10 Ways For Women To Achieve Financial Independence

Women hold two-thirds of the US student debt loan balances They account for 56% of undergraduate students and have more degrees in every higher education category, including doctorates, than men.

There is a greater likelihood a woman will be caregivers to her aging parents or even their spouses. During the pandemic, women left their jobs more often than men.

10 Ways Women Can Become More Financially Independent And Build Their Wealth

#1 Be More Financially Proactive Women in their 20s should be financially enterprising from the start of their careers. That means they should become more aware of starting salaries in their field and understanding its benefit packages.

#2 Women Need To Negotiate Negotiating skills are essential and don’t always come naturally for a woman. Speak up early and often at your interview.

# 3 Saving for Retirement Early Begin to save money for retirement through your company’s sponsored 401K plan. While you may want to set aside a smaller amount initially, aim to at least contribute the amount needed to get your employer’s match if offered.

#4 The Compounding Magic Through the power of compounding returns and a long time horizon, your retirement savings will grow significantly.

# 5 If Married, Both Spouses Should Save For Retirement Both spouses need to share household duties. Division of labor in the home is essential to grocery shopping, cleaning the dishes, doing the laundry, and putting the kids to bed.

#6 Women Need Financial Independence Women need to know how to manage their finances. A recent Gender Gap in Financial Literacy study pointed out, 90% of women will be solely responsible for navigating their finances during their lifetime.

#7 Women Need to Become More Financially Confident Eight out of ten women are uncomfortable discussing money with others. Paradoxically, 75% of women want to learn more about money and to invest.

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