reason or another

The reason we have smaller nest eggs are various.

  • We are in and out of the workforce, usually as caregivers, so contributions to 401(k)s and Social Security can be inconsistent and don’t build up as much as our male counterparts.
  • We still get paid less than our male counterparts.
  • We take lesser paying jobs like teachers and administrators for one reason or another.
  • We tend to be more conservative in how we invest.

Some of the above reasons are out of our control, but here are some actions to take:

  • We can learn to be more assertive and negotiate pay or a raise or “toot our own horn”, all which traditionally women have been taught not to do.
  • Get advice and knowledge about investing – it will help you be more confident and maybe help you take a bit higher risk
  • Take risks and go for leadership roles!

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