Tag Archive | Invest Money Wisely

Women Are Getting Better With Money as They Age

Women face multiple hurdles when it comes to money. For example women tend to live longer than men, but make less than men. It seems as though the saying “with age comes wisdom” is really true. Women seem to be getting better with money as they age.

Joanne Hsu is an economist at the Federal Reserve Board. She completed a survey of those age fifty-one and over along with their spouses on financial literacy. This survey shows that men’s financial literacy seems to stay flat over the years, while women’s financial literacy increases.

Hsu believes that there are incentives for women to increase their financial literacy as they get older. There are many different reasons such as getting married, having a child, or purchasing one’s first home. Whatever the reason is, women are using to push themselves to become more financially literate.

One big reason that Hsu believes pushes women into becoming more financially literate is the possibility of becoming a widow. It is well known by now that women tend to live longer than men do. With that being said, if a woman may have to face becoming a widow, it becomes increasingly important for her to become more financially literate so that she can take care of herself financially once her husband has passed.

There is a big correlation between high financial literacy levels and making better financial decisions. This should not surprise anyone. Hsu has been quoted as saying “Given these links, having sufficient financial literacy is becoming even more important since the responsibility for retirement planning has shifted to individuals.”

What does this mean? This means that it is important to have high financial literacy levels in order to prepare better for retirement. Many people are finding that if they increase their financial knowledge they will make better decisions for their future, making it a more financially secure future.

For any woman who needs help but does not know what to do, find a financial advisor. Do not just use the first one that you find. Make sure that you are working with someone who has your best needs in mind. This way you can get help making the best financial decisions you can. If you become a widow before gaining financial education, these financial advisors can really be helpful.

Women are gaining financial knowledge as they go forward in life. This shows us that women are working to become more financially literate. Women are recognizing the various reasons why they need to become financially literate and are working toward gaining the knowledge that they need.

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    What Women Need to Know to Invest Their Money Wisely

    It is a reality that no one wants to face: women do not want to be responsible for their family’s finances. This is a bigger problem than most women realize. If you do not know what you are doing with your family’s finances, how do you expect to invest your money wisely?

    Women need to be financially educated. This is something that they simply cannot afford to skip doing. You must be familiar with your family finances. This is the only way to stay on top of your money. Being financially educated and prepared can save you down the road.

    Get professional advice if you need it. Do not be one of those people who insist that they can figure it out on their own, but then are unable to. Financial advisors can help you make the decisions that you need to make, they can answer any questions that you have, and they can even point you in the right direction in various areas of your personal finance. They even have the knowledge to help you invest your money in the best possible way for you.

    Whatever you do ladies, do not use your 401(k) account as an in and out account. It is not your checking account; you cannot just take money out and put it back. If you take money out you will lose out on the interest that you would otherwise be earning. Even if you replace that money you will still have lost out on the interest you would have earned. This is pretty much losing out on free money.

    Retirement planning seems to be more difficult for women than it is for men. There are various reasons for this but a lot of it has to do with the fact that women earn less than men. Women must remember that retirement planning is a journey and sometimes it can take a while to get to your destination. Again if you talk to a financial planner they can help you invest your money so that you can use the returns for your retirement.

    More than anything women need to step up and take control of their finances. It is not the 1950’s anymore. Women are working and making their own money now and it is not unreasonable to expect you to take control of your finances and your financial future. Do not depend on someone else to do this for you. You do not know what the future holds and therefore you do not know if you will end up having to take care of the finances on your own. If that happens, you need to be prepared by knowing how to handle your family’s finances. So ladies, go out and get financially educated and take control of your finances so you can be in control of your financial future.

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