By Sandi Saksena
‘Each of us has experienced a sense of possibility - moments where we imagine things as they could be, and yet we hold back. Concerned with circumstance, what others might think, or lack of interest; we don't act on our vision. Express yourself fully, make a difference, be a leader.’
Women today have chosen careers because they want money prestige and power.
However, many are not fully in charge of their money still lack confidence about money and investing and use cultural and religious pressures as an excuse for not taking financial responsibility.
Women enter a time of transition when they marry, become mothers, become widows, divorce, start working business, retire.
Typically earn less, spend less time in the work place taking time off to have children and nurture them. Lose out on senior positions.
Often responsible for the care of elderly parents, financially and psychologically, may suffer from depression and ill health.
Outlive men by an average of seven years. Marry men older than themselves, can face at least 15 years of widowhood. Majority will spend almost 1/3 of their adult lives on their own financially, frequently suffering a sharp drop in their standard of living.
Standard of living declines as much as 45% after a divorce. May lose social standing, will lose all perks, the right to her spouse’s pension etc.
Your primary responsibility is to take care of yourself. Financial planning establishes goals for the things you want in life, helps secure your future.