| On average, women live approximately seven years | | | | of the month. |
| longer than men. But very often women never | | | | The The great Henry Ford once said: |
| provide for themselves sufficiently to have enough | | | | You dont get rich by that what you earn. You get |
| money to live on, and being financially secure during | | | | rich by what you dont spend. |
| those extra years. | | | | If you're a home-mom with only your husband |
| Most women are up against more and different | | | | working, you can open up a spousal IRA in your |
| financial challenges than men. On average, they | | | | name. Your husband can contribute to it and you'll |
| unfortunately still dont earn as much as men do, and | | | | both have more money during retirement. |
| chances are that they are more likely to take time | | | | 2. Make sure that you have enough investments. |
| off during their careers to raise children. Furthermore, | | | | Now I dont necessarily mean stocks, options, futures |
| women tend to invest less than men do. | | | | or commodities. Depending on your knowledge about |
| All this results in financial difficulties and hardship for | | | | the stock market, these may not be suitable for you |
| many women later in life. | | | | cos they do bear certain risks. What I mean is having |
| 1. Most married women leave financial matters to | | | | policies like mutual funds or life insurance to cover at |
| their husbands. So, if you are married, don't leave the | | | | least five years of income. |
| financial planning to your husband alone. Because | | | | 80 90% of all investments should be invested in |
| marriage should be a 50/50, or win-win situation | | | | secure and long-term policies! |
| anyway you must always stay involved as an equal. | | | | Half of all marriages end in divorce, and three |
| As I already mentioned in a previous article that I | | | | quarters of all women are eventually widowed. Good |
| wrote, never give control over your money to | | | | investment policies can also account for an |
| someone else! I cant stress this enough. Ive have | | | | unexpected illness or accident that can impair your |
| seen people go down financially before my very | | | | finances. If your employer doesn't offer it, obtain |
| eyes because of this fatal mistake. Lucky for one | | | | individual coverage youself. What is also a good idea |
| person that shes my own mother! At least me and | | | | is to have up to 3 monthly salaries stashed in your |
| other family members can support her, because my | | | | bank account that you can get hold of quicklyjust in |
| father doesnt. | | | | case! |
| She left all the finances in the hands of my father | | | | 3. Never cash in on retirement funds! To many |
| that unfortunately didnt know the very first thing | | | | people end up cashing in their retirement fund |
| about controlling and handling money. He had | | | | balances (whether its a 401 (k) or any other |
| absolutely no money management skills whatsoever. | | | | retirement plan) when they change jobs. |
| And then they separated after 30 years and the | | | | Still others take out loans against their balances, |
| financial downward spiral started. | | | | permanently reducing the amount of earnings they |
| If you're not involved in your day-to-day family | | | | would have accumulated. |
| finances, you're putting yourself at risk. | | | | If you want to accumulate wealth, tax-deferred |
| So if you're married and you let your spouse handle | | | | retirement plans like 401(k) plans are a great way to |
| all the financial matters, you're at risk if your spouse | | | | do it, but resist the urge to tap those funds before |
| dies or becomes seriously ill or if you divorce. Know | | | | retirement cos thats not the idea of a retirement |
| the details of your family's finances, investments, | | | | plan! |
| debts, retirement savings, etc. Discuss your savings | | | | Also people that emigrate into another country cash |
| options with your husband and learn your financial | | | | in their retirement balance and wast it for things like |
| options. | | | | the move, the flight into the new country, new |
| Don't turn your investments and financial affairs over | | | | furniture or a new car cos the old one wasnt worth |
| to a broker or financial consultant either without | | | | taking along anymore, etc. |
| keeping track of what is being done with your | | | | Thats not the idea of a retirement plan either! If you |
| money and being involved in investment decisions. | | | | change countries you should know 2 things: |
| Never give control of your money to anyone else. | | | | - Is it temporary |
| NEVER!!! | | | | - or it it permanently? |
| By the rule of thumb men should save 10% of your | | | | If its temporary, then leave your money where it is |
| gross income each year. Women however, should | | | | and let it grow earning interest. |
| save at least 15%. This is to account for their longer | | | | If its permanently, then you can cash in whatever |
| life expectancy and the loss of salaries many women | | | | youve accumulated so far and reinvest it in another |
| face when they raise their children. | | | | retirement plan in the country youre now living in. |
| Now I know that for many women 15% is a lot of | | | | And if you have an even better ideagreat! Well done! |
| money. It all boils down to money management again. | | | | As long as you dont squander you retirement plan |
| To gain wealth and financial freedom, you should | | | | flushing it down the drain! |
| always pay yourself first and then live on whats left | | | | All the best! |
| and not spend first and save whats left at the end | | | | |