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Money Matters
The Facts of Life
What Every Woman Should Know About Money
"We
share what we know, so that you and your money may grow."How to make the most of your money (even if it's only a little
you have, like we writers!).
"Money can't buy you happiness. But it helps you to be
miserable in comfort."
FACT ONE:
MOST OF THE FINANCIAL HARDSHIP EXPERIENCED BY WOMEN IN LATER
LIFE IS DUE TO SOMEONE REFUSING TO FACE FACTS EARLY ON.
These days there is no need for any woman to spend the second
half of her life with a lower standard of living. Yet many still
do. This is because they continually defer the decision to do
something about preparing for their financial future until it is
too late.
In some instances it is because a woman doesn't know exactly
what financial provision has been made for her, or feels awkward
asking. Or maybe she doesn't marry, in which case she MUST
provide for herself, but fails to do so. When you are young,
healthy and enjoying life, it seems unnecessary to be thinking
of putting something aside and there is always something else to
spend the money on. With good luck of course you may never need
to bother. But trusting in luck is no way to provide for your
future, how often has luck let you down in the past?
Life, as 'they' (who is 'they'?) say, is what happens to you
while you are making plans to do something else. (Think it was
John Lennon who uttered those wise words.) So it is better to
make provision for the unexpected, because the older you get,
the more
the unexpected happens.
FACT TWO:
WOMEN NEED TO PREPARE FOR FINANCIAL INDEPENDENCE JUST AS MUCH AS
MEN DO.
These days one does not hear so much about the "family
breadwinner, "largely because so many women either provide
for themselves or make a substantial contribution to the FAMILY
INCOME.
But what happens if your husband dies and his income dies with
him? Suddenly you are prevented from working.
All to often the result is a dramatic fall in the family's
standard of living and in their quality of life. And this
happens just at the time creature comforts are most needed to
soften the blow. No amount of money can bring back a loved one,
but quite small amounts set aside regularly can make the
difference between sadness and
absolute despair for you and your children.
The only way to be sure you can cope is to do something about it
yourself-- to make sure you are adequately provided
for.
FACT THREE:
THREE OUT OF FOUR WOMEN HAVE NO PERSONAL SAVINGS.
Women are natural savers. Security comes very high on their list
of life's priorities and yet so few have actually managed to
save anything at all.
Others have put aside a little in a savings account or building
society which is fine for short term savings but doesn't really
offer a chance for the money to grow into a worthwhile sum. Many
who have saved watched the demand of the early years of marriage
swallow up their nest egg and never had enough incentive to
replace it later on, thinking that everything would be provided
for.
FACT FOUR:
WOMEN LIVE LONGER AND SO HAVE A GREATER CHANCE OF BEING LEFT
ALONE.
On average a woman can expect to live longer than a man. For a
married woman the implications are obvious but a single woman
will also face the possibility that later in life she will have
fewer friends and relatives around. In neither case is this a
time for financial hardship.
Some women manage to lead active and fulfilling lives in their
later years even when living alone. But in the majority of cases
these are women who have made, or made for them, provision for
their financial security.
It is possible to be happy, active and fulfilled on the State
old age pension. But this is not easy... especially these days
Anyway, State Pensions all over the world are being drastically
reduced. The politicians say with an aging population they are
unaffordable (is there such a word?)... but who can ever believe
a politician! My advice: Take responsibility for your own
financial destiny. Make a commitment to save something out of
your pay packet.
FACT FIVE:
ONE MARRIAGE IN THREE ENDS IN DIVORCE, DESERTION OR SEPARATION
The statistics of the divorce rate don't always prove that
marriage is in a bad state. In many instances they prove that
women are no longer prepared to put up with all that they were
asked to endure. "Sorry guys, I'm off!" Unpleasant as
it may be, divorce often comes as a blessing. But it can never
come as anything but a tragedy if the separation means a
lowering of standards, having to refuse the family little
pleasures they have grown used to.
The woman who starts out to plan her own future is not only able
to cope if something should happen, but is less likely to have
it happen.
FACT SIX:
THINKING ABOUT WHAT MIGHT HAPPEN DOESN'T MAKE IT HAPPEN.
"It's morbid". "We don't want to think about
it."
That has been used as an excuse time and time again. But not
thinking about it won't prevent it happening. The time has come
to be positive. But taking a hard look now at your situation and
doing something about it won't be tempting fate. But it will be
a positive step towards making sure that no matter what life may
have in store , good or bad, you can rest easy in the knowledge
that you can cope on your own if necessary. And that's a feeling
every woman in the country should get to know. Because without
financial independence most of the other rights women now have
are hardly worth having.
THE FINAL WORD:
Whatever you decide to do about your financial security, DO
SOMETHING. PLAN for the future and let financial services
products like life assurance work for you. They don't have to be
such a "drag" or a painful nuisance to you and your
family. One of the greatest human wants is a feeling of security
and only life assurance can give you that peace of mind. As
Winston Churchill once said so well: " If I had my way I
would write the words 'insure,
insure, insure' above every household door."
Well being an "insurance man" for so many years, I
have to say that!
Hope this information has been helpful to you.
Good luck
Craig Lock
http://www.craiglockbooks.com
Believe in yourself and in your dream,
Though impossible things may seem
Someday, somehow you'll get through
To the goal you have in view.
Mountains fall and seas divide,
Before the one who in his stride
Takes a hard road by day
Sweeping obstacles away
Believe in yourself and in your plan
Say not - I cannot -I can
The prizes of life we fail to win
Because we doubt the power within...
ANON
Craig Lock's books on financial success are available at:
http://www.nzenterprise.com/money/
and
http://www.bridgeniche.com/CLOCK/zaniestbooks.htm
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