According to recent studies, women's income producing power has skyrocketed, but they're not investing in their future. Here are some guidelines for doing just that.
Lee Ann Carter has met her professional goals. But now, she's tackling a personal goal. "I hate to say it's an age thing, but as you get older, as a woman, and you're single, you consider your later years. Retiring, what do I want now, for my future."
When she started her own business as an independent aethestician, she created a business plan. Now, she's trying to do that with her finances.
The American Institute of Certified Public Accountants says its "pyramid of financial freedom" may help women like Lee Ann get started. AICPA says the first step is understanding cash management -- how you spend money and how you save it.
Next, manage your risk through insurance and other legal tactics.
Investing is the next step -- and the largest portion of the pyramid.
This is where Lee Ann says she needs the most help. It's a web of financial investing. But if you're not a professional in that field, you're guessing.
That's why she's turned to several books, and is interviewing financial planners. AICPA says climbing this pyramid will lead to the top -- wealth management.
It's a journey Lee Ann is eager to start. "We're not living in the 1800s anymore. There's more single women living in this country than ever before and we just have to take charge."
Only 32 percent of women know what they've set aside for retirement, and they save only half of what men have put aside.
For more information on how you can save and invest, log on to the Women's Financial Health Week website.
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