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Stop looking at the world through eyes of scarcity. Instead, open your mind to the riches all around you! Spending leads to debt. Shash—You are SO right. What are some of the unique issues women face in retirement? Of course, a longer life could mean the need for more money in the later years. Actually my husband plans on spending way more money in retirement than I do. Just wondering out loud this morning. Nothing in the article implied that the book spent much time on really getting to your focus so you can make these choices.
Kelley, women in general face myriad challenges. Women are more likely to be single parents, and that comes with both costs and limited income in some cases. All of this results in less in retirement savings and social security incomes. When we retire, we have less money AND we typically live longer. For those of us who are married, we lose part of our income if our husbands die before we do… we get a portion of social security income, and ditto for a pension if your spouse is lucky to have a pension.
If you spouse has a k, you do get to keep those funds. One good think about the switch from defined benefit plans ie pensions to defined contribution plans ie the k.
How money-savvy are the millennials?
Any book geared toward personal finance for woman should include information on salary negotiations. It seems that fewer women negotiate their salaries then men and yet we read very little about it. Is it because women earn less and live longer? Sounds like the book fell short on this message. I picture a salesman right in front of me, and wish I could take back some of my decisions based on that thinking. The problem comes when people ask that question and answer it with a high interest loan!
So each individual earns their social security benefits by their work history over the course of their lives. This was specifically written into the rules to protect stay at home parents wives whose husbands were the primary earners for the families. I thought it would read kind of condescending and out of touch but I was pleasantly surprised by his insight into the kinds of financial issues he actually sees women his clients facing all the time. He talks about both married and single women, women with and without children, with and without their own careers if partnered, etc.
But like other comments have noted, women do generally have less secure retirement savings for several reasons not every woman out there, but on average. Kelley and HollyP: To add to that, women are more likely to take time off or help out with the care of ageing parents.source link
Reducing Financial Stressors Guest: Marcia VanderWoude, Author of Savvy Women, Smart Choices
This is the mindset that leads us all down the primrose path to debt and paycheck to paycheck living. The mindset shift is about making a long term lifestyle change and determining what is most important in life. These are the factors that have helped me turn things around. April, thank you for this great article!
Thank you again for highlighting these differences. Enjoyed the review. I think I will add this to my reading list. I personally love the cover because the woman is casually dressed in beautiful serene surroundings -I get the sense that she is either comfortably retired or on an extended vacation. Either way money does not seem to be a concern. My mindset has changed, having the ability to afford something may mean best case scenario I can buy it in cash, or save for it — or put a HUGE down payment, and use credit for a limited duration of time.
I think his book Rich Dad, Poor Dad is a classic for a reason. My fiscal philosophy is an amalgam, I like to pick up nuggets from lots of different places and adjust it to fit my needs. With some personal finance books, dismissing the entire work just because of one point of contention is fool hardy. I too think this particular book cover was well designed. If you set yourself up thoughtfully, retirement problems are just a heckuva lot less likely to arise.
What I would like to see, that seems to be missing in most PF books, is a discussion of the key correlation between good physical health and a secure financial life. Why is there a need for books of this type specifically addressed to either gender? Indeed why is there a gender segregated personal finance market at all?
Smart Savvy Summit | Bassett Associates
This has always baffled me. I will be rereading her book, again, and working the principles, again. This author sounds like she is on a good track. I get bored of blogs and books that target me as a shopper. As I watch the next generation of women grow- there seem to be as many women out there who depend on their man to be the primary income which my man was and still is without the smarts to save a part of that income for themselves.
A marketing gimmick? Sure, but whatever gets people to consider good financial habits, I say. Re: Kiyosaki.
As I recall, his book had some good ideas at the beginning, but then it ends up being all about flipping houses in Phoenix and attending his seminars and we know how the Phoenix real estate market ended up…. Second of all, one of the largest struggles in saving for retirement is continual salary increases — raises act as the power of compounding, except against you. This, to me, has little to do with being a woman and a lot more to do with willfully ignoring your finances.
Your email address will not be published. Author: April Dykman As a freelance writer, editor, and blogger, April Dykman specialized in personal finance, real estate, and entrepreneurship topics.
Like What You've Read? Nice review. Sounds like a book the Mrs. Join us free on. In a recent Business Insider article , questions arose on how smart women can — and do — get stuck in their professional lives. They analyze all the options, set goals and create a well thought-out, perfect plan. This may have worked well while attending school and feel like a logical way to approach a new endeavor.
However, many major life improvements and career trajectories rarely have clear paths or destinations. Also, since smart women often do things well, people often rely on them, whether its juggling multiple responsibilities or projects at work or caring for family. You may often put others first and not have the time to focus on yourself. This can lead women to feel overloaded and depleted and make it more difficult to try something new.
In writing my book, I had the opportunity to interview a lot of women in business and women in technology and found they were experiencing some of the same frustrations:. Leah , who said her job as communications director was not meeting her need to do something meaningful with a purpose. Crickett , who held many jobs while raising two children but finally found true fulfillment as an entrepreneur at age Sarah , a year healthcare veteran, who said most of her choices were about family and work, at the expense of putting little time into herself.