“Full Disclosure: This is a sponsored post for SheSpeaks/Prudential.”
Long gone are the days when women stay home to raise children while their husband goes off to work. Many of my female friends are the sole breadwinners in the family. Several have adopted children without being in a relationship. Divorce is now more common. Some women work multiple jobs to provide while waiting for a child support check. Women have made great strides in the past few decades. We were so close to electing our first female president. As role models and mothers we need to inspire our children to push through glass ceilings to achieve their goals.
Prudential has been researching the financial challenges women face. It’s no secret that women earn significantly lower wages than their male counterparts – the average woman working full-time earns 79% of the income earned by her male counterpart1. Plus, women don’t invest to the same degree as men.2 Did you know that women also spend an average of 28 hours per week on household chores?3 This time is often not considered when women are planning for life insurance. In addition, women typically live 5-6 years longer than men4 and need to be prepared financially for retirement. Finances shouldn’t be taboo. Why is this a touchy subject with even your closest confidant? Lets breakdown those walls and learn how to prepare your finances for any situation you might face. I want to empower you to feel confident to secure your future financially, to overcome these challenges.
When our youngest son was diagnosed with leukemia at the age of seven. I quickly realized how fast the “safety rug” can be pulled right out from underneath of you. The truth is we can be just one medical diagnosis away from financial disaster. Our family went from living comfortably to being saddled with medical bills. It is essential to prepare your finances for any situation your might encounter.
Tips To Prepare Your Finances:
1. Start saving early. Set up a college fund for your children at birth. Each birthday and holiday deposit 75% of the money you budget to spend on gifts in their college fund. Money wasted on toys that kids lose interest in can add up quickly. Invest in their future not excessive material items.
2. Make Smart Choices. My goal as a young woman was to own my first home before the age of 20. When I met my husband we decided to have a small wedding. We used the money we saved to buy our first home instead of wasting it on a huge wedding that would cost a lot of money. We took possession of our new home. A week later we got married in the backyard under the oak tree. We saved so much by choosing a small wedding and started our future off together on the right foot by investing in real estate instead of throwing money out the window by renting a place to live.
3. Further Your Education. Obtaining a degree will position you to earn more over your lifetime. Those who earn more, have a larger amount of expendable income to invest in their future for retirement.
4. Take Action. The best way to prepare your finances for the future is to take action and commit to your financial success today. It’s easy to get caught up in daily tasks, chores, and spending time with family. Trust the professionals at Prudential to guide you through the process to prepare your finances to succeed as a smart woman to own your future.
- Source: U.S. Census Bureau, Historical Income Tables Table P-40: Women’s Earnings as a Percentage of Men’s Earnings by Race and Hispanic Origin, 2016
- Source: http://fortune.com/2016/05/11/sallie-krawcheck-ellevest-launch;
- Source: Organisation for Economic Cooperation and Development, October 2016, http://stats.oecd.org/index.aspx?queryid=54757
- Source: Prudential Retirement analysis; National Center for Health Statistics, Health, United States, 2015: With Special Featu