Women and Money: It Doesn't Have to Be Complicated
Many women have a complicated relationship with money, often influenced by their feelings about their finances. While men commonly express "hope" in relation to money, a recent survey revealed that the top word women use to describe their financial feelings is "stress."
This stress can be attributed to several factors. Women typically earn less and frequently take time off from work to care for children or aging parents. Additionally, women tend to live longer than men, resulting in higher total healthcare costs. These factors contribute to the unique financial challenges women face.
At Zuma Wealth, we believe that investing has the power to instill confidence and empower individuals. However, those who don't take a proactive role in their financial lives face greater risks.
Improving your financial situation now and preventing future calamities doesn't have to be overwhelming. Taking a step-by-step approach is the most effective way to achieve financial stability.
Step One: If you have credit card debt or high-interest loans, tackle these with absolute passion. Paying down these debts should be a top priority.
Step Two: Establish an emergency fund equivalent to three to six months of your monthly spending. This fund provides a safety net in case of unexpected expenses.
Step Three: Shift your focus to long-term goals, such as buying a home, maximizing your 401(k) contributions, or funding another retirement account, such as an individual retirement account.
Use the new year as an opportunity to reset your financial goals. Ultimately, aim to save 20% of your income. By paying yourself first, you'll quickly find yourself on the path to financial success.
Waves happen. We can help.