What makes "women and investing" unique from "men and investing?" The how to invest and what to invest in are pretty much the same for all.
What is different are the reasons why women need to invest. And in my opinion the reasons are truly compelling. Here are five sound reasons why women need to get into this game called investing.
The Statistics. I have come across some statistics recently that stunned me.
I don't show you these statistics to scare you, but to say it's time we, as women, prepare for our financial well-being. We can no longer afford to be financially illiterate. The price is simply too great.
One last statistic: 90% of all women have sole responsibility for their finances within their lifetime, yet 79% of all women have not planned for this. There is no time like the present.
Dependency. You don't go into a marriage expecting a divorce. You don't begin a new job expecting to be laid off. But it happens. And today, we see it happen with more and more frequency.
My advice to women: do not depend on a husband, a boss, or anyone for your financial future. They simply may not be there. I know too many women today who stay in unhappy relationships because of money. And how often have you heard, "I hate going to work but I need that paycheck?" So often I meet women who went for "security" only to discover they lost their self in the trade-off.
One of the greatest gifts I received once I began investing (and truly understood the game) was that I realized I did not need Robert for my financial well-being. I was not dependent on him to take care of me. And he - by no means - wanted me dependent on him. It then became crystal clear to us that we were together because we simply wanted to be together. We had more respect, more love, and more happiness in our marriage than ever before.
No Glass Ceiling. In the corporate world, there still exists the infamous glass ceiling. Women are often limited in their rise within a company. Can you break through the glass ceiling? Of course you can, but it takes great effort. In the world of investing, the markets don't care if you're female or male, old or young, black, white, or purple. The markets don't care if you're a college grad or a high school dropout. The markets only care about one thing - how smart you are with your money.
If you get educated and know what you're doing - you make money. If you don't - you lose money. It's not rocket science. Which brings me to my next point....
No Limits To Your Income. It amazes me that there still exists today the discrepancy in income between women and men. Yet it's true: women today earn about .74 for every $1 earned by men. In the investing world, there are no limits to how much money you can make. The more education you have, the more experience you acquire (and this increases with every investment you make) the greater your chances of success and higher returns.
Control. Control of your time. Control of your finances. Control of your life. I'll be honest, I hate being told what to do. I think this started at age two. There is nothing worse for me than not being able to do what I want, when I want to do it. Becoming an investor can give you that control.
I'm not a mother but I know many working mothers who would give anything to spend more time with their children. Or couples who have to pencil in appointments with each other. Or maybe you have a dream - to have your own business, join the Peace Corps, become an artist - that never gets started because you had no control over your time, your finances, or your life.
There are many powerful rewards that I've seen women, including myself, attain by becoming investors: greater self confidence, better relationships, less worry, more happiness, and - ultimately - freedom to be, to do, and to have what we want. That, to me, is a goal worth going after.
Madame Currie
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