How can women get educated about personal finance? What sources do you suggest?
I often hear women say that learning about managing and investing money is “too complicated,” or “money stuff is boring.” But the truth is, you will be forced to handle money yourself at some stage of your life, no matter how scary or boring it may seem. If you avoid learning about personal finance, you could make big mistakes that cost you money down the road.
My first piece of advice: Young women should begin setting a little something aside as soon as they acquire their first job. If you’re offered a 401(k) plan, participate! Have as much withheld from your check as possible. If there’s no company plan, start an individual retirement account.
Deposit as little as $10 a paycheck. The idea is to get into a routine of saving. If you’re sitting there rolling your eyes at me because you can’t even afford $10 a week, find out where your money is going, plug the money leaks and tighten up your spending.
There is much more to being a financially successful woman. I invite you to check out Dolans.com, where Ken and I help you with everything from saving more to investing wisely to juggling family and money.
A good book I recommend is Kiplinger’s Money Smart Women: Everything You Need Know to Achieve a Lifetime of Financial Security, by Janet Bodnar.
-Daria Dolan, guest blogger