Did you know that 63% of American women, compared to 52% of males, report having less than $10,000 saved for retirement? This suggests that women are more likely to experience financial hardship due to unforeseen events like illness or job loss. Multiple factors contribute to this phenomenon. The wage gap between men and women ranges from 20 to 80 percent, depending on who you ask, as well as in different countries across the world. More than half of working women with advanced degrees leave their careers to raise children. Another $40,000 per year is brought in by the average woman thanks to the number of unpaid jobs held by women. Because of these factors, we think it's more important than ever to provide women with financial planning education. Here is all that you should know.
Top 5 financial advice for professional women who have just started working
- Always do your research before making any type of purchase
Imagine that you are thinking about investing in a house. It has undoubtedly been referred to as the best investment ever. Others caution you against doing so since it's too risky. What side do you support? No one; instead, conduct your own research and ask those who have previously made investments in the direction you are considering what they like and don't like about it. This will allow you to consider all the available facts as you decide. As you learn more, you can become more enthusiastic about this investment approach and come to the conclusion that its potential advantages outweigh its potential hazards.
However, when you learn more, you might come to the conclusion that this isn't the kind of investment for you. Both solutions are OK; the important thing is to choose one that works for you. It's important to control your emotions and avoid letting other people's perspectives influence your choice when making a big decision. This is something that most women can't cope with, hence why guys make better (not as emotional, but purely logical) decisions. Consider your objectives carefully, as well as the lengths you're prepared to go to obtain them. It's acceptable if you determine something isn't worthwhile or doesn't work for your present situation. What is important is that you carefully consider your options and make a decision based on logic.
- Broaden your network & your horizons
Your career will benefit greatly from your efforts to build connections outside of your existing group. The more you network with people in your company, the more resources you'll have for advancing your career. As an added bonus, I think being well-connected within your field can help you perform your job tasks more efficiently.
The best piece of guidance I've ever received was, "Work hard, take chances, and keep it simple." I've always believed that working hard is the best way to get ahead in life and in business. In my opinion, the concept of risk and reward is not limited to financial markets. Whether you succeed or fail, taking risks and relying on your own judgment puts you in a position to grow. Most people overcomplicate their lives by worrying about irrelevant details, but if you keep things simple by working hard and taking risks, you might be pleasantly surprised by the results.
- Think about your pension savings
Be fair and cooperative in how you manage your money; neither of you should be in charge of all financial choices in the relationship. Select a financial advisor together, and schedule regular meetings with them (distance counsel makes this easy to do). If you choose to put your career on wait or cut your hours in order to start a family, be sure your partner is aware of the sacrifice you are making.
If you can, have them contribute to your pension on your behalf so that you can rely less on your spouse's pension when you're retired. This is essential, especially if you don't work hard to earn your living. It is only right that you make sure your partner doesn't have to give up their retirement to support the family if they are the breadwinner.
- Know your objective
Without a clearly defined end objective in mind, it is easy for workers to get into the rut of merely carrying out the routine tasks associated with their position. Your work in that position will ideally be beneficial to the organization or department, but women often hit a wall while trying to advance their careers. Instead, why not stand out by clearly outlining and pursuing your career ambitions so you know the objectives you are working toward?! Discuss your aims and your own motivators with your employer; doing so will make it simpler for you to be recognized for your accomplishments and new talents during evaluations.
Being open about things from the start can be beneficial when the time comes for promotion. Do you have a specific job in mind, or are you just looking to increase your salary? You may wish to reorganize your duties so that you can gain more management expertise because you ultimately intend to work in management. Be truthful and detailed in your description of the outcomes you seek. Setting long-term professional objectives might also help you weigh your options when deciding between different levels of responsibility and promotion. By doing so, you can ensure that your actions are leading you in the direction you want to go.
- Know how to dress & shop to make a statement
For most young successful women, making a statement without breaking the bank is an important step to make. Not everyone can afford a Birkin or a Chanel bag, but it is up to you to gain respect from others in the office. This is why it is vital that you save your money and dress at affordable yet amazing stores that can offer you quality but on a budget. You should check out Bostanten.com and find your next beauty with them! In fact, all women will enjoy the majority of models that are left at their disposal. You can go for a clutch, a tote, or a laptop bag, as they have everything that one person might need. Make yourself seen and save money while also having a fashionable fit, yet a practical bag that can save all of your every day and work essentials.