[Free] The Triple WHAMMY That Women Face

Women today face what I like to call The Triple Whammy--And it’s not something that is easy to overcome. However, if you plan, and you start right now, you can help alleviate the pains you will feel later on in life from this unfortunate curse we endure. What is The Triple Whammy? It is the following three facts about women:

  1. We live longer than men
  2. We generally work fewer hours than men (maternity leave, family leave, etc.)
  3. We earn less than men
Unfortunately, these are facts that are indeed true of the female population in the United States. The combination of these however, can be deadly to our retirement funds, our savings accounts, our children’s college savings, and our overall future happiness. Although men have their own struggles when it comes to saving for retirement (probably their lack of commitment or planning of it, right girls), we women unfortunately have it worse overall. This doesn’t mean we can’t make more money than our male counterparts, or work more, or live a happier life, it just means that we need to keep these facts in mind.
Together, these facts suggest that we make less money, in a shorter employment time period, yet live longer on that smaller amount of money. This doesn’t mean we are all doomed and we can’t do anything about it. It just means we need to understand that we have to plan our retirement and other financial goals keeping this triple threat in mind. We need to start our financial planning and saving early, rather than later. Our greatest ally in this battle is time if we start early enough. If we start late, our greatest enemy is also time. The power of compounding interest is extraordinary. If we address this predicament now, and take the steps we need to combat it, we will not worry later-- when we do not have time to adjust and correct our past mistakes.

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Together, these facts suggest that we make less money, in a shorter employment time period, yet live longer on that smaller amount of money. This doesn’t mean we are all doomed and we can’t do anything about it. It just means we need to understand that we have to plan our retirement and other financial goals keeping this triple threat in mind. We need to start our financial planning and saving early, rather than later. Our greatest ally in this battle is time if we start early enough. If we start late, our greatest enemy is also time. The power of compounding interest is extraordinary. If we address this predicament now, and take the steps we need to combat it, we will not worry later-- when we do not have time to adjust and correct our past mistakes.

 

What are the steps you should take now?

  • Read our article Investment 101 to really understand the power and immense impact that compounding interest has on investment accounts
  • Use our budget sheets to find out how you can adjust your budget so that you can start investing--even $50 will help if you start NOW.
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Financial Sisterhood TM, 2016