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Savings tips for women

 

Marshall Loeb

 

By Marshall Loeb, MarketWatch

Last Update: 12:01 AM ET Dec 29, 2006

 

NEW YORK (MarketWatch) -- Women live, on average, seven years longer than men. But they often don't have enough money to live on during those extra years.

 

Women face different financial challenges than men do. They still only make about 76 cents for every dollar men do, and they are also more likely to take time off during their careers to raise children. Furthermore, women also invest less aggressively than men do.

All this results in financial hardship for many women later in life. Susan Black, director of financial planning at eMoney Advisor, offers these tips for women hoping to improve their finances:

 

* If you're married, don't leave the financial planning to your husband alone. "If your husband is taking the lead, that's fine. But stay involved as an equal," she says. Discuss your savings options with your husband and learn your financial options.

* While the rule of thumb is that you should save 10% of your gross income each year, Black says that women should save 12%. This is to account for their longer life expectancy and the loss of wages many women face when they raise their children.

* If you're a stay-at-home mom and your husband works, open up a spousal IRA in your name. Your husband can contribute to it on an annual basis, and you'll both have more money during retirement.

* Make sure you have enough life insurance. Half of all marriages end in divorce, and three quarters of all women are eventually widowed. Have enough life insurance to cover at least five years of income.

* Invest in long-term disability insurance. An unplanned illness or accident can cripple your finances. If your employer doesn't offer it, obtain individual coverage through an insurance company. End of Story

 

Marshall Loeb, former editor of Fortune, Money, and The Columbia Journalism Review, writes "Your Dollars" exclusively for MarketWatch.

 

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Guys I've been looking kung san ba maganda mag invest. Then I came across sa GS. I made a research and found out that "low risk" investment daw. meron na ba ditong nag invest sa mga Treasury Bills/Bonds? I also visited the websites of some of the banks like bdo, pnb and ucpb. though ndi pa ako personally nag inquire sa kanila. Tanong ko lang, what if I bought a Treasury bills/bonds with the said bank and then at some time nag file ng bankruptcy yong bank. Ano mangyayari sa binili kong GS? Maibabalik pa ba yong pera ko?

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Government securities are indebtedness of the National Government. The banks that sell them only act like agents; the securities are sold to you on a without recourse basis,meaning the bank is not liable to you directly. If the bank where you brought it from files for bankruptcy, I shouldnt be too worried since it is the National Government who is liable to you directly. Now as to how you will get your proceeds and how long it will take, I have no idea. But rest assured, you will get your money eventually.

 

retail treasury bonds in the past were really attractive to individual investors but at the current market rates right now, i don't believe in locking up my money for five years at a very low rate. I would be better off investing in stocks or in uitfs/mutual funds. Again, just my two cents :)

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Hi Guys.. I need your advice pls... If you have U$ 5K where would you invest it? Thanks in advance for your help!!!!

 

 

If I were you, I would wait for exchange rate to hit 45.50 or better and convert iit nto peso. I would then buy 5 year RTB with gross return of 7.125% pa. I won't recommend the stock market, even though it can give you a better return in the long run, not unless you know anything about it.

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Hi Guys.. I need your advice pls... If you have U$ 5K where would you invest it? Thanks in advance for your help!!!!

if there's one thing they teach you in graduate school .. that's to always begin your answers with "it depends".. so.. 'its depend"...is that 5k - just an extra 5k or lifetime savings mu yan.. how much risk you can handle? Next thing would be, how long you willing to wait? The usual combinations are safe&long vs risky&short. Personally, id be more on the safer side for now... bond funds, RTBs.. once the market starts to wake up again... that's the time to "lock and load!"...

 

cheers & trade safely

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and oh... just to add:

 

the things RK wrote are applicable in the phils.

 

Just read Larry Gamboa's "Think Rich Pinoy" ... he explained everything pinoy style ... he is cool and all, except that he NEVER replied to my little "fan mail" ... oh well, i guess i just have to wait for him to send me a fan mail someday then *lol*

 

Good thing I read Larry Gamboa's book first! Now I will be reading the rich dad poor dad book.

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does anyone have experience with the old and new versions of the cashflow 101 board game? am thinking of buying one but i'm curious if the new one is better than the old one. some online reviews say that the newer verion's rat race is more difficult to escape (which i actually welcome because i don't expect life to be that easy haha)

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