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Financial Advice for Women
Do women really need separate financial advice from men? Actually, there are several valid reasons why a woman may have to approach financial planning in a manner distinct and unique from the way a man would.
The first issue involves life span, and it is a simple scientific fact that women tend to have longer lives than men, which translates to a need for more assets or funds that can see them through their lives. Such facts also translate to the need for some very specific retirement arrangements including health and disability insurance needs, long-term care policies and a stronger savings and investment plan.
Why a stronger savings and investment plan? Unfortunately statistics also indicate that women still earn significantly less money than most men and this is going to require a stronger savings and investment plan if they are going to meet the needs of their extended life span.
How will this be achieved? Primarily by adhering to a very strict budget and by making some wise investment choices, and among them should be insurances that can preserve their assets and income in times of difficulty or illness. Additionally, on top of living to a strict budget most women would be well-advised to reduce or even eliminate all of their credit card debt. While this can often be remarkably difficult on a single budget, most credit card companies would rather negotiate a lower rate than face an inability to pay.
Interestingly, men and women view spending in different ways as well and unfortunately many women are comfortable utilizing credit to get them through tough times, but the balances must be eliminated or reduced to maintain a good credit score and achieve financial freedom. If a credit card company is unwilling to reduce the rates the customer has several options; they can transfer the balance to a different credit company with less punitive rates or they can seek out a debt consolidation loan that will gather all outstanding credit accounts into a single, reduced payment. Quite often this is a great way to eliminate debt that may have otherwise lingered for many years.
Finally, any single woman must make some good final arrangements, even as early as their 20s and this is particularly true if the woman is a homeowner or has significant assets. A will and life insurance policy are some of the strongest financial planning tools available because they make the individual remarkably well aware of their total financial picture and they ensure that their assets are handled appropriately.