1. Financial Empowerment (things I wish my mom taught me about
money) Elijiah Gray Chief Financial Officer - MileStone Bank
2.
Women leave the work force for an average of 11.5 years,
compared to 16 months for men?
Awoman who leaves the work force for only seven years early in
her career may receive half the retirement benefits of her male
counterpart?
Women are still paid an average of 20% less than their male
counterparts?
Only 49% of women have savings and investments greater than the
total amount they owe on any consumer debt?
Your gender may affect your financial future. Did you know... Men
and women are different
3.
Women live longer than men an average of seven years?
50% of women over age 65 outlive their husbands by 15
years?
Three in four women are single when they die?
Did you know... Men and women are different
4.
Women invest later in life and more conservatively than
men.
Women participate less often in 401(k) programs than their male
counterparts.
Women are more likely to invest in their childrens college
education than in their own retirement.
Common Financial Mistakes Made by Women:
5.
Achieve your financial MileStones through.
Knowledge of your finances
Plans for your finances
Ownership and management of your finances
Financial Empowerment
6.
Spend less than you earn
Know your cash in and your cash out
Put your spending on a diet
If you have trouble controlling money in just a few categories,
such as clothing or entertainment, create and adhere to a detailed
budget for just these categories.
Pay yourself first
Things I Wish My Mom Taught Me About. Managing My Cash
7.
Re: Savings
Create an emergency fund equal to 3 - 6 months pay
Prepare for unexpected illness, accident or becoming a victim
of corporate downsizing. Keep funds liquid and easy to access.
Theres a big difference between saving and investing
While saving money is something that should ALWAYS be done,
plan to invest when high-interest debt is reduced (credit card
debt). Eliminating an 18% credit card liability produces a greater
net return than most investment opportunities.
Teach your children to save.
Things I Wish My Mom Taught Me About.Managing My Financial
Health
8.
Re: Retirement
Dont count on social security
Saving for retirement is similar to an exercise program
The more you put into it, the more you will get out, and
regular investing is key.
If your employer matches 401K investments, get the entire
match
Dont cash out your 401K
Pretend that your hard-earned, 401K-money was never yours to
begin with. Otherwise, be prepared to pay heavy taxes and
penalties, and work until your dying day.
Things I Wish My Mom Taught Me About .Managing My Financial
Health
9.
Re: Credit Score
Factors that affect your credit score
Delinquencies, accounts opened during the last year, balances
on revolving credit that are near limits, tax liens, judgments,
bankruptcies, recent credit inquiries, too few (or too many)
revolving accounts. Free copy of credit report at
annualcreditreport.com
Pay your mortgage after you pay yourself
Always pay bills on time (especially credit cards)
Things I Wish My Mom Taught Me About .Managing My Financial
Health
10.
Re: Credit Score
Control credit card debt
Pay off balances as quickly as possible
Keep balances below half of the credit limit
Never, ever, under any circumstances take a cash advance on a
credit card youll be charged a ridiculous interest rate on the cash
you withdraw youll pay fees and interest on those fees for the
remaining years of your new, giantsized, credit card balance.
Things I Wish My Mom Taught Me About .Managing My Financial
Health
11.
Re: Managing Investments
Choose the right Financial Advisor
Find out how they are paid fee based, commission based
Ask about their planning approach
Join a Club
An investment club will teach you about stocks and bonds
Money Club is a FREE service from WIFE.org , a non-profit
organization co-founded more than twenty years ago. Find out more
at MoneyClubs.com .
Things I Wish My Mom Taught Me About .Managing My Financial
Health
12.
Managing Insurances
Dont skimp on healthcare
Saving a few hundred dollars a year is hardly worth having to
pay $50,000 in medical bills a few years down the road.
Higher deductibles on home and auto policies are usually a good
idea
You can figure on about a 25% savings when raising your
deductible from $500 to $1,000.
Buy life insurance with the hopes of never using it
Life insurance should be purchased to help care for your
dependants in the unfortunate event of your untimely passing- and
thats all. Mortgage payments, groceries and a college fund should
be the goals, not making your family millionaires.
Create a Will
Other helpful hints:
13.
Re: Implementing the plan
Make it a priority
Start with the easiest for immediate success
Build in accountability with the buddy system or investment
club
