According to Women’s Institute for a Secure Retirement, 80% of men die married, but 80% of women die SINGLE. Some women will be faced with taking on the financial burden after the death of their spouse. While it’s sad to think about Widowhood; “it is inevitable” for married women (Widowhood: Why Women…)
All the more reason, we should be talking about financial planning for life and the unexpected!
Regardless of whether you are a mom who works outside the home or a hard-working CEO of Domestic Engineering (SAHM), you need to have a role in the money conversation. Talking about money in a relationship can actually have a positive impact. Couples who discuss money tend to be happier according to Ellevest.
If ladies really do live longer, then we, ladies, need to be wise on how we weed through these heavy topics. It can be downright scary, but listening to a Podcast like So Money with Farnoosh Torabi or Bad with Money with Gaby Dunn can provide some tips and tools to dive into self-paced financial literacy.
Don’t be afraid to talk to your bestie about these ideas either! This ensures that the taboo of money talk is no longer tacky. A brave and bold woman who I greatly admire brought up the topic of financial planning at Book Club one evening five years ago. This inspired me to reach out to a financial planner for myself, but it wasn’t for a couple of years after that initial conversation.
Now, I have a diverse portfolio, a 5 digit number saved in my 401K, and a plan for retirement as well as college savings for both my boys.
Women are smart, but we weren’t raised to talk about money. There are many feelings of judgment or comparison. I personally, don’t want finance to be “mansplained” to me. So seeking out women rocking this field with gusto is my main focus. Women know from experience what it feels like to step into a male-dominated field, so women will nurture you through this rocky terrain.
Clever Girl Finance is another avenue to take. Bola Sokunbi is a self-made woman helping women with addressing the challenges of big life transitions: graduating college, getting married or divorced, having babies, budgeting, investing, dealing with debt, saving for retirement, or how much to put away for college. These topics don’t have to be intimidating anymore. Sokunbi helps break down these barriers with humor to build confidence. Check out more FREE resources at clevergirlfinance.com.
What are the best outcomes of women understanding money and having these conversations? They talk to their children and teach them the skills they wish they had. They are able to tackle whatever life transitions throw at them. And, they can rest assured that dying single will be money in the bank!
Other books to check out on this topic:
- Grow Your Money: Learn How Investing Works by Bola Sokunbi
- The Opposite of Spoiled: Raising Kids Who are Grounded, Generous, and Smart about Money by Ron Lieber
- Smart Couples Finish Rich: 9 Steps to Creating a Rich Future for You and Your Partner by David Bach
- Financially Fearless: The LearnVest Program for Taking Control of Your Money by Alexa von Tobel