6 Things That Keep 20-Something Women From Financial Success
November 21, 2012 • comment(s)
Women have come a long way in the money department. We’ve got more jobs than ever, we’re making more money than ever and we’re opening up businesses at a fast rate. However, despite all this success there are still several obstacles standing in our way of financial success.
Debt is an epidemic that sees no gender, however the plastic is really hurting us ladies. So much, in fact, that recent studies show that women who owe more than $50,000 in debt is on the rise. The study also shows that women were the majority of seeking help during the Recession as well as a rise in women seeking help after having been widowed or divorced.
Whether it’s student loans or the AmEx, women are finding themselves toe to toe with debt now more than ever. Does that mean all is lost? Of course not. But it does mean we need to start prioritizing our money and cutting our spending habits.
Not Saving for Retirement
If you think you’re too young to start saving for retirement, think again.Fifty-three percent of Americans currently don’t have enough saved up for retirement. And guess what else? Women are far more at risk for outliving their savings because they generally have longer lifespans than men.
Moral of the story? Start saving for then golden years now. You’ve got plenty of time to start small and take advantage of compound interest. There are also countless financial tools that are making it easier than ever to start saving for retirement, like lifecyle funds which automatically reallocate your money according to your age.
Not Starting a Side Hustle
I recently went to Chris Guillebeau’s Miami book signing for The $100 Startup. In his talk he addressed the concern that entrepreneurship is traditionally seen as risky in comparison to a “stable” job.
Thanks to the Recession we all came to realize that even the most “stable” of jobs aren’t really all that secure. People who had been doing well in the same company for 30 years got the boot, so what makes you think you won’t?
One solution is to start a side business. Women tend to be creative, whether we’re freelancing for clients or running our own Etsy shop. We also own about 67% of all at-home small businesses. Pretty nice chunk, eh?