Women ARE different!
There are obvious reasons about why women are different but my focus is why they are different when it comes to anything financial. Women historically have had to depend on their father’s or husband’s income and earning power for their financial security. I’m not suggesting that is what women wanted, but that’s what has happened. I am also not lumping all women into that statement.
Women have taken over the workplace yet they still make less than their male counterparts. So when it comes to saving and investing women need to be more frugal and diligent about what they are doing with their money. In order to gain financial independence and security women will need to educate themselves about topics that normally haven’t been the top of mind. One way to start is to ask other women in your life if they have a plan for financial security, retirement, and savings. Look for groups in your community that focus on helping or educating women about finances or retirement planning. Go to the library and research financial/retirement planning. You have to start somewhere and education is the first best step.
Once you have learned and understand the basics of how much to save, how much to invest, what insurance you should have, and you have a plan the next step should be sticking to that plan! Women are pulled in many directions with their families, with work, volunteering, caring for aging parents, etc. that their financial planning falls into last place at the end of the day. If you don’t make it a priority than you will not achieve the goals you’re mapped out for yourself. If looking at your overall financial picture on a monthly basis is too much than do it quarterly. Just make sure you keep it a priority.
Another opportunity is to start a women’s financial circle which is the same idea as a book club. Plan an afternoon where you get together with other women and discuss top news issues related to finance, retirement, insurance, philanthropic gifting, banks, bank fees, investment opportunities, and financial planners that you may be working with that have helped you that may be willing to talk to your group. The topic list is endless! This is also an opportunity to discuss pitfalls, concerns, problems, lack of knowledge, etc. Women prefer a different kind of communication and having a more intimate environment invites broader conversations about wealth and giving back.
Remember women are different, women are caregivers so it is a natural progression for an individual or group to begin to look outside itself to help others. The financial circle can also be a place where, as a group, you combine wealth to make a larger philanthropic impact to an organization that everyone has agree on. Combined funds mean a larger gift!
In this 21st century, with less income for doing the same job as a male counterpart, for multitasking life’s demands, and for living in an economy that is not stable… NOW is time to take control and change the history of women relying on someone for their financial security.