THREE FINANCIAL TIPS THAT EVERY WOMAN SHOULD KNOW

The one person you can always depend on for financial security is yourself. So do it. Make yourself financially secure. This article outlines 3 essential tips that every woman should know and follow. Get the tips here!

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In a recent Inc. meeting of women business owners in New York, the participants deflected any attempt to get them to say that a woman’s way of running a business was better or worse than a man’s way. But there was one subject on which they didn’t mind admitting they felt a bit behind their male counterparts: Money.

1.  Set specific financial goals (use numbers!) and write them down.Whether it is getting to zero debt by 2013, or building a $1million house by 2015, setting written goals is the first step in getting there.  Only when you know the number you’re aiming for can you calculating the saving required.  Odds are, you have more goals than you can afford all at once, so you have to set priorities, based on how much time you have to reach the goal and how important it is to you.

2a.      Don’t get divorced.  2b. Don’t raise slackers. Families can be black holes for money. After many years of helping people manage their money, I’ve come to accept one unhappy truth: Everyone has hang-ups about money.  You may not have a clear idea how your husband or partner feels about money, and the ignorance is likely mutual. Talk to your spouse—and to your kids—about money decisions and the money mistakes you made. Don’t let money drive you into those two most expensive of family financial disasters: divorce and financial dependent children.

3.      Save like a man. Or better than a man. Statistics show that women save only half of what men save toward retirement. However since you’re likely to live longer than the average man, you actually need to save more, approximately 20% more.  A good rule-of-thumb saving target is 12% of a woman’s income vs. 10% for men.

Get more great tips at INC!