I attended the “Women & Investing with Wescom” seminar as a brand ambassador and I realized how much us, women, need to learn about investing. Female entrepreneurship is a trending lifestyle topic. However, no one is talking about how women can achieve investing success after launching their dream businesses. This is your reminder how important investing is and here are the Top 5 Investing Tips for Women.
Top 5 Investing Tips for Women
Right now is the best time for women to invest. Even though, women make 82% of what men earn, women are earning more money than ever before. Yet, more American women end retirement in poverty. There are a few contributing factors: women earn less money (as already mentioned), they need wealth to stretch further since they are caregivers for family members, women don’t always manage their finances, and women invest conservatively. Of course, not all women face these challenges. We are all different with different circumstances.
Investing Tips for Women #1: Take control of your money
The first and most important thing is to set a budget. By budgeting, you know how much money you have coming in versus going out. This way you can manage your debt and live within your means.
Then you will need to establish an emergency fund (the expert suggested 3-months of expenses).
Investing Tips for Women #2: Become a more well-informed investor
Educate yourself on the basic investment information, understand what you own and the ways to manage its risk. More importantly, check your retirement plan regularly and memorize all of your passwords.
They should teach personal finance in school. This way, we would be more educated on the topic. But, there are so many resources out there can help you set investment goals and determine your risk tolerance.
Investing Tips for Women #3: Advocate for yourself in the workplace
More women need to learn to negotiate salary, speak up about their accomplishments, ask for raises/promotions, and request a flexible work schedule. When I started in the workplace, I had no idea you could negotiate a salary. I thought it was fixed. Over the years, I learned that I could negotiate salary and ask for promotions at performance reviews. So, don’t hesitate to speak up and ask for what you want in the workplace.
Investing Tips for Women #4: Plan for retirement
The earlier you start, the better. Don’t come up with excuses, just invest. Your future self will thank you. If you are employed by a company that offers a 401k plan, I would suggest contributing the maximum amount especially if the company matches your contributions. It’s like throwing cash away if you don’t. If you are self-employed, you can speak with a financial advisor that can suggest the best IRA account for your income.
Investing Tips for Women #5: Protect your income and assets
You can protect your income and assets by investing in life/disability insurance, auto & home insurance and health insurance. If you are self-employed, setting up the correct business entity can also protect your assets.
Disclosure: I’m not a financial advisor or an investment professional. This blog is only sharing basic tips on why investing is so important for women. Please contact an investment professional for investment tips.
Top 5 Investing Tips for Women – Invest with Wescom
Wescom hosts complimentary investment education seminars to educate its members and communities on investment topics such as Women & Investing. Its goal is to give its members the right resources and tools to achieve investment success. Since it is a credit union and not concerned with making a profit, the investment professionals really desire to help their members achieve investment success. It has a community feel.
Top 5 Investing Tips for Women: Takeaway
Biggest takeaway: BUDGET. Budgeting is so important. This way, you know how much my expenses are and how much you can save. Make this your priority this year.
What is your biggest takeaway from this blog post? Comment and let us know if you already invest. For more lifestyle content, click here.