Women and Money

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It is my opinion that women have four major problems with money: too many have been programmed to depend upon someone else for their financial security, women outlive men, men still earn more money than women and stay at home moms sometimes jeopardize their financial security. Each of these is related in some ways but they are four separate issues that every woman should think about when planning her financial future.

That’s problem number one. Too many do not think about their financial futures. As women we grow-up believing we will meet a handsome prince, get married and live happily ever after. Our parents urge us to pick someone with a good job who can provide for the family. When you announce to someone that you are getting married usually the first question is “What does he do?” Maybe that was the way it used to be but women in today’s world need to take a more active role in their finances.

Women who chose not to marry take full responsibility for their finances. Studies show that married women are the unhappiest group of all – compared to single women, single men, and married men. I think there is something we can learn from the single woman. Each individual is responsible for their own happiness and taking care of their own needs. Sometimes when we delegate these to others they don’t do a very good job. This is not to say that you shouldn’t marry but rather that you should put more emphasis on making sure you are taken care of. Many times women lose themselves in relationships. When you take care of yourself first you have much more to offer others.

Currently women outlive men though the gap is getting narrower. Some women outlive three or four husbands. In the more traditional marriages many of the wives were not adequately prepared for their husbands deaths. Many times the man picks retirement options that give him the most money without thinking the wife could live longer. Particularly if it is his retirement and he is used to making all the decisions based on what is best for him. Sometimes choices were made years ago and never updated. All couples approaching retirement age should discuss their financial options and make choices based on what is best for each of them, keeping in mind that one of them will likely die first.

Though women have made great strides in the working world they still earn less than men. Even with our laws on discrimination there are companies that get around paying men more than women for doing the same job. Part of the reason men earn more is that some companies believe the man is the breadwinner and he needs to make enough money to support his family. Whereas the woman’s income is often thought to be a supplement. But in today’s world many women are divorced and the sole support of their families. We can make new laws fairly quickly but it takes years to change attitudes. Each woman should take full responsibility for her earnings. Ask to see pay scales and ranges. Though you should never talk about how much you make at work, you should be able to tell if you are working for a firm that treats women equal to men.

Today many women are making the choice to stay at home and raise their children. There is no more important job in the whole world. It is hard work, and many long hours but very rewarding. A woman making this decision needs to be sure that she is treated as an equal when it comes to her partners earnings. If the husband considers it his income, and makes the wife feel as if she is asking for an allowance when she needs money, she is probably not being treated as an equal. He should put the maximum into his 401 since he is really saving for two. They should also have IRA’s in both names. A stay at home mom qualifies for a spousal IRA. The woman should be involved in paying the bills and understand everything about the family’s finances. Then if something happens to her partner she will be prepared to take care of herself.

It is obvious that the roles of women in today’s world are changing. We have more options than ever before. Some men say they find this confusing and no longer know how to treat women. That is understandable. A good rule to follow would be to treat others the way you would like to be treated. For the single woman money is not as much of an issue. But when a woman marries the thought is they become one. Money is a major area of conflict in marriage and one of the main reasons for divorce. Perhaps it is time for us to rethink our values and attitude toward money.

Marg

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Filed Under Frugal Living, Lifestyle, Money 

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