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Womens Financial Empowerment

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Womens Financial Empowerment

  1. 1. Financial Empowerment (things I wish my mom taught me about money) Elijiah Gray Chief Financial Officer - MileStone Bank
  2. 2. <ul><li>Women leave the work force for an average of 11.5 years, compared to 16 months for men? </li></ul><ul><li>A woman who leaves the work force for only seven years early in her career may receive half the retirement benefits of her male counterpart? </li></ul><ul><li>Women are still paid an average of 20% less than their male counterparts? </li></ul><ul><li>Only 49% of women have savings and investments greater than the total amount they owe on any consumer debt? </li></ul>Your gender may affect your financial future. Did you know... Men and women are different
  3. 3. <ul><li>Women live longer than men — an average of seven years? </li></ul><ul><li>50% of women over age 65 outlive their husbands by 15 years? </li></ul><ul><li>Three in four women are single when they die? </li></ul>Did you know... Men and women are different
  4. 4. <ul><li>Women invest later in life and more conservatively than men. </li></ul><ul><li>Women participate less often in 401(k) programs than their male counterparts. </li></ul><ul><li>Women are more likely to invest in their children’s college education than in their own retirement. </li></ul>Common Financial Mistakes Made by Women:
  5. 5. <ul><li>Achieve your financial MileStones through…. </li></ul><ul><ul><li>Knowledge of your finances </li></ul></ul><ul><ul><li>Plans for your finances </li></ul></ul><ul><ul><li>Ownership and management of your finances </li></ul></ul>Financial Empowerment
  6. 6. <ul><li>Spend less than you earn </li></ul><ul><ul><li>Know your cash in and your cash out </li></ul></ul><ul><li>Put your spending on a diet </li></ul><ul><ul><li>If you have trouble controlling money in just a few categories, such as clothing or entertainment, create and adhere to a detailed budget for just these categories. </li></ul></ul><ul><li>Pay yourself first </li></ul>Things I Wish My Mom Taught Me About…. Managing My Cash
  7. 7. <ul><li>Re: Savings </li></ul><ul><li>Create an emergency fund equal to 3 - 6 months pay </li></ul><ul><ul><li>Prepare for unexpected illness, accident or becoming a victim of corporate downsizing. Keep funds liquid and easy to access. </li></ul></ul><ul><li>There’s a big difference between saving and investing </li></ul><ul><ul><li>While saving money is something that should ALWAYS be done, plan to invest when high-interest debt is reduced (credit card debt).  Eliminating an 18% credit card liability produces a greater net return than most investment opportunities. </li></ul></ul><ul><li>Teach your children to save. </li></ul>Things I Wish My Mom Taught Me About….Managing My Financial Health
  8. 8. <ul><li>Re: Retirement </li></ul><ul><li>Don’t count on social security </li></ul><ul><li>Saving for retirement is similar to an exercise program </li></ul><ul><ul><li>The more you put into it, the more you will get out, and regular investing is key. </li></ul></ul><ul><li>If your employer matches 401K investments, get the entire match </li></ul><ul><li>Don’t cash out your 401K </li></ul><ul><ul><li>Pretend that your hard-earned, 401K-money was never yours to begin with. Otherwise, be prepared to pay heavy taxes and penalties, and work until your dying day.   </li></ul></ul>Things I Wish My Mom Taught Me About ….Managing My Financial Health
  9. 9. <ul><li>Re: Credit Score </li></ul><ul><li>Factors that affect your credit score </li></ul><ul><ul><li>Delinquencies, accounts opened during the last year, balances on revolving credit that are near limits, tax liens, judgments, bankruptcies, recent credit inquiries, too few (or too many) revolving accounts. Free copy of credit report at annualcreditreport.com </li></ul></ul><ul><li>Pay your mortgage after you pay yourself </li></ul><ul><li>Always pay bills on time (especially credit cards) </li></ul>Things I Wish My Mom Taught Me About ….Managing My Financial Health
  10. 10. <ul><li>Re: Credit Score </li></ul><ul><li>Control credit card debt </li></ul><ul><ul><li>Pay off balances as quickly as possible </li></ul></ul><ul><ul><li>Keep balances below half of the credit limit </li></ul></ul><ul><ul><li>Never, ever, under any circumstances take a cash advance on a credit card – you’ll be charged a ridiculous interest rate on the cash you withdraw – you’ll pay fees and interest on those fees for the remaining years of your new, giant–sized, credit card balance. </li></ul></ul>Things I Wish My Mom Taught Me About ….Managing My Financial Health
  11. 11. <ul><li>Re: Managing Investments </li></ul><ul><li>Choose the right Financial Advisor </li></ul><ul><ul><ul><li>Find out how they are paid – fee based, commission based </li></ul></ul></ul><ul><ul><ul><li>Ask about their planning approach </li></ul></ul></ul><ul><li>Join a Club </li></ul><ul><ul><ul><li>An investment club will teach you about stocks and bonds </li></ul></ul></ul><ul><ul><ul><li>Money Club is a FREE service from WIFE.org , a non-profit organization co-founded more than twenty years ago. Find out more at MoneyClubs.com . </li></ul></ul></ul>Things I Wish My Mom Taught Me About ….Managing My Financial Health
  12. 12. <ul><li>Managing Insurances </li></ul><ul><ul><li>Don’t skimp on healthcare </li></ul></ul><ul><ul><ul><ul><li>Saving a few hundred dollars a year is hardly worth having to pay $50,000 in medical bills a few years down the road. </li></ul></ul></ul></ul><ul><ul><li>Higher deductibles on home and auto policies are usually a good idea </li></ul></ul><ul><ul><ul><ul><li>You can figure on about a 25% savings when raising your deductible from $500 to $1,000. </li></ul></ul></ul></ul><ul><ul><li>Buy life insurance with the hopes of never using it </li></ul></ul><ul><ul><ul><ul><li>Life insurance should be purchased to help care for your dependants in the unfortunate event of your untimely passing- and that’s all.  Mortgage payments, groceries and a college fund should be the goals, not making your family millionaires. </li></ul></ul></ul></ul><ul><li>Create a Will </li></ul>Other helpful hints:
  13. 13. <ul><li>Re: Implementing the plan </li></ul><ul><ul><li>Make it a priority </li></ul></ul><ul><ul><li>Start with the easiest for immediate success </li></ul></ul><ul><ul><li>Build in accountability with the buddy system or investment club </li></ul></ul><ul><ul><li>Reward yourself for accomplishing a milestone </li></ul></ul><ul><ul><li>Helpful Websites </li></ul></ul><ul><ul><li>www.wife.org </li></ul></ul><ul><ul><li>http://www.360financialliteracy.org/Women/ </li></ul></ul>Other helpful hints:
  14. 14. <ul><li>“ Nothing in life is to be feared. </li></ul><ul><li>It is only to be understood.” </li></ul><ul><li>Marie Curie </li></ul>

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