Women And Money: 7 Steps To Better Control Your Finances Story

Women now account for a record 24.2% of those in power in the 116th Congress, more than 2,000 women serving in state legislatures, including women holding the majority within two state legislatures, Colorado and Nevada, and a record number of women running for President in 2020, things are certainly looking up, thank you very much.

But it is not enough…not nearly enough progress has been made for women in many areas of money management, wages, investments, retirement yet women are more educated at higher levels and live longer than their male counterparts.

This age gap can cause retirement issues for women. Gender gaps remain but are narrowing, especially for younger women.

There are actions women can take to achieve increased wealth accumulation.

Set financial goals and commit to achieving them.  Start a budget, spend less in areas you can target and get easy results.

Education is always important and a great equalizer in our society.  Women should target higher paying undergraduate majors such as in finance, technology, nursing, and medicine.

Financial literacy workshops are important especially if they are devoted to women.  They are increasingly available in our communities, in our colleges, and in our workplace.

Invest your savings for workplace retirements accounts but set up investing accounts once you have an adequate emergency fund.  Your  cash and bank accounts provide liquidity but leaving all your savings in zero or low interest-bearing accounts will not keep pace with inflation longer term.

Women tend to be better investors than men. According to a 2017 Fidelity study, women are better investors than men but don’t realize they are. Only 9% of women believe they could outperform men with respect to investor returns, in reality women performed 0.4 percent better in investment returns than men.

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