Money remains the #1 stressor for American Women. A study by MarketWatch in 2015 reported nearly 62% of Americans are living paycheck-to-paycheck. These Americans reported having no emergency savings whatsoever. Moreover, a study by Prudential reported only 14% of women feel confident enough that they will have enough money after retirement to maintain their current lifestyle. A lot more women are become the breadwinners of their family; however, they remain unaware of how to secure their household financially for the long-term.
Financial independence equals freedom
From a young age, Americans have been taught to get a degree, get a job so that you will be able to support you and your family, and save for retirement for the next 40+ years. Yes, this is a good financial foundation; but, what happens when unexpected, yet typical, situations arrive? Do we borrow from our 401(k)? Well, that limits your savings and you are essentially losing money. Do we take out additional lines of credit? This option has led to approximately $884.8 billion in credit card debt for Americans. A savings outside of retirement should be another financial goal for women.
A lot of women do not know enough about the importance of saving outside of retirement and investing. Many women are either scared or uneducated about all of the aspects of financial planning. A study done by Fidelity Investment shows that 92% of women are eager to learn about financial planning; however, only 47% are confident talking money and investments with a professional and 8 in 10 refrain from having financial conversations. We desire to be more financially secure, yet we are not taking the necessary steps to do so.
There is no better time than now.
Today is a great day to start discussing and investing in your financial future. It has been said that if one does not take action within 24-48 hours, then they most likely never will. The first step does not have to be something massive; it could be something as small, yet crucial, as opening an online only savings account.Magnify Money is a great site to help you get started toward a more secure, liberating financial life. Attending financial seminars is another great option. You are not alone – never be afraid to ask for help![/vc_column_text][/vc_column][/vc_row]