18th August 2011
The Worst Fear of Mid-Life Women and What to do About it
It’s official. The worst fear of mid-life women is not wrinkles and fat around the middle, it’s having enough money to live a decent life after 50. Older women are more than twice as likely to live in poverty as older men. So what can we do about it? I’ve noticed on my AWA programme that many of my delegates bury their heads in the sand when it comes to money so here’s some simple and practical tips I’ve developed to help get your finances onto a strong footing both now and for the future. Read more about these tips in my book ‘Still 25 Inside’.
Tip 1: Setting financial goals is the key to financial success. Write down your financial goals on paper. Make sure they are SMART (specific, measurable, achievable, realistic and timed).
Tip 2: Spending less than you earn is the secret to accumulating wealth. This is a simple fact that many of us pretend not to know. If you want to accumulate wealth, live below your means and invest what’s left over.
Tip 3: Money demands attention. Money gets frittered away when it’s not managed. Reconciling everything you’ve spent each month against your bank accounts ensures that you know what your cash flow is at all times and you guard against any fraudulent payments.
Tip 4: Deal with debt. Negotiate with your creditors to pay back what you can. Focus on paying off your debts as fast as possible. Paying interest haemorrhages your chances of accumulating wealth. Set up monthly direct debit payments to avoid late payment charges.
Tip 5: Do not use credit to live on. Using credit to pay for day-to-day expenses like food shopping is one of the least smart things you can do, as it costs so much to repay.
Tip 6: Tidy lives equal tidy finances. Those with cluttered lives often have cluttered finances, too. Take the time to have a grand clear-out on all levels – your wardrobe, the house and your office.
Tip 7: If you don’t save when the opportunity is there, you will drown when it isn’t! Sooner or later you will need a cash cushion. Without it, your lifeline will be high-interest debt that will linger long after your problem has gone.
Tip 8: Choosing a fiscally irresponsible partner is hazardous to your financial health. Opposites tend to attract. Fiscally conservative women tend to be attracted to fiscally liberal guys and visa versa. If you’re about to pair up with a big spender, don’t sign up for any of his debt.
Tip 9: Train yourself to be financially independent. If you plan on Prince Charming you may be in trouble, as all marriages end eventually in divorce or death and it’s usually the women who are left behind. Be aware of your finances even if your partner is handling the bulk of it. Check on the pension planning, too.
Tip 10: Opt for long-term financial planning over crisis management. Women do not tend to get serious about money until they lose a job, a spouse or are near to retirement.
Tip 11: Start investing. Both men and women procrastinate when it comes to investing. The solution is to at least take small steps to move forward. Do some research; work with small amounts and get started.
Tip 12: It’s never too late. The mistake is thinking it is too late. But that’s just an excuse. It’s never too late. Get your finances sorted out now!
Remember personal development expands your mind and your earning potential. Education is your ticket to more opportunities. Now what’s the next step?
