Creating a Financial Journey for Long-Term Success
Rachel FitzPatrick spoke at our final event of 2022 and it was one to remember. We chatted about all things money, finances, investing, and specifically the obstacles women face when it comes to stability in this area of life. Follow along with the slides and download the worksheet we did!
Fast Facts About Women and Money
Over the next 3-5 years women will control over $10 trillion in assets
50% of women have no savings compared to 47% of men
Women are less likely to be offered retirement benefits, 27% vs. 17%
Women are more likely to work part-time
Women still make $0.83 to every $1 a man makes
Women are more likely to be caregivers
After divorce women face more challenges that make it difficult for them to save (they tend to be the primary caregivers.)
Women tend to prioritize daily living expenses vs. retirement. For men it’s ranked #1, for women #5
Women spend 22% more on healthcare than men
Almost half of women do not maintain an emergency fund
Women have a higher life expectancy than men, 79.9 vs. 74.2
75% of unpaid caregivers are women, they spend 50% more time than men caring for aged loved ones.
Lower wages and less time working leads to lower Social Security Income in Retirement
Bust These Money Myths
Make More Money and You’ll Be Rich:
How much you earn has almost no bearing on whether or not you’ll become financially solid. Your money problems come from your money habits, and those don’t change just because your income goes up. The solution to your money problems isn’t more money; it’s new habits.
It Takes Money to Make Money:
You don’t need a huge chunk of money to build wealth. With $5 or $10 per day you can leverage the power of compound interest.
Someone Else Will Take Care of You:
Your parents, husband, boyfriend, or well-to-do family members will not take care of you. Don’t plan on inheritance. Know your money and learn how to manage it yourself.
Make A Plan
Creating a written retirement strategy increases your chances of executing a successful plan. 15% of women have a written strategy. Only 42% of women have any retirement strategy. What areas can you make your financial goals?
Get out of Debt • Make a Large Purchase • Save for Education • Retirement/Estate Planning