When it comes to having discussions we women are certainly not shy! We will talk about anything and everything- our work, relationships, kids, food and even our birth control. But when it comes to money, my oh my, do we clamp up. Why is that? Is it because we women view talking about money as being undignified and impolite or just a distasteful topic for our women gatherings?YES, IT’S TIME TO TALK MONEY!
Although women have made a lot of progress over the years, there is still a long way to go. The pay gap still exists because women are less likely to negotiate a compensation package than men are. The few who do are often considered to be too difficult and are repeatedly punished for doing so. According to Prudential’s 2014-2015 “Financial Experience & Behaviors Among Women,” reveals that while women are taking control of household finances, they are no more prepared to meet long-term financial goals than they were a decade ago.
What are the reasons why we women are so poorly prepared to take on finances? That’s because financial planning is a topic that is rarely encouraged as a career path for young girls. Creating a budget is not the most exciting thing in the world to look forward to, nor is household chores, but somehow we get them done. We also have years of stereotyping holding us back with the message that men are better with money.
This needs to change! Being financially shrewd is crucial to our equality and empowerment in a global society. Shake that nagging voice lose in your head that tells you, “I can’t understand the different funds being offered for my 401K “. If we can understand the plot lines of Scandal and How to Get Away With Murder, we can certainly pick a mutual fund to invest in.
Here are 3 tips to get you started:
1. Learn the Basics
Start learning the basic principles of investing so you can understand the terminologies and how things work. Once you start understanding the financial markets it will seem less daunting.
2. Start Small
Most often we think we need large sums of money for investing. Not anymore! With online investment firms it is now easier than ever to get started. Research firms like Betterment which allows you to start with $100 monthly deposit. Take baby steps- believe me it will pay off in the long run.
3. There Is No Rewards Without Risk
Yes, you have heard it all before, no rewards without risk. There is risk in all aspect of our lives, why should our financial life be any different. Remember, this is about long-term wealth building – investing in the future or golden years.
Let’s take control of our lives by taking control of our money. Wade slowly into the financial waters; it’s never too late to start!