Women in Business: What’s Your Greatest Money Challenge?

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What do women in business consider their biggest money challenge? 

Here’s what you’ll want to know from a survey I conducted.

The two biggest challenges were:

  • “Not making enough money” and
  • “Not saving enough for the future.” 

Why aren’t women in business making enough money?

  • 55% said they were focused on surviving today – just paying the bills, food, groceries, insurance!!
  • 23% “not saving or investing for the future.”

SURVIVAL
There are times in life when every penny we’re making is going towards survival.

Been there. Especially when we’re raising a family, working like a maniac and trying to squeeze a little FUN out of life.

Here’s what I worry about. When I talk with young women, too many aren’t saving ANYTHING for emergencies, a cushion in case they lose a job or their future.

But, they’ll take $40.00 a week and blow it on a meal out, a new purse, beauty products (Look in your bathroom drawers and see how much money is sitting in there!!)

In order to change the “not enough money” piece we have to do something new & DIFFERENT! Preferably NOW. 

I know it FEELS good in the moment to BUY something, but take a breath.

IMAGINE whether those cute shoes you buy TODAY are going to do anything for you when you’re 70 or 80.

I know it’s hard to gaze that far into the future. So, let me do it for you – large numbers of women retire in poverty. We don’t want that to be YOU!!

BEST ACTION STEP
Marianne Russo, CPA, Modesto CA says that a 16 year old who saves ONLY $2,000 a year until she’s 25 will have over $600,000 at retirement. That’s the POWER of starting EARLY. That’s only $38.00 a week!

But, even if you’re not 16 anymore – me neither – Start saving TODAY.

Then NO cat food for you at 70. You’ll have TRAVEL, perhaps a PAID for HOME, an INVESTMENT PROPERTY, grandchildren, and ENOUGH money live well!!

 

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Certified Money & Business Coach, Professional Speaker & author, Lynn Telford-Sahl, writes the PowerUP Your Money blog for women in sales and small business. Get your FREE Financial Strategy Session with Lynn at www.powerupyourmoney.com.