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Financial Tips For Women

On average, women live approximately sevenThe  The  great  Henry  Ford  once  said:
years longer than men. But very often women
never provide for themselves sufficiently to"You don't get rich by that what you earn.
have enough money to live on, and beingYou  get  rich  by  what  you  don't  spend."
financially  secure during those extra years.
If you're a home-mom with only your husband
Most women are up against more and differentworking, you can open up a spousal IRA in
financial challenges than men. On average,your name. Your husband can contribute to it
they unfortunately still don't earn as muchand you'll both have more money during
as men do, and chances are that they are moreretirement.
likely to take time off during their careers
to raise children. Furthermore, women tend to2. Make sure that you have enough
invest  less  than  men  do.investments. Now I don't necessarily mean
stocks, options, futures or commodities.
All this results in financial difficultiesDepending on your knowledge about the stock
and  hardship  for  many women later in life.market, these may not be suitable for you
'cos they do bear certain risks. What I mean
1. Most married women leave financial mattersis having policies like mutual funds or life
to their husbands. So, if you are married,insurance to cover at least five years of
don't leave the financial planning to yourincome.
husband alone. Because marriage should be a
50/50, or win-win situation anyway you must80 - 90% of all investments should be
always  stay  involved  as  an  equal.invested  in  secure  and long-term policies!
As I already mentioned in a previous articleHalf of all marriages end in divorce, and
that I wrote, never give control over yourthree quarters of all women are eventually
money to someone else! I can't stress thiswidowed. Good investment policies can also
enough. I've have seen people go downaccount for an unexpected illness or accident
financially before my very eyes because ofthat can impair your finances. If your
this fatal mistake. Lucky for one person thatemployer doesn't offer it, obtain individual
she's my own mother! At least me and othercoverage youself. What is also a good idea is
family members can support her, because myto have up to 3 monthly salaries stashed in
father  doesn't.your bank account that you can get hold of
quickly...just  in  case!
She left all the finances in the hands of my
father that unfortunately didn't know the3. Never cash in on retirement funds! To many
very first thing about controlling andpeople end up cashing in their retirement
handling money. He had absolutely no moneyfund balances (whether it's a 401 (k) or any
management  skills  whatsoever.other retirement plan) when they change jobs.
And then they separated after 30 years andStill others take out loans against their
the  financial  downward  spiral  started.balances, permanently reducing the amount of
earnings  they  would  have  accumulated.
If you're not involved in your day-to-day
family finances, you're putting yourself atIf you want to accumulate wealth,
risk.tax-deferred retirement plans like 401(k)
plans are a great way to do it, but resist
So if you're married and you let your spousethe urge to tap those funds before retirement
handle all the financial matters, you're at'cos that's not the idea of a retirement
risk if your spouse dies or becomes seriouslyplan!
ill or if you divorce. Know the details of
your family's finances, investments, debts,Also people that emigrate into another
retirement savings, etc. Discuss your savingscountry cash in their retirement balance and
options with your husband and learn yourwast it for things like the move, the flight
financial  options.into the new country, new furniture or a new
car 'cos the old one wasn't worth taking
Don't turn your investments and financialalong  anymore,  etc.
affairs over to a broker or financial
consultant either without keeping track ofThat's not the idea of a retirement plan
what is being done with your money and beingeither! If you change countries you should
involved in investment decisions. Never giveknow  2  things:
control of your money to anyone else.
NEVER!!!-  Is  it  temporary...
By the rule of thumb men should save 10% of-  or  it  it  permanently?
your gross income each year. Women however,
should save at least 15%. This is to accountIf it's temporary, then leave your money
for their longer life expectancy and the losswhere it is and let it grow earning interest.
of salaries many women face when they raise
their  children.If it's permanently, then you can cash in
whatever you've accumulated so far and
Now I know that for many women 15% is a lotreinvest it in another retirement plan in the
of money. It all boils down to moneycountry  you're  now  living  in.
management again. To gain wealth and
financial freedom, you should always "payAnd if you have an even better idea...great!
yourself first" and then live on what's leftWell done! As long as you don't squander you
and not spend first and save what's left atretirement  plan  flushing it down the drain!
the  end  of  the  month.
All the best!



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