Women simply do not have the same number of years in the workforce as men, for whatever reason (childcare, divorce, health, caring for elders), and women typically earn about 77 cents for every man's dollar (Source: US CENSUS 2004)
As part of my mission to empower women of color, I encourage each and every one of you to take some time to love yourself, care for yourself, and respect yourself when it comes to your money. I have some ideas for you to start below:LOVE YOURSELF:
Be disciplined and straightforward about your savings plan.
Save at least 10% of your gross income every year.
Set your savings on automatic.
Fully fund your 401(k) and IRA, and also pay attention to your taxable accounts.
Start a business to take advantage of tax deductions.
CARE FOR YOURSELF:
Develop a long-term plan and start to check in every year.
Find a CFP or a fee-based planner and have them take a look at your asset allocation: rebalance every year so you are on track with your plan.
Take care of health insurance and life insurance needs.
Diversify, diversify, diversify!
Don't be in a position where all of your equity is tied up in one type of asset. Do be in a position where you can take advantage of down and up cycles.
RESPECT YOURSELF:
Learn the language of investing.
Read articles, news, or finance related items, at least 3 hours a week.
Utilize books at the library and articles online.
Join a women's investment club where you can learn from others in your community.
Always look for a more high-paying job or a better way to create more cash flow.
Be disciplined and straightforward about your savings plan.
Save at least 10% of your gross income every year.
Set your savings on automatic.
Fully fund your 401(k) and IRA, and also pay attention to your taxable accounts.
Start a business to take advantage of tax deductions.
CARE FOR YOURSELF:
Develop a long-term plan and start to check in every year.
Find a CFP or a fee-based planner and have them take a look at your asset allocation: rebalance every year so you are on track with your plan.
Take care of health insurance and life insurance needs.
Diversify, diversify, diversify!
Don't be in a position where all of your equity is tied up in one type of asset. Do be in a position where you can take advantage of down and up cycles.
RESPECT YOURSELF:
Learn the language of investing.
Read articles, news, or finance related items, at least 3 hours a week.
Utilize books at the library and articles online.
Join a women's investment club where you can learn from others in your community.
Always look for a more high-paying job or a better way to create more cash flow.
Feel free to leave your favorite resource in the comments section! And go out there and manage your money!
If you want to know how wealthy women live their lives, check out this list: The 10 richest women in the world. "Millions matter not in a world where the wealthiest are measured in many billions."
http://money.uk.msn.com/mymoney/womenandmoney/article.aspx?cp-documentid=848381&wa=wsignin1.0
Posted by: James B | October 26, 2006 7:37 AM | Permalink to Comment