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Suze orman investing for women
What happens to the stock market and the housing market is completely beyond your control. Credit card debt, however, is completely within your control. Every time you pay off a card with a 15 percent interest rate, you get a 15 percent return on your money. See if you can qualify for a balance transfer card that offers a low or 0 percent introductory interest rate for the first six to 12 months.
If you can get a good deal, move your high-rate debt to that new card. Do not use the card for any new charges, and push yourself hard to pay off the balance as soon as possible. If you don't qualify, no worries. Always pay the minimum due on each card, on time, every month. Whenever possible, send in some extra money on the card that charges the highest interest rate.
Your goal is to get the costliest balance paid off first. When the first card is cleared, direct your payments to the card with the next highest interest rate. Keep doing this until you've zeroed out the balances on all your cards. Try Harder to Save When I suggest that people send in more money to pay off credit card balances or increase the amount they save each month for retirement, I hear the same sad story: "Oh, Suze, I would if I could, but I can't because there's no extra money left at the end of the month.
There's no money left because you haven't evaluated your spending habits. You need to dig deep and be willing to change those habits; to set goals and use those goals as the motivation for lifestyle changes that will allow you to save and invest.
Take a clear-eyed look at your credit card statements for the past six months. I didn't think so. I call this "hidden money," and here's how you can find it. I challenge you to reduce every one of your monthly utility bills by 10 percent. Change your calling plan or get rid of the landline account unless you absolutely need it.
I bet you can seriously trim your utilities by spending one afternoon increasing your home's energy efficiency: Attach a draft-blocking guard to the bottom of any external doors; add caulk or weatherproofing material around drafty windows; put low-flow aerators on your shower heads and faucets; and replace burned-out bulbs with compact fluorescent energy savers they're pricier than conventional bulbs but last much longer, saving you money over the long term.
Cars are another great place to save. Plan on driving yours for at least seven to ten years regular tune-ups will help keep it running longer. Consider buying a used or certified pre-owned car rather than a brand new one. If you get a three-year loan, you have plenty of life left in your car, and money that once went to car payments is freed up for other financial needs. And please, avoid leasing. Since you don't own the car, you never have a time when you are driving your car free and clear.
Also, raising your deductible or designating one car to be used for low-mileage driving under 15, miles a year can reduce your insurance premiums by 15 percent or more. Separate Savings from Investments Now we're ready to move on to how you put your money to work for you and your family. There is a vitally important difference between money you need to save and money you need to invest, yet it's a distinction many people don't grasp.
Money you know you need or want to spend in the next few years is savings. Money you keep handy for an emergency belongs in savings. Money you hope to use soon for a down payment on a house belongs in savings. And all savings belong in a low-risk bank savings account or money market account.
The goal is to keep your money safe so that when you go to use it, it will be there. Money you won't need to use for at least seven years is money for investing. The goal here is to have your account grow over time to help you finance a distant goal, such as building a retirement fund.
Since your goal is in the future, money for investing belongs in stocks. As I'll explain later, the potential inflation-beating returns that only stocks can deliver make them the right choice for a successful long-term investment strategy. Know Your Credit Score The big takeaway from the meltdown of is that banks are going to be a lot less eager to lend money to you.
You will need a sparkling financial personality: a FICO score above , solid verifiable income, a manageable amount of existing debt—to get good offers for credit cards, auto loans, mortgages and refinancings. And you can expect lenders to continue to tighten the screws on your existing credit lines; all the credit they loved to give you before now makes them nervous.
Get your credit score by going to MyFico. If your score is below , two of the best ways to improve it are to pay your bills on time and push yourself to reduce your credit card balances. It means you were invested in stocks, and that's exactly where you should be invested—assuming your retirement is at least a decade away. Only stocks offer the chance of high returns that outpace the annual 3 to 4 percent inflation rate.
In your 20s and 30s, aim to keep 80 percent in stocks and just 20 percent in bonds; you have time to ride out stock swings. As you age, slowly ramp up the percentage in bonds; in your 50s and 60s, consider keeping 40 percent or more in bonds to help buoy your portfolio when stocks are slumping. The biggest mistake you can make is to stop investing in your retirement accounts or to shift money from stocks into "safe" money market accounts.
Instead of worrying that your account is down, remember that your money buys more shares of your retirement funds. The more shares you own now, the more you will make when the market recovers. Buy and hold is the way to go. Diversify Your Assests Try to reduce any company stock you own in your k to less than 10 percent of your total retirement assets.
Montaperto moved down to sixth in from fifth in the rankings and has been included since She ranked eighth in Stephanie J. Stiefel Stephanie J. Who are the top women financial advisors? The most well-known in the field is Suze Orman. Who is Karen McDonald? Based in Palo Alto, Calif. And while the total number of women in the financial services industry is low , this list of accomplished women clearly highlights their talents and ability to thrive in a traditionally male-dominated field.
Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts.
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So, think twice before you say "yes," if your gut is saying "No. Related Link: Cramer's 10 Tips for Building Wealth Save Yourself First If you don't have enough to save for your children's college funds and your retirement, then your retirement takes precedence.
As explained in Suze's book "," women think they are actually helping their children by paying for their college or wedding. It's a myth. You help your children by saving yourself first. If you retire without ample money to support yourself you will become a financial burden to your children. There are plenty of loans for college but there are no loans for retirement. Don't Hand Over Finances to your Husband or Partner Suze says women often hand over their family financial matters to their partner either because they are scared, lazy, or following an old fashioned role.
Being in control of your financial destiny requires that you be an active participant — not just by paying bills, but in overseeing your investments too. As Suze explains, women tend to devalue what they do. Anything you bring into the marriage is not automatically shared. Protect your assets.
You will have to cautiously decide whether or not you switch the money you have into a Roth IRA, but Orman urges that absolutely new contributions should be going into a Roth retirement vehicle. For those that have lost their income or will be in a very low income tax bracket this year, Orman says that converting small amounts of money from a traditional k , b , or TSP to a Roth IRA could be worth looking into.
If you are still employed, and have at least five years, preferably longer, until you need a certain amount of money, then Orman does not have any problems with you investing your money right now. But she does want you to make sure that you are dollar cost averaging into the stock market.
Dollar cost averaging is an investment strategy that aims to reduce the impact of volatility of stock or fund purchases by buying at regular intervals and in equal amounts. Will oil come back? Will automobiles come back? Will real estate come back?
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Instead of going with their gut they sometimes overlook the obvious and make an emotional money mistake. So, think twice before you say "yes," if your gut is saying "No. Related Link: Cramer's 10 Tips for Building Wealth Save Yourself First If you don't have enough to save for your children's college funds and your retirement, then your retirement takes precedence. As explained in Suze's book "," women think they are actually helping their children by paying for their college or wedding.
It's a myth. You help your children by saving yourself first. If you retire without ample money to support yourself you will become a financial burden to your children. There are plenty of loans for college but there are no loans for retirement. Don't Hand Over Finances to your Husband or Partner Suze says women often hand over their family financial matters to their partner either because they are scared, lazy, or following an old fashioned role.
Being in control of your financial destiny requires that you be an active participant — not just by paying bills, but in overseeing your investments too. As Suze explains, women tend to devalue what they do. Anything you bring into the marriage is not automatically shared.
You will have to cautiously decide whether or not you switch the money you have into a Roth IRA, but Orman urges that absolutely new contributions should be going into a Roth retirement vehicle. For those that have lost their income or will be in a very low income tax bracket this year, Orman says that converting small amounts of money from a traditional k , b , or TSP to a Roth IRA could be worth looking into. If you are still employed, and have at least five years, preferably longer, until you need a certain amount of money, then Orman does not have any problems with you investing your money right now.
But she does want you to make sure that you are dollar cost averaging into the stock market. Dollar cost averaging is an investment strategy that aims to reduce the impact of volatility of stock or fund purchases by buying at regular intervals and in equal amounts.
Will oil come back? Will automobiles come back? Will real estate come back?
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