COME HANG OUT IN THE GROUP
Tuesday, February 7, 2023
Top-Rated Senior Lifestyle Magazine
ADVERTISEMENT
  • HOME
  • ABOUT
    • Our Mission: 50 Plus Today, Senior Lifestyle Magazine
    • Our 50PlusToday Team
    • 50PlusToday Advisory Council
    • In the News
    • Subscribe
    • Contact Us
  • WORK WITH US
    • Be Our Guest – 50PlusToday Online Senior Lifestyle Magazine
    • Advertorials (Sponsored Content) 50PlusToday
    • Online Advertising Agreement
    • Join Our Advance Book Review Team
    • The 50PlusToday SECOND ACT Award
  • HOT TOPICS
    • Health
    • Living
    • Money
    • Second Act
    • Technology
    • Travel
    • Work & Purpose
    • Gift Guides
    • Product Reviews
  • GIFT GUIDES
  • 50PLUS DIRECTORY
    • 50PLUS BUSINESS DIRECTORY
    • EVENT CENTER
      • FIND AN EVENT (FREE!)
      • ADD AN EVENTS (FREE!)
No Result
View All Result
  • HOME
  • ABOUT
    • Our Mission: 50 Plus Today, Senior Lifestyle Magazine
    • Our 50PlusToday Team
    • 50PlusToday Advisory Council
    • In the News
    • Subscribe
    • Contact Us
  • WORK WITH US
    • Be Our Guest – 50PlusToday Online Senior Lifestyle Magazine
    • Advertorials (Sponsored Content) 50PlusToday
    • Online Advertising Agreement
    • Join Our Advance Book Review Team
    • The 50PlusToday SECOND ACT Award
  • HOT TOPICS
    • Health
    • Living
    • Money
    • Second Act
    • Technology
    • Travel
    • Work & Purpose
    • Gift Guides
    • Product Reviews
  • GIFT GUIDES
  • 50PLUS DIRECTORY
    • 50PLUS BUSINESS DIRECTORY
    • EVENT CENTER
      • FIND AN EVENT (FREE!)
      • ADD AN EVENTS (FREE!)
No Result
View All Result
Top-Rated Senior Lifestyle Magazine
No Result
View All Result
Home All Trending Articles

Women & Money – 6 Essential Strategies for Financial Health

05/21/2022
in All Trending Articles, Money
A A
0
women and money
0
SHARES
0
VIEWS
ADVERTISEMENT

Table of Contents

  • Basic Strategies for Women
  • Know Your Money 
  • Discuss Finances in Your Home
  • Communicate With Other Women
  • Prioritize Your Investments
  • Accept a Little Risk
  • Work with a Knowledgeable and Experienced Professional
  • The Bottom Line
Views: 2,716

by Ellen Blake

Some people still think of finances as a man’s world, but guess what? They are wrong. If you’re a woman who is not comfortable making important decisions about money, whether it’s because up until this point you’ve avoided doing so, or because your significant other controls the finances, now is the time to educate yourself . Considering women live about 7 years longer than men, the probability of your having to manage your own wealth at some point is high.

Why is it that many women are not comfortable talking about money? Regardless of what stage of life you are in, starting your career, getting married, buying a home, raising kids, starting a business, approaching retirement or already retired, learning basic money management skills helps you to be more confident handling assets now or in later years. Understanding what you have in terms of family income, savings and expenses is important to help you feel more in control and optimistic about your financial future. The death of a spouse and divorce are life-changing situations and often unexpected; making sure your financial house is in order before tragedy strikes is critical to allow time to deal with the emotions without adding financial stress to the mix.

Basic Strategies for Women

Know Your Money 

Many women are not able to accurately describe how they spend their money and may be overspending without realizing, particularly on household items. Keep a record of your spending for a period of time to help create a budget that works within your means.

Discuss Finances in Your Home

Communication with your significant other is critical. Financial issues and priorities should be discussed openly. The number one cause of discord among couples is money.

Communicate With Other Women

It is good for women to talk to other women about money. Find friends with whom you are comfortable discussing the unique challenges women face in a safe environment.

Prioritize Your Investments

Smart money managers understand active participation is necessary because priorities change over time depending on the phase of life. An important first step is to set up an emergency fund. The next step is to consider what major purchases you plan to make in the next few years. Once the emergency fund and money for short term needs are set aside, remaining funds can be earmarked for long term investing.

Accept a Little Risk

Women tend to be more averse to risk than men, which is both good and bad. Females tend to be more sensible and less likely to chase “Get Rich Quick” schemes. However, risk aversion may prevent women from taking “calculated” risks and promote overly conservative investment strategies. Investments by nature are somewhat risky, but hopefully increased confidence and skills will help best determine which risks make sense.

Work with a Knowledgeable and Experienced Professional

Find a financial advisor with whom you feel comfortable. Some important questions to ask when interviewing a financial advisor include:

  1. What licenses, credentials and other certifications do you have?
  2. How do you charge for your services and how much?
  3. Do you have references?
  4. What services does your firm provide?
  5. What types of clients do you specialize in?
  6. What is your investment philosophy?
  7. How tax efficient is your investment style?

The Bottom Line

When it comes to planning for the future, everyone needs a financial strategy, however it is even more critical for women who may find themselves alone at some point without education or skills in money management. Women have traditionally given control of financial decisions to their spouses, in part due to the time commitment and stress of taking primary responsibility for children and aging parents. We know women and men often don’t have the same relationship to money and believe it is time to level the playing field. 

 

originally posted 6/18/2019
updated 5/10/2022

Previous Post

Your Kids’ Friends: An Untapped Networking Opportunity for Older Job Seekers

Next Post

Still Hot…Just Comes in Flashes Now!

POPULAR

valentine gifts for senior women
Valentine's Day Gifts

18 Unique and Special Valentine Gift Ideas for Any 50Plus Women in Your Life

02/06/2023
valentines gifts for men
Valentine's Day Gifts

18 Creative Valentines Gifts for 60 Year Old Men

02/06/2023
valentine's day gift ideas for seniors
Valentine's Day Gifts

Our Top 25 Valentine’s Day Gift Ideas for 2023 For Your 50Plus Loved Ones (Great Options for Both Men and Women!)

02/03/2023
Next Post
POSITIVE THINGS ABOUT MENOPAUSE

Still Hot...Just Comes in Flashes Now!

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recipe Rating




This site uses Akismet to reduce spam. Learn how your comment data is processed.

As an Amazon Associate I earn from qualifying purposes.

Recent Posts

  • 18 Unique and Special Valentine Gift Ideas for Any 50Plus Women in Your Life
  • 18 Creative Valentines Gifts for 60 Year Old Men
  • Our Top 25 Valentine’s Day Gift Ideas for 2023 For Your 50Plus Loved Ones (Great Options for Both Men and Women!)
  • Code Name Sapphire: A World War 2 Novel by Pam Jenoff
  • Fashion For 50 Plus Women – Ideas for Outfits and Wardrobe Tips

distinctive life
gymglish




Try AARP's #1 Health App Now!

MIGHTY HEALTH is the first fitness and wellness app designed specifically for people over 50.

 

INCLUDES:
*Your own health coach
*Daily workout videos
*Personalized nutrition/exercise plans *Supportive community

START TODAY!

ACCESSIBLE AIRBNB HILL COUNTRY TX

Accessible Airbnb

DISCLAIMER: The health and wellness information included on this website is not a substitute for or a replacement of professional medical advice, diagnosis, or treatment.

Latest Reviews

  • Product Review: The Meatstick 4X
    4.15
  • BOOK GIVEAWAY! The Lipstick Bureau by Michelle Gable
    4.45
  • Once Upon a December by Amy E. Reichert
    4.55

SUBSCRIBE TODAY!


  • Privacy Policy
  • Disclosure
  • Sitemap
  • Contact

© 2022 50PlusToday. LLC All Rights Reserved

No Result
View All Result
  • HOME
  • ABOUT
    • Our Mission: 50 Plus Today, Senior Lifestyle Magazine
    • Our 50PlusToday Team
    • 50PlusToday Advisory Council
    • In the News
    • Subscribe
    • Contact Us
  • WORK WITH US
    • Be Our Guest – 50PlusToday Online Senior Lifestyle Magazine
    • Advertorials (Sponsored Content) 50PlusToday
    • Online Advertising Agreement
    • Join Our Advance Book Review Team
    • The 50PlusToday SECOND ACT Award
  • HOT TOPICS
    • Health
    • Living
    • Money
    • Second Act
    • Technology
    • Travel
    • Work & Purpose
    • Gift Guides
    • Product Reviews
  • GIFT GUIDES
  • 50PLUS DIRECTORY
    • 50PLUS BUSINESS DIRECTORY
    • EVENT CENTER
      • FIND AN EVENT (FREE!)
      • ADD AN EVENTS (FREE!)

© 2022 50PlusToday. LLC All Rights Reserved