Financial writer Liz Weston shares seven smart money management tips for women.
Start Saving Early
“Retirement needs to be the cornerstone of your savings. We are living longer and are paid less, so you have to save more than is sometimes comfortable. We don’t want to be old, but we really don’t want to be old and broke.”
Think Twice About Quitting
Look at the long-term cost in terms of being eligible for raises, loss of 401K savings and career position.
Know What You’re Worth
Women must learn what others are paid in their fields. “We need to be more aggressive advocates for ourselves.”
Entrepreneur With Caution
“Get a really good understanding of the market, how much you can expect to earn and how long it will take for you to be profitable. And make sure you have a big fat emergency fund, because things will go wrong.”
“A lot of women have never paid attention to finances—or felt it was beyond them. But you can learn this; it’s within your grasp.”
Consult With a Financial Planner
When you need outside advice, see a fee-only financial planner. “These people are paid only by the fees you pay them—not from commission or kickbacks.”
Be Smart about Taxes
Take advantage of reasonably priced software like Turbo Tax. “But if you have anything complex or unusual, it makes so much sense to meet with a tax pro.”
Taming life’s currents.