Did you realize women earn 76 cents for every dollar men earn in the workplace? Women generally spend seven years out of the work force to have and raise children. Because of this they are disadvantaged unlike men. We generally end up with lower pensions and social security pensions not to mention superannuations. Although we earn less money than men we generally need a larger nest egg and retirement plan as we live an average of seven years longer than men and therefore must finance more years in retirement. As 50% of marriages end in divorce and the average age of widowhood is 56 years we are solely responsible for our own finances. What can we do to overcome these financial challenges?

Take control of your own life Most married women actively take the leading role in managing family finances but still leave the financial decision making to their husband and end up ill equipped to handle their finances if they divorce or outlive their husbands. We need to invest more for our own future, but need to know our risk tolerance. Low-risk ventures are usually far better in the long term. Get out of debt. Understand your spending and reduce […]

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