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Why Financial Planning is
Essential for Women
Financial planning is
different for
women than to men as women have
different needs in their life. Every decision you make has a financial
planning component to it, for example go for a trip, buy a diet book,
watch a movie, your kid's education & etc., all these cost money.
Money plays a big part in our lives. Not having enough money is a scary
thing, but that fear can either be motivating or crippling. Only you
decide which it will do to you.
As a woman, you need to understand your financial situation and learn
more about money. You need to do more than just balance the checkbook
and pay the bills. Here are some facts about women:
Women live longer than men; in average women live 7
years longer than
men; hence, women need to plan for longer retirement period. In
general,
women earn less than men, even though with the very same job.
Based on
recent statistic, 50% of women failed in their marriage and the average
of widowhood is 56.90% of women become wholly responsible for their
finance at some point during their lifetime.
The jobs market turn
over
rates are high for women. More women are out of the job market and
spend in average of 11.5 years caring for children or an elderly
relative. Most women lack of knowledge to adequately plan for
retirement. For most women, social security is the only source of
retirement benefits and many found it does not enough to support their
retirement period.
Sound like a scary statistic. You need to understand that you as a
woman have difference financial needs than men, always start your
financial planning as early as you get started your first job. Things
that you need to do so that you have a better control in your financial
are:
Learn about money; you can not control it if you do not
know
about it.
Hence, the first thing you should do is learn about money such as how
to earn it, save it, double it with investment, protect it, keep it
along to and then pass it to your next generation. Plan for a
retirement
fund is an important task in your financial planning process. You
should start to plan for your retirement as early as your first job
because you may not have the luxury 40 years in a career to save for
your retirement fund.
Learn how to get away from bad debts and
how to
use good debts to increase your net worth. Know your financial
situation
all the time and take charge of it. And after you are getting
marriage,
you need to share in managing your family's finances. Get to know
how
social security is fitted into your retirement plan. Always find
the
answers on what you don't know about money.
Every decisions you make as a woman will have a financial planning
component to it. Hence, financial planning is essential for women; you
should always learn up the skills needed to plan you financial and make
good financial decisions and be successful.
Cornie Herring is the Author for StudyKiosk.com. This is an
informational website on credit, debt consolidation and finances. Visit
her blogs at investment and personal finance for more more
information on money matters.
Article Source: http://EzineArticles.com/?Why-Financial-Planning-is-Essential-for-Women?&id=492273
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