If you google financial issues to see if you have “company” with whatever financial issue you personally may be dealing with… Good chance you have company! One of “the issues” that seems to be on every list, is a low income/the need to make more money. It’s actually the first topic on the list from a survey provided by SoFi.
7 Common Money Issues People Face | SoFi
These days it feels like everyone has or seems to need a side hustle. Is it really because everyone can’t manger their money and not live below their means? Sure, there is some of that, but sometimes I talk to people and can not believe how low their salary is! I know people that have 40 years of experience doing a particular job and I KNOW they make less than someone doing the same job, and they are only 30 years old! What’s wrong with this? There is no transparence in most companies, and we KNOW the guys still get paid more than most woman in most situations. The pay gap is very real, and that gap can vary by state. This article from Business Insider is eye opening. Pay Gap by State: How Much Women Earn Compared to Men (businessinsider.com)
As woman everything seems to be stacked against us… We make less money overall, we are in most cases the primary care givers for children, and or ageing parents, which may result in lost time at work or working part time. Woman also live longer, so NEED more money for retirement.
The ONE thing that IS equal is the cost of college! If woman make approx. 20% less than men in general, then tuition should be 20% less for woman, right!? Ok just me going a tangent there… But a valid point!
Because of the pay gap, women are starting more businesses, and hopefully investing more, to equal the playing field. Woman typically do better at investing they say because we are more patience and will allow the funds to grow and not panic and sell if the market goes down. That might be true, but I also think woman have a full plate most days and do not have time to look at their long term accounts every day, and we know what the term “long term” means. 😊Women have more patience and are willing to “educate” themselves on topics they have an interest in. But when it comes to “investing” people (not just woman) feel intimidated. It’s not intimidating, let’s not over think it. If you have a 401K AND you have “allocated your assets” then you’re investing! What does it mean to “asset allocate”? It simply means you have “picked” how you will divide up the money you are setting aside each month in that 401K. Maybe you have some in a fund called “Large Cap” and some in “Small Cap” Or “international funds, or Index funds…. Just do NOT leave it in cash! Also do NOT ASSUME the “company”, as in the company you work for or the company that the 401K is with is” asset allocating” for you! This is on you! But again, do not panic here. Get online and access your 401K account and log in. Find something that gets you to a spot that allows you to allocate the “funds” to “buy”. There are usually RISK assessment questions as well as questions like your age and the age you want to retire. Then the “robo” advisor will allocate your assets. That’s it! You are investing, yes you are an investor! 😊 Look at you, doing big girl stuff! Look at these allocations maybe once a year, you may or may not have to do anything with it. The market will go up and down, which means your account could go lower than the month before. If the market in general is down, that will be the case for all of us. Remember this is a marathon, this growing your money game we are playing here. IF the market is down, and you still have extra cash in your budget, UP your contributions each month or even if it’s a ONE time shot with extra money. Hey, the Stock market is having a SALE!!! 😊 Good Luck!
two chicks talking money. 