The importance of financial planning for women
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The importance of financial planning for women
By Beth Rosenberg King/ Correspondent
Thursday, November 4, 2004
Nine out of every 10 women will be solely responsible for their financial well-being at some point of their lives, according to the US Census Bureau. Women represent half of the workforce, 42 percent of people with assets exceeding $600,000 - and they are expected to account for half of business owners in this country.
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But women often face additional challenges - leaving work to raise a family, living longer than ever before and being more vulnerable to financial catastrophes. Since women still earn less than men in similar professions, it's more likely that women will retire with inadequate resources. But fortunately, as with investments, getting started early pays off in the long run.
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Start with a safety net. Establish reserves of three to six months of living expenses in savings or money-market funds. Get to the point where 35 percent or less of your income is paying off debt; your first priority is to pay off high-interest debt like credit cards. Make sure your life insurance covers at least two years of income.
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The importance of financial planning for women
By Beth Rosenberg King/ Correspondent
Thursday, November 4, 2004
Nine out of every 10 women will be solely responsible for their financial well-being at some point of their lives, according to the US Census Bureau. Women represent half of the workforce, 42 percent of people with assets exceeding $600,000 - and they are expected to account for half of business owners in this country.
Love Quotes
But women often face additional challenges - leaving work to raise a family, living longer than ever before and being more vulnerable to financial catastrophes. Since women still earn less than men in similar professions, it's more likely that women will retire with inadequate resources. But fortunately, as with investments, getting started early pays off in the long run.
Funny Quotes
Start with a safety net. Establish reserves of three to six months of living expenses in savings or money-market funds. Get to the point where 35 percent or less of your income is paying off debt; your first priority is to pay off high-interest debt like credit cards. Make sure your life insurance covers at least two years of income.
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