90% of women feel insecure about managing their money. Here are the top three mistakes women make with their finances:
1. You rely on your husband to manage your finances.
Women have come a long way, but we still lean too much on men to manage our finances. We simply have not been socially encouraged, until recent years, to be assertive about finances. Banks are becoming increasingly aware of the female sector, and many offer educational courses just for women. The courses teach you everything from how to save, to how to invest, to understanding complex banking processes like the application processing system, and the business process management tool. Financial education is not as daunting as it first appears. Start slow, with a beginner's book or course, and work your way up.
2. You save for your child's college fund before you save for your retirement fund.
There are plenty of loans and scholarships available for college, but there are none available for retirement. There are several reasons why your child is better off if you save nothing for their college. That's right, nothing.
First of all, college is no longer necessary for a successful career. Colleges in the states have become big businesses that do not actually prepare kids for most current careers. Bill Gates never went to college, most millionaires and successful entrepreneurs never went to college. You don't need a college degree to become a web programmer, designer, photographer, or business owner. Teach your child to be smart about deciding whether college is right for them, or not. Do they want to attend college because that's what all their friends are doing, and they want that quintessential college dorm experience? Do they really want to spend $100,000 dollars for that dorm experience? Or do they actually need a degree, like with teaching, in order to fulfill their job dreams?
Most parents save for their child's college, so why shouldn't you? Well, because unfortunately most parents are falling for the marketing scam put out by financial institutions. The marketing scam is this: Make parents feel guilty and responsible to save for their kids, and get them to fork over $50-100,000 to the bank. Of course, banks don't tell you that kids get more financial aid for college if their parents haven't saved a penny. They don't tell you of the thousands of untapped scholarships.
Kids who know they have to fund their own college, instead of relying on mom and pop, work harder at their grades and show more discipline than kids who do not. The danger of supplying your kid with the funds is that they won't appreciate their education as much. They are more likely to drink the night away, unconcerned with how they'll pay for that $5,000 course in basket making. Put your retirement first and give your child the gift of real-world discipline: They can raise college funds on their own.
3. You don't ask for a raise.
Women are far less likely than men to ask for a raise. This is one of the main reasons that women earn less than men, in the same work position. Women typically work harder and ask for less, because we are still socialized to be "good girls." The rule of thumb is to ask for a raise about every six months in a job. Remember, if you don't ask for a raise, chances are you won't get one.
ABOUT THE AUTHOR:
Amy Brevard is a Freelance Writer working for Innuity. For more information about an application processing system or a business process management tool go to ZootWeb.
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Just For Fun |
www.DIYNetwork.com - (The television network) This craft came from the show "Scrapbooking" and the project is by Ginger Rohlfs. The link shows you how to make a mini-album/book from paper lunch bags. My kids and I made ours into an ABC book for my 3 yr old. Then we put a letter on each page and a picture of something that starts with the letter in the pocket. Inexpensive and fun project. For step by step directions and pictures click Here.
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