10 Ways For Women To Achieve Financial Independence

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.

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

1. Women Need to Become More Financially Confident

Eight out of ten women are uncomfortable discussing money with others. As women gain more confidence, they will be able to handle their money and finances better.

Women should use their earned income to invest in stocks outside their retirement accounts. However, studies point out that women favor cash over stocks.

2. Women Should Also Be Investors Outside Of Retirement Accounts

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.

3. Women Need Financial Independence

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.

4. Women Need To Negotiate

5. 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.

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