We have all heard of the seven deadly sins, things that you should never do or you risk the harshest of punishments. But many people don’t know about the seven deadly questions, involving your investments. There are seven questions that one must answer before dropping a dime on investments, otherwise their money could be lost in the fiery pits of… well you know where. Making investment decisions isn’t easy, especially if you are just entering the game. There are a lot of details that many people don’t think about until it’s too late. So, if you want to avoid the eternal pain of poor investment plans, ask yourself these seven questions.
It’s often said that mothers naturally put others first, which, admirable as it is, becomes a problem in terms of their own financial future. A new study by the ING Retirement Research Institute shows that women, on average, are much less prepared for retirement than men. Not only do fewer women have formal investment plans in place, but those that do have a retirement plan have over $40,000 less than their male counterparts in those savings plans. One of the most concerning numbers is that only 25% of all women have a formal investment plan.
Despite the fact that the gender wage gap is becoming smaller overtime, many women fail to capitalize on the skills that they bring to the work force.
There is no question that women need to do more in terms of saving for their retirement. At ages 65 and older, the majority of women in today’s society are single, which means they need to have a plan for funding their retirement. Before we can start to search for a solution, it’s important to pinpoint the causes. What is holding women back?