10 Ways For Women To Achieve Financial Independence

“The question isn’t who’s going to let me; it’s who’s going to stop me.” Ayn Rand “Everyone has inside of her a piece of good news. The good news is that you don’t know how great you can be!” Anne Frank

By being women, we have different financial hurdles to overcome:

Gender gaps persist Women’s pay is 10%-20% less than those of men. Even at the low end of the range, the cumulative effect of starting at a lower base at age 25, with raises on that smaller amount, will provide 38% less wealth for women by the time she reaches 85 based on a UBS study.

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. That’s when you have the most leverage. Ask for a raise just as your male counterparts do. Research what your worth is and be able to explain why that is so.

#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

Upping it to the maximum amount allowed of $25,000 annually ($19,500 for 401K plus the $6,000 for the IRA) in monthly increments, your retirement savings will balloon to over $3.9 million.

# 5 If Married, Both Spouses Should Save For Retirement

Married couples, if they are both working, should save in their respective employer-sponsored retirement accounts. They should take advantage of their employer’s match contributions, if available, by meeting the required minimums.

Women can achieve financial independence by being more proactive about money. They should take control over their finances: how they earn, save, invest and manage their finances. During most of my marriage, I have been the breadwinner, outpacing my husband in compensation due to a different career path, determination, and some luck.

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