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WHAT CAN YOU DO ABOUT THE FINANCIAL DISADVANTAGES YOU FACE AS A WOMAN?

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By Craig Erwin, Ph.D.    12-8-20

What can you do about the disadvantages you face as a woman?  Although there are many things you cannot control, you can make changes in your own life.  If possible, put yourself in a position to pursue a full-time job in a field you find appealing, but that is also financially rewarding.  Perhaps you can get a job in corporate sales, learn to program computers, or get a college degree in accounting or finance.  Or perhaps you could start your own business. 

Fortunately, building wealth for retirement does not require a high salary (although that may certainly make it easier).  Many people with average careers and modest salaries accumulate enough wealth to retire comfortably.  It does help a lot if you have regular income and know how to make the most of it; knowing how to manage your money is very helpful.  Of course, it also helps to have a full-time job with a retirement savings plan and an employer match, but, even if all you have is a regular source of income, you can probably save some portion of each paycheck.  And saving regularly can mean the difference between working forever and retiring comfortably, because the total amount you save is what has the biggest impact on the amount of wealth you accumulate.

If you save regularly and invest everything you save in assets likely to appreciate in value over time (e.g., stocks), you automatically harness a powerful, easy-to-use tool for building wealth, called dollar-cost averaging.  To learn more about it, visit DOLLAR-COST AVERAGING

https://womenretire.com/the-best-way-for-most-of-us-to-accumulate-wealth-dollar-cost-averaging/.

Unfortunately, just knowing a bit about building wealth won’t get you anywhere; you need to act.  If you are truly interested in building wealth, you may need to change the way you think about careers, and/or the way you behave, spend, and save.  And you must not put it off.  Figure out what you need to change and craft a plan to do it.  Now.

To learn about alternative ways to prepare for retirement, watch the videos below.

https://youtu.be/h7FUMNpO6EE

https://www.youtube.com/watch?v=ZNOx9_hbvZk

To learn more about building wealth, visit Women and Wealth https://assetfunders.org/resource/women-wealth-insights-grantmakers/

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