Prioritizing Your Finances
Approximately 74% of women will be left on their own by separation, divorce, widowhood or the choice of single life.
Because of this, the subject of “finances” must fit into this picture. What do financial matters have to do with these statistics? EVERYTHING!
Statistics rate finances to be #3 priority in life. This is after Love #1 and Work #2.
If finances are priority #3, why does well-known author Betty Jane Wylie (Every Woman’s Money Book) bluntly state that 3 out of 5 poor adults are women? Because it’s a fact!
Women (on average) earn less than men. This isn’t something new to us. However, in addition to earning less, women have higher medical expenses; live longer; face greater hardship in old age; and, makeup the over-whelming majority of single-parent families
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So where’s the good news in all of this? We’re changing – for the better. Statistics are looking better all the time. Women are taking control of their finances. Many women are now earning solid incomes. Those who aren’t (but preparing themselves to) are demanding financial information. The information women are looking for relates to new roles at work and at home. One free piece of advice is when you are looking for a financial advisor for your specific concerns and experiences, find someone that can relate with you!
Are we really that different from men when it comes to money? Do we argue that money is neutral: whether a $100 bill is in a man’s pocket or a women’s wallet, it will perform the same way. Women just do different things with their money for different reasons.
Prioritize finances in your life beginning now. I’m not suggesting you place it above the other things in your life that were essential ingredients for happiness. The key is to balance your finances with the other priorities of your lifestyle. Seek assistance; start now!
(1) Dracle, B.C. and Susan Weidman Schneida, Head and Heart Financial Strategies for Smart Women.
