We as women neglect to invest in ourselves. It’s vital that you invest in your future. Here are three investments you should be making given by Free financial and Investment Assistance Portal, MoneyMindz.com.
A recent study says, on Retirement Security released findings that indicate women are 80% more likely than men to live in poverty during retirement. For some of us, that should be a big wake-up call. When it comes to finances, women are still behind their male counterparts. Also it’s not something that we can keep blaming on the reports of a continued gender wage gap. As a woman you are at a disadvantage when you want to invest in your future. If you want to make sure that you have a secure financial future, it’s time to take action now.
Why are Women More Likely to Fall Behind Financially?
It’s important to understand the causes of falling behind before we can look at ways to invest in your future to overcome the challenges facing women and their financial futures. Even here is still a gender pay gap regarding the way women and men are compensated for the same work, it’s shrinking. So, the reality of the gender pay gap has more to do with the following issues than overt discrimination:
Traditional care giving roles
Women work 12 fewer years than men. Society largely expects women to take on care giving roles for children and aging parents. Women spend years out of the workforce. It means missed earnings, fewer retirement account contributions, and other issues related to being off the career track.
Jobs women choose to take
Women are more likely to choose careers that pay less. They are more likely to choose to be teachers, work part-time, and do other work that has lower compensation — usually in the name of flexibility so they can fill their traditional roles as caregivers.
Discomfort with investing
Women are less comfortable with investing than men are. The usual lack of confidence in money matters and investing means that women often avoid the very actions that could help them with long-term financial stability.
These are the three essential ways to invest in your future so you are ready for whatever comes:
Keep learning and developing skills
You should never stop learning. One of the best investments one can make in yourself is to focus on skills and education. You don’t need to get another degree to make this work. It is important to develop new skills. Some of the best skills one can develop include those that are easily transferred among careers and jobs. These soft skills include things like:
If you have put your career on hold, you need to keep up with changing developments. One can continue learning about the latest in software development. Whatever your career is, do what you can to stay up-to-date so that later you can jump back in with a smaller learning curve.
Develop a side income
By developing a side income, invest in your future. There are a number of opportunities for you to work from home with a side gig. From freelancing to running a website, there are plenty of ways to make money on the side. You can turn your side income into a way to stay up-to-date in your career field. You can consult or freelance depending on your speciality. It reduces the rate at which you lose earning power while you stay home. One thing to remember is that your side income can help you save up your own money for the future, as well as protect you in the event that something happens to your partner.
It’s true that women face a confidence problem when it comes to investing; the reality is that they might be better investors, according to recent research. You shall learn about investing. You may get surprised to discover that indexing is a relatively simple way to get started and that it isn’t as risky as you might think. One can use money from a side gig to invest in her future.
For more information visit: www.moneymindz.com or give a missed call to 022-62116588 and download our FinFree app.