Women Over 50 - 5 Tips For Financial Independence

Financial independence is the goal of most people especially as we approach retirement. Once we can see that turning

retirement age is just around the corner, thoughts of financial independence seem to become more frequent. Unfortunately, some of these thoughts are more than that. 

They are mild forms of panic attacks and financial anxiety, especially if the retirement nest egg isn't looking great. 

While these concerns affect all people, women over 50, especially those who are single, becoming financially independent is important for our survival, if we are desiring a comfortable retirement. And why shouldn't they be. 

Working for most of our life, retirement should be a reward for our hard work. But if the retirement pot is a bit empty, what can we do to fill them so that our senior years are not on "Struggle street".

For women over 50, here's 5 tips to help you create financial independence: 

1. Create More Income 

Yes it is easier to create wealth by having more income or a higher paying job. However, for women over 50 it is sometimes harder to move into a higher paying job- based on our age, qualifications or prolonged employment gap if we took time out to support family members. 

Perhaps an online or home based business could provide some extra cash, or a part-time job. 

2. Invest Your Surplus 

There are many courses and associations to assist women over 50 to learn how to invest their surplus income to provide for a better retirement. Look for such associations in your local area and start taking an interest in the share market, cash management funds and real estate. With time this surplus correctly invested will compound to build you a nice nest egg.  Femvestorsglobal is an amazing support network of women, in terms of commencing your investing journey. We hold your hand along the journey so you can take control of your finances sooner rather than later.

3. Money Is Taxing 

Make sure you have a good accountant and/or tax advisor to give you great advice on the best investments offering the best tax advantages. While women over 50 need extra income to invest, it is also important to cut your expenses especially by paying lower taxes.

4. Get More Out Of Your Time 

Having more time is a dream of most people. But there is only 24 hours in a day. How do you maximise your time especially with earning money. You engage the power of leverage. 

If you can earn additional income over and above you main job' you will create more wealth. But you are still exchanging your time for money. And there is only one of you. 

What if you could 'employ' a team of people whereby you could earn a percentage of their income. As well as leveraging people you can also leverage time - more specifically time zones. Why not have your team not only where you reside but also in different states and countries. So when you are asleep, your team members in another country are working and you're earning as well. Home based online businesses can offer such an opportunity.

Alternatively, (and I appreciate this is not for everyone!), you could relocate overseas to a country with not such a higher standard of living, so you can accumulate more money with an online business. You have the ability to work anywhere, whilst reducing your monthly out-goings/bills. Ultimately, our money will go so much further,

 5. It Takes Two To Tango

Going solo in life does have some advantages, however, it can also have it's limitations. Creating wealth or extra money can be one of those limitations. 

Sharing experiences and creating opportunities to jointly build wealth is more enjoyable when you're not on your own. 

Note that Women over 50 should never have a sub par retirement. There are ways to ensure this doesn't happen. 

The great opportunity is that there is still time for many of us over 50 to have financial independence. We just need to take action sooner rather than later.

Article Source: https://EzineArticles.com/expert/Greg_N_Reed/245120