Women in business and professions continue to change the face of the economy of North America. Women start more businesses than men and are twice as likely to stay in business than their male counterparts. Career women are thriving and making a positive impact on the economy. We now represent 55% of university graduates and 58% of new entrepreneurs, and yet most women now face the task of having less financial security than in the past. The biggest obstacle women have to climb is the inability to reach old age without depleted resources or not having enough money to live their lives.

Women statistically live longer than men, continue to invest less, and most of them are not ready for retirement. At the same time, women continue to be, on average work fewer years than men, and make less money than men. Women must plan for financial security and prosperity. They must have an active plan to get there.

Let's look at some of the gender specific statistics reflecting the particular financial concerns and challenges facing women today:
Most women experience most men by 7 years, but they are in the labor force on average 11 years less than their male counterparts due to child birth and parenting women require 20% more money than their male counterparts to compensate for the short year working life. (Source: 1999 U.S. Census)
90% of all women's single most of her adult life because of divorce, widowhood or never marrying. More than one third of marriages end in divorce, while second marriages have an even worse rate of success. (Source: U.S. Census 1999)
The average age of a widow 58. 43% of women over 50 say they are putting together retirement financial strategy (source: Lovett-Reid Research)
Women between the ages of 50 and 60 are at the peak of their profitability. (Source: Lovett-Reid Research)
Two-thirds of people aged over 75 will suffer from illness or disability, most people are women.

The average woman has less insurance coverage than the average person, even though its economic demands, on average, larger than males.
Most owners of business women, unlike men entrepreneurs, as a rule, did not inherit or buy an existing business.
Women over 70 are twice as likely than men to live in poverty. (Source: U.S. Census 2000)

Solid timely financial planning for women should be sent to female-specific problems and obstacles:
The importance of a pension plan, reflecting the gender specific barriers to be overcome for women.
Proper planning and insurance coverage is especially important for women, by and large work fewer years, accumulate less retirement / pension, and live longer than men.
Women must become financially aware and seek professional financial advice planning. North American publishing industry has responded to the search for financial knowledge, releasing more than 200 books about financial planning for women in the past year.

Most women face more financial problems in their male counterparts. The good news is that the ratio of women to money and the investment begins to change to reflect the remarkable economic realities. Even better news is that Canadian women are beginning to realize that they need to work on financial planning issues that confront them in order to ensure a happy and prosperous future for themselves and their dependents.

Women control of their financial destiny. We can no longer depend on government, our partner, child (ren) to go to sea for our economic ship into a safe and prosperous sunset. Women need to achieve financial security and success, knowing where we stand financially, where we want to go and how we get there.

The following financial test would provide greater clarity about where your financial feet planted. Remember, there are no wrong answers in this test, only the active solution that will help you to achieve security and prosperity. We welcome you to send me your test questions, and I'm glad to meet you at no charge, no obligation to check where you are now to where you want and how do we get there.

 

Self test DETERIMINE IF YOU ARE ON THE RIGHT FINANCIAL track:

I do not know what my monthly expenses and equity.
I have no long-term financial plan that addresses my goals and objectives and include an investment plan, insurance plan, pension plan and estate plan.
I have not considered the most effective tax manner, I can save money.
I do not plan to put money aside for investment in each month.
I have no will.
I do not understand that the tax payable on my death or realize that probate fees.
I do not know if I have appropriate insurance coverage (life, disability, medical / dental, business, long-term care, critical illness), or I know if I get the best price of insurance.
I do not have coverage for medical care and service in his golden years (or a critical illness and long-term care).
I do not know what my plans for retirement, right when I retire and how much money do I need to post-retirement life to live I want to.
I do not know what my legal rights / responsibilities in terms of my business partners and my life partner.

0 is true - Congratulations. You term financial plan development.

1-2 True - Pay attention to red flags circled. Your personal financial plan should be revised.

3-5 True - You do not have a financial plan in place and continue the path that he expects to go down the road to financial problems.

 6 + True - You are at imminent risk of financial problems. Get help now! Fail to plan = plan to fail