Divorce Advice For Women

You're probably thinking about divorce or maybe your divorce has already started and you need some advice. Divorce is a stressful and emotional experience and for many, it can become a nightmare. Are you discovering that your divorce is not turning out as planned? Is your husband bad mouthing you to your lawyer and everyone you know? Does your husband want more child custody just so he doesn't have to pay more child support? Does he believe you do not deserve the house, the cars, the dogs, or retirement fund? Divorces can get nasty. They start off well, you're both in agreement, but then the lawyers start putting ideas in your head about property and custody. 

Getting Started With The Basics 

First thing first when it comes to divorce is money. I know it's sad but true. Why make it about money when it should be about getting out of a loveless, manipulative and controlling relationship. It should be about protecting the children and the welfare of everyone involved. However, lawyers, court fees, mediation, evaluations and expert witnesses are going to cost money to help you plead your case. Step one is to prepare financially. If you don't have any money for a lawyer, then you should start cutting expenses and putting money aside until you can afford one. Make room on credit cards and ask friends and family to borrow as much as they can give you help you out. I know, you shouldn't burden others with your financial situation, but it's better to owe your friends and family money for the next few years than it is to endure another day in a bad marriage. 

Daily Diary 

Keep a journal of every fight and argument you have with your husband so you can recall dates and information really easy. The worst thing you can do is say something negative about your husband without anything to back it up. Write down how it started, what was said and how it ended. Do not leave out details and make sure to record the date and time the conversion started. Also note down anything your husband says he is going to fight for and keep good notes on anything he says he is willing to give you without a fight. Sometimes husbands change their minds about what they want to fight for once they get a lawyer. Keep notes on everything 

Property Records and Finances 

Make sure your name is on everything you want to fight for, including houses, cars, bank accounts with money and retirement funds. If your name is not on any of these pieces of property, you could end up not getting your fair share of them. Start investigating your husband's income, bank statements, receipts and anything else you can discover he has of value. Remember anything he has purchased while married, even if your name is not on it, you could be entitled to. Start saving money in a separate bank account or in cash. Most of all make sure you have enough to hire a lawyer as soon as you're ready to file divorce or as soon as he hires his own lawyer. You want to be the first to act in a divorce. 

Lawyers, Divorce Guides, Divorce Coaches and Child Custody 

Remember, unless you both agree to divorce and who gets what property, that divorce is a battle and you must be prepared legally and mentally. Hire a good lawyer that will fight for you and one that is affordable for you. Do not price shop a lawyer, because you get what you pay for. Interview your lawyers to find a good match. Once you have found a lawyer get yourself some good books and guides on divorce. These guides will give you inside strategies your lawyers are not willing to dish out unless you have lots of money to fight with. If you can afford it, find a divorce coach to tell you what to do each step of your divorce processes. Last but absolutely not least, get your hands a hold of some guides on how to win child custody. Lawyers do not give out much advice on how to win custody, but they will surely spend the money putting up the fight. Educate yourself on what matters when it comes to child custody and evaluations. 

Be prepared financially, legally and educationally. Take charge of the divorce process and always stay on offense. The first one to act will get the upper hand. Do not wait for him to get a lawyer first. 

First thing first is to get a free consultation with an attorney familiar with divorce and child custody in your jurisdiction. 

Get a free no cost obligation of your legal rights to divorce and custody. The free consultation will let you know yours and his legal rights to divorce and child custody. They will also let you know how to protect yourself and how much its going to cost. Just remember the first one to act will get the upper hand. Do not wait for him to get a lawyer first. 

Child custody is a completely separate issue and battle from divorce and usually 90% of the expenses and heart ache. Use these strategies to get the upper hand from day one. 

Do not wait until things start to go wrong to get this information that you should be doing even before you start the divorce process.

I wish you all the best of luck!

Article Source: https://EzineArticles.com/expert/Janice_D._Rubin/430883 

Kids, Parents & Money

Members of what is being called the "sandwich generation" are coping with balancing their own needs with the needs and expectations of family. These individuals are often "sandwiched" between the needs of their parents, who may require assistance with daily living tasks or medical care, and the needs of their children, who may require financial or emotional support. 

Within the next decade, the population over age 65 will continue to grow. Increasing life expectancies also means that more people are likely to have chronic health problems and family involvement in their care. 

This sandwich situation calls for open inter-family conversations to help ensure that money is managed thoughtfully and effectively, as well as cooperatively. It also means staying aware of your own financial plan when it comes to the increasing costs of medical care for your parents and education for your children.

Generous Boomers - Severely impacts our Retirement

Exactly how to teach children about money is a dilemma for many parents.  In fact, some baby boomers are concerned about how the support they give their grown children may impact their own golden years. Although they have these concerns, boomers think helping their adult children is slowing down their retirement savings.  One reason boomers don't see the impact on their retirement savings may be that they are tapping into "day-to-day" spending money and not dipping into retirement accounts to fund their children's needs. But, could some of that money be used to save toward retirement savings?

 

Lets Talk Money

Discussing finances can be complicated. Each generation thinks about money and the need to talk about it with other family members in ways that have been shaped by their upbringing and societal norms. An 86-year-old, for example, probably has a much different view of debt than do their children or their grandchildren. He may question why his 28-year-old grandson uses a credit card to buy new clothes even if he's already deeply in debt. Although talking about money may be a sensitive subject, good things happen when families discuss money. It's important to approach the conversation in an open, non-judgmental way. While finances are a taboo subject for many reasons, "harmony can be realised through understanding and communication," In some cases, families may find it helpful to include a neutral third party, to act as a facilitator.

 

Key points about families and finances:

1. Members of the sandwich generation cope with balancing their own needs with the needs of their parents and children.
2. Generosity to family is only natural but you need to plan for it.
3. Have conversations about money with family, because open dialogue about money benefits everyone
4. It may be helpful to include a neutral third party to act as a facilitator

 

Take Sarah, for example, a 46-year-old divorcee who supports her two adult sons. Sarah's financial advisor told her, "Let's deal with this now, or you're going to be making some really tough choices in five or 10 years," 

"You need to tell your children you can't be their sole source of financial support." The best way to avoid these complicated situations is to do what may seem uncomfortable: Talk honestly about money. No matter how you do it, what really matters is that you start the conversation and keep it going. "The money thing, from my perspective, is as much, if not more, about communication as it is about the money itself," 

Boomerang Children

While many people in this age group 18-30 may still be in school and have not yet moved out, others have returned home believing they can't afford to live independently because of high housing costs, credit card debts and student loans.

Tips to help you transition your adult child into financial independence:

1. Have an agreement that spells out the living arrangements and household responsibilities.
2. Be clear about what financial responsibilities children will have when they move back home (e.g., paying rent or a portion of utility expenses).
3. Require that children make specific progress toward paying down debt and adding to their savings.
4. Agree on a plan for the future.

Making a Better Sandwich

Femvestorsglobal can help you determine what financial needs you will have based on your own goals and unique family situation. For instance, you could consider an education fund, or purchasing long-term care insurance for your parents. You may also need to think about other health-care expenses and estate-planning issues with your parents. We help guide you and your family through these issues and decisions while helping you keep your own retirement planning on the right track.

Find Your Passion and Start Living It!

Retirement can be an exciting time in your life, but it can also be daunting. You may feel like you've lost your sense of purpose or structure now that you're no longer working. The transition from a full-time career to retirement can be challenging, but it doesn't have to be. If you're about to retire or have recently retired, there's a book you need to read called "So What Do We Do Now?: The Babyboomers Guide to Enjoying Retirement" by Eva Bennett.

Bennett draws on her own experiences of adapting to her husband's retirement, which involved moving to a seaside town. She ranks the impact of this life-changing experience right up there with childbirth. While we had the benefit of antenatal classes and new mothers' groups, there's very little available for impending retirees or the newly retired.

Retirement isn't always what people expect. Recent retirees said they were happier when they were working because they felt they had a purpose and structure to their days. Retirement doesn't mean retiring from life. There's an increasing trend for people not to retire outright, but to start working less. Research has shown that retirees who cease to contribute and to be productive and active, die earlier than those who continue to engage fully in society.

According to Bennett, the beginning stages of retirement are like a honeymoon period. You don't have to get up to go to work, you can play golf or go fishing whenever you like, and don't have to work to deadlines. But the euphoria and the novelty soon wear off. After all, there are only so many lattes you can drink and only so many times you can go fishing. Then what? Life can get boring. We need to re-evaluate who we are and what we want out of life because our former identity is no longer relevant.

There are three stages to the transition from old to new:

1. Endings (where we let go of the past),
2. The Neutral Zone (where we review the past and reflect on what we want to do now) 
3. New Beginnings (where we decide what we need to change or do differently)

As you create the new you, it's important to keep all aspects of your life in balance, including your finances, home life, health, relationships, leisure time, and your purpose in life.

One of the secrets of a healthy, active, and happy life is to feel young psychologically. It's never too late to find your passion and start living it. The so-called Third Age is the time to give back to the community and share your knowledge and wisdom. Being positive is an important part of enjoying your retirement and contributes to living longer. Some people enter retirement filled with negative thoughts and fears of ill health and lack of money. The key to happiness is to be happy with whatever you have.

In conclusion, retirement can be a challenging transition, but it's also an opportunity to create a new and fulfilling life. By reading "So What Do We Do Now?: The Babyboomers Guide to Enjoying Retirement" and following the three stages of the transition from old to new, you can find your purpose and balance in life. Remember to keep a positive mindset, stay active and engaged in society, and enjoy all that retirement has to offer.

The key is to find activities that align with your interests and passions, and to stay open to trying new things.

Money and Family Dynamics

Money is an incredibly sensitive topic in any family and attributes to one of the main reasons why couples divorce or separate. If you have been watching the TV show "Succession", you will know exactly what I am referring to.

For most people, their "success" or "failure" in life is gauged by how much money they make. Now many people, myself included, feel that there's more to success than just money, however, we can't escape the fact that many others don't feel the same.

Money, in a family dynamic, can cause more strife than any other single topic. Money does not cause family dysfunction, it merely amplifies any underlying dysfunction that was always lurking beneath the surface. We're currently and continue to experience the largest transfer of wealth ever and the implications are huge.

The easiest way to avoid future conflicts over money is to do careful planning before it ever becomes an issue. When starting the estate planning process, it's important that all interested parties be aware of what's going on so that there are no nasty surprises when the transfer of assets actually happens. By undertaking due diligence ahead of time, any issues can be addressed and hopefully, minimised with much less pain. I can't tell you the number of times I've heard potential heirs complain that their parent/grandparents are frittering away "their inheritance." 

If you are a business owner with family members involved, if you've accumulated enough wealth to have a family charitable foundation or trust, or if you simply want to give it all away when you die, it's critically important that you let your heirs know what you intend to do with your estate upon your passing. There's nothing worse than having a child that thinks they're going to inherit a fortune, only to find out that you intend to give it all away to your favorite charities. Many baby boomers are counting on their inheritance to finance their own retirement so imagine their surprise and anger when they find out their own retirement plans have been derailed. At a minimum, not involving your heirs in this discussion could lead to incredible animosity, years of therapy and, most likely, legal wrangling in an attempt to undo your wishes. That's why, long before it becomes an issue, you need to ask yourself the following questions: 

While I'm alive and in my twilight years, who's responsibility is it to take care of me when I can no longer take care of myself? 

When I do die, what do I want done with my estate? 

Are my children capable of carrying on the visions and goals of my business? 

Will my heirs use the money in our charitable foundation the way I intended, or will they change its mission to something completely different? 

If you plan to give it to your children or grandchildren, and they inherit a large sum of money, will they be able to handle it responsibly or will they "blow all of it"?

One of the trends we're seeing is inheritance based on reaching certain personal milestones. For example, instead of giving your beneficiary a lump sum inheritance when they turn 21, the trust will dictate that a certain amount will be distributed upon reaching certain milestones i.e. graduation from college, marriage, starting a new business, etc. 

The wealth transfer process, by its nature involves many parties including family, charities, attorneys, accountants, wealth managers and a host of others. By having open, honest discussions with your family and advisors regarding the transfer of your own wealth, you can have your estate go where you want it and in the amounts you want and, hopefully, all those involved will be on board so that the process is as painless as possible.

Household Spending Plans

Much of the time it is up to the woman of a household to take care of the spending plan (AKA Budget) and immediate finances. The task of determining the monthly cost allocation for activities as well as cooking, cleaning, and food shopping. In other instances a women with children has to take care of these duties while also working part of full time. 

For a household that is not financially planned, this situation can create chaos if not managed. When kids are involved in the mix, the need for a spending plan is much more greater as resources tend to become depleted quite easily. By setting easy and comfortable money targets for your family, which can save you both time and money. This will enable the family household to run easier and smoother, therefore planning ahead of time is essential. For example grocery shopping in bulk will not only save you time and money, but it will also save you in terms of preparation. You will be able to make meals in large batches, then freeze them for whenever you need a quick meal. This allows you a piece of mind that you can always have something ready for last minute occasions. 

Another large impact of a family's costs is the entertainment expense. When you have kids they have a need to be stimulated all the time. Instead of spending money on going to the movies, buying them unnecessary toys, and expensive fun parks, enroll them in sports teams or some type of lesson that they are interested in. Go to the library and borrow books on core life skills. Yes, this will cost some money but in the long run it is much less than the other types of entertainment. Your kids will learn a new skill that will enable them to keep preoccupied & content even they are not at their actual lesson or team practice. They will be able to practice on their own and get better at something not involving a video game or TV. 

Setting a spending plan for your family needs to be customised to the amount of money that is going in and out of your household every month. If you are trying to save up for something then something else must be given up. This really allows you to weigh what is important to you, short-term satisfaction or long-term goals. 

If we know some of these tips, this will set up a household to be the most efficient as possible. When a household is efficient, it opens up the much-needed time for family and friends to enjoy each other's company. Creating successful habits can allow your family to become closer knit because you will value the time you can spend with each other.

Kids, Parents and Money

The "sandwich generation" are coping with balancing their own needs with the needs and expectations of family. Current research shows that 44% of Americans between the ages of 45 and 55 have living parents or in-laws, as well as children under age 21. Many of these individuals are direct caregivers - with 64% of caregivers also employed full-time or part-time. 

Within the next decade, the population over age 65 will continue to grow, according to U.S. Census reports. Increasing life expectancies also means that more people are likely to have chronic health problems and family involvement in their care. Today, an estimated 7 to 10 million adult children are providing care and assistance for their parents long-distance. And, approximately 92% of boomers financially support an adult child in one or more ways. This sandwich situation calls for open inter-family conversations to help ensure that money is managed thoughtfully and effectively, as well as cooperatively. It also means staying aware of your own financial plan when it comes to the increasing costs of medical care for your parents and college for your children. 

Generous Boomers - Tenuous Retirement 

Exactly how to teach children about money is a dilemma for many parents, according to the Ameriprise Financial New Retirement MindscapeSM study: 52% of those surveyed said it was the advice they needed most. In fact, some baby boomers are concerned about how the support they give their grown children may impact their own golden years, according to Nathan Dungan, president and founder of Share Save Spend, an organization that helps people of all ages develop and maintain healthy financial habits. Although they have these concerns, only 29% of boomers think helping their adult children is slowing down their retirement savings - a key finding of the Ameriprise Financial Money Across GenerationsSM study. One reason they don't see the impact on their retirement savings may be that they are tapping into "day-to-day" spending money and not dipping into retirement accounts to fund their children's needs. But, could some of that money be used to save toward retirement savings? 

Money Talks 

Discussing finances can be complicated because each generation thinks about money and the need to talk about it with other family members in ways that have been shaped by their upbringing and societal norms. An 86-year-old patriarch, for example, probably has a much different view of debt than do boomers or their children. He may question why his 28-year-old grandson uses a credit card to buy new clothes even if he's already deeply in debt. Although talking about money may be a sensitive subject, good things happen when families discuss money. It's important to approach the conversation in an open, non judgmental way. While finances are a taboo subject for many reasons, "harmony can be realised through understanding and communication," Dungan says. In some cases, families may find it helpful to include a neutral third party, such as a financial advisor, to act as a facilitator. 

Key points about families and finances: 

1. Members of the sandwich generation cope with balancing their own needs with the needs of their parents and children. 

2. Generosity to family is only natural but you need to plan for it. 

3. Have conversations about money with family, because open dialogue about money benefits everyone. 

4. It may be helpful to include a neutral third party, to act as a facilitator. 

Take Ruth, for example, a 59-year-old widow who supports her two adult sons. Ruth's financial advisor told her, "Let's deal with this now, or you're going to be making some really tough choices in five or 10 years," Dungan recalls. "You need to tell your children you can't be their sole source of financial support. The best way to avoid these complicated situations is to do what  may seem uncomfortable: Talk honestly about money. According to Dungan, no matter how you do it, what really matters is that you start the conversation and keep it going. "The money thing, from my perspective, is as much, if not more, about communication as it is about money," he says. 

Boomerang Children 

According to Pew Research study in 2021 47% of 18-29 are still living with their parents whilst  usafacts.org states that 16.9% of young adults aged 25-34 live with at least one parent. While many people in this age group may still be in education and have not yet moved out, others have returned home believing they can't afford to live independently because of high housing costs and student debts. 

Tips to help you transition your grown up children into financial independence: 

1. Have an agreement that spells out the living arrangements and household responsibilities. 

2. Be clear about what financial responsibilities children will have when they move back home (e.g., paying rent or a portion of utility expenses). 

3. Require that children make specific progress toward paying down debt and adding to their savings. 

4. Agree on a departure date. 

Making a Better Sandwich 

Your financial advisor can help you determine what financial needs you will have based on your own goals and unique family situation. For instance, you could consider investing in a 529 plan for your children's or grandchildren's college expenses, or purchasing long-term care insurance for your parents. 

You may also need to think about other health-care expenses and estate planning issues with your parents. 

Your advisor can help guide you and your family through these issues and decisions while helping you keep your own retirement planning on the right track. 

Article Source: https://EzineArticles.com/expert/Joshua_Ely/256297

False Promises and Financial Freedom

If you have them, you probably know that credit cards and after pay services make false promises of financial freedom, only to find out later that instead of being free, you've been imprisoned in debt. It's as bad as some men, lulling you into a sense of security, only to be screwed over in the worst way possible. Indeed, credit cards as well as after pay services are the bane of everybody's existence, and the sooner you realise it, the better it is for you. 

The Freebie

Most people, men and women alike, are enticed by credit card and finance companies with freebies. You've all heard about it. As long as you put in your application, you're promised free and in the words of Keith Cunningham "things and stuff" as soon as your application is approved. What you don't know is you'll be paying for those freebies faster than you can grab the credit card or your phone from your purse. Indeed, in this day and age, freebies come with a price, so find out what it's really going to cost you. 

Not Interested 

Credit card and after pay companies thrive on interest and hidden charges. Every time you take out your credit card, you can be sure that you're secretly being charged for something. Before you add another credit card to that arsenal you already have in your handbag. Whether it is a credit card or after pay product, read the fine print and find out what additional charges and interest will inevitably come with your purchases. Don't be fooled by the fancy lingo as it is time to get educated. Check your statement on the interest rate you are paying and the additional charges in interest if you do not pay in full or miss the payment deadline and incur late fees.

It's Payback Time 

Your credit cards work best if you can pay for it in full every time your bill comes out. You won't have to deal with monthly interest and additional charges. But then, that defeats the purpose of having a credit card in the first place. However, you can't fight the system, so the best you can do is make the system work with you. Use your credit cards responsibly. 

Using afterpay is not worth it when you do the numbers, by the time you have paid off your favourite outfit, it will be at the back of the wardrobe with all the other clothes and shoes you don't wear.

Ostentatious and unnecessary purchases should be avoided, and no, that doesn't include those strappy, brown sandals you've been checking out for the last two weeks, regardless of your payment option.

Only take out your credit card when you absolutely need to, such as when you're buying groceries or things you really need and can't live without. 

Better yet, hide your credit card somewhere where you won't be tempted into making impulse purchases. If you read my story, I used to keep my credit card in the freezer.

Indeed, credit cards are more liabilities rather than assets and it's not easy to get rid of them. But as long as you take control, you'll be okay. 

Eventually, it'll all be paid off and you won't have to worry about exorbitant interest and finance charges. 

Then and only then are you really on your way to financial freedom. 

Generational Financial Responsibility

As with most skills, talents, and overall 'education' gained throughout a lifetime of experiences, remember - practice makes perfect, and consistency is key. We suggest that when imparting knowledge of finances; from children saving change in a piggy bank, to teenagers saving a percentage of an allowance or gifts in cash, working with them in a mentor role, as they start their very own bank accounts is critical to generational success. 

Practice Makes Perfect 

Every day, month, quarter and year, there are activities and habits needed to be accomplished consistently. This helps ground children in the basics of financial literacy, which are appropriate to their family wealth factors and long-term responsibilities such as philanthropy. 

Children who will inherit significant wealth and the responsibilities that go along with it, require world-class preparation. Balancing income and outgoings and understanding compound interest is one thing, but managing assets, establishing a growth-mindset, and teaching a child to have vision, is another. Parents may have built up a very successful business, but your children may someday need to sit on the board and also approve the management of investments that support an extended family.

One way to engage children is to play off of their passions; otherwise, financial education will feel like classroom instruction. There are "family wealth advisors" who work with families to identify the things their children already have an interest in, and are willing to spend time pursuing such as a favorite sport or activity. From this identification, these counselors develop a learning program around the child's interest or passions as a theme. 

The end goal is to help each family member of the next generation to have an individual 'economic vision statement,' and to have developed the skills required to realise their unique vision and support in turning the vision into a reality.

While many families want their children to understand the basic concepts and terms, their children need to go beyond the introductory level of money management to incorporate family values, such as those related to charitable giving or volunteering, as well as their particular interests in participating. Their 'economic vision statements' themselves will evolve as these children mature and become more focused in their individual interest and goals. 

Consistency is Key 

Every family takes for granted that if a child is going to be a proficient at tennis, golf or the piano, they need regular lessons, a great teacher, and practice. It's that same thing for financial education. And so, those kids who get practice, great instruction, and lessons do better." By incorporating the "passions" and interests of your children - regardless of age. 

Those parents who hope a financial education specialist can take their kids and tutor them may have good intentions, but they're not taking necessary actions to address the challenge. Parents and children must be involved. To do it otherwise is just a waste of time and money, not every family has the appetite to take on this work. It's costly. It takes a fair investment of time. And it certainly requires all family members to begin to look at their actions in a different way. In general, there's certainly interest in financial education, but I think a lot of it is just trivial unless there's an ongoing commitment to the process. The commitment needs to be at least as powerful as the commitment to building the next pro golfer.

Planning for Financial literacy 

Learning starts early - just as models of non-productive behavior do. While parents may have good intentions for raising money-mature children, they often fail to succeed because they don't move from 'soft' intentions to a realised program of financial education tailored to the age and interests of the next generation. 

The kids who do well have parents who've gone from good intentions to being intentional. Every parent has the good intention for their children to grow up financially intelligent, but few of them really act on it. Parents who have a growth mindset, are committed to their intentions can help ensure the orderly transition of financial planning from parent to child.

Hot Tips: 

• The prime age is between 6 and 14 for learning and building good, solid money skills 
• Preparation for building and managing wealth is an on-going activity, if you want to create and sustain long term generational financial responsibility
• Consistency, planning and practice truly does make the real difference

Money Disparity between Husband and Wife

When both partners work, share household duties and merge their salaries, you would think that these changes are for the better, for women. Unfortunately, not all of the changes are good as a large majority of women have received plenty of less desirable results. 

According to the Pew Research Center. Only 3.8% of women earned more than their partners back in 1960, but a 2020 TD Ameritrade survey found the number of female breadwinners had jumped to 21%. More than a quarter of women reported that they made as much as their male partners.

Studies also showed that when a women out-earns her husband, he is more likely to cheat. In fact, about 15% of the men in a study by the American Sociological Review.

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The sad fact is that when we earn more than our husbands, we experience more stress on the home front and all have claimed that making more money is hurting the marriage. 75% of us have said that we wished we weren't the breadwinner. The survey asked divorced women and 66% responded that making more money led to the divorce.  

Note, that Gender roles are changing in other ways as men are increasingly willing to pitch in around the home and many do dishes and cook the meals. However, when men are unwilling to participate in household and childcare duties even though they're earning less money than their wives, many marriages fail. 

In order to succeed in this situation, a couple needs to have a partnership in their marriage. Both spouses should have similar values regarding work and money management, and share household responsibilities equally. We need to converse prior to marriage with the expectation that the husband may not be the main breadwinner. 

In order to alleviate as much stress and tension as possible, couples should address their expectations for earning power. Historically, men associate their self-worth with how much money they earn, more than women do. If the wife is earning more, we deserve to have more say in how the money is managed. Many women need to negotiate this issue as it can be a taboo subject is some relationships. You need to align on how will the funds be handled differently? Will your household responsibilities change? If the wife is earning more money because she is spending more time at work, a couple seriously needs to discuss household and childcare responsibilities. In the end, what makes the most sense? It's not about women making all the decisions, but that couples are sharing the decision-making, now. 

A couple must agree that money doesn't equal power and their relationship is worth much more than either before they can adjust to the new model of marriage. By creating unambiguous marital roles and fully addressing all aspects of the family finances, especially how it is handled, you can survive the changing financial and employment landscape of today. In the end, it's about attitude, as opposed to the actual dollar amounts that cause the most conflict. If either spouse feels resentful or critical, it will eventually come to the forefront of any argument and ultimately destroy your marriage. 

How To Be A Great Partner With Your Finances

How To Be A Great Partner

Just being romantic has to mean a variety of things to each and every person, but as you and I both know, romance involves doing that little extra to express affection in a meaningful and sometimes unexpected way. Unfortunately, a lot cannot be done the way you want because of money and finances. We know that the true act of romance requires creativity and above all sincerity, which is often inspired by love. 

One of the better ways is to treat your partner like you are single... , remember when you were trying to earn their affection and trust. And we all know that the opposite of being romanced can and will backfire when it presented as some kind love sick game and gets taken for granted. No one wants to feel like they have already been trapped... because quicker than you can blink... it's over and done with.

In a marriage relationship, communication is the best policy. Having your finances in order can be a great help with that. It can at times be difficult, but the simple truth allows relationships to breathe. No matter what happens, no one can ever challenge the fact that you are truthful, which in itself means that the other person will invariably end up giving you the same respect. When communicating with your partner, believe me, they will be the first to let you know if something does not suit them and if it does not feel right or good... they will not trust you or your opinion in love, marriage, romance or money. 

While you are dreaming up ways to win their affections... make sure not to talk their ear off,... but do make sure that if you have any problems that could possibly affect their mood, they are made aware of the reasons for those concerns. Make them the center of everything around you when you're talking to them. If you ask your partner a question, ask because you really want to know the answer. And above all, please... pay attention to that answer. You would be surprised how far that little gesture will carry you up the mountain of love, affection and understanding. 

In discussing opinions, try to see their side and understand the reason why they feel or thinks the way they do. Make sure you are really actually listening, not just waiting for your for turn to insert some interesting little quip that makes you look good. Great partners honour their commitments, accept their duties, portray their loyalties and are accountable for any and all damages, debts and other problematic happenings they make along the way in the relationship. 

Be the bigger person and clean up after yourself and your finances (figuratively and literally). In sharing responsibility, both men and women know that anyone can father a child or give birth... but only a person who understands and accepts that responsibility can be a good parent. How to be a great partner means that you refuse to make anyone do anything that you yourself are unwilling to do. 

Studies Show Struggling Economies Hit Women the Hardest

An increasing number of women and self-employed individuals are suffering from major debt problems that, if left unattended, can eventually cause insolvency. 

Income loss is the most common reason why people enter a Debt Management Plan (DMP).

Figures from the ONS confirm the fact that the economic downturn has forced women and the self-employed to struggle to make ends meet. More and more employees who used to work full-time are now on shorter shifts or have only very few work opportunities. Furthermore, there is a skills shortage and despite jobs advertised, many do not have the skills required to fulfill those roles.

What to Do Now? 

Anyone who's faced with serious debt should get advice at the earliest possible stage. Many countries offer free advisory support, so please check government websites as a starting point.

Employees who have very limited disposable income and whose debts are below a certain threshold can resort to a debt relief order. If debts are higher, the best option would be bankruptcy. Note that every country has different rules so please check for your geographical region. 

Every financial situation is unique and any action should be done with caution. Some experts suggest that the initial step should be seeking professional help from a qualified IVA or debt adviser. More importantly, when in the midst of income loss, people should start prioritising bills and payments, such as mortgage, insurance, council tax, and other necessities. 

It's always good advice to speak with lenders and financial services first to inform them about your status and find professional assistance. 

The key to get out of a spiral of debt is to tackle impending financial problems before they really hit. This way, you can get back on your feet and eventually have your finances back in good shape. 

Financial Independence for Women

For security reasons Ladies, it is important for us to have the knowledge about how to make financial decisions. 

Facts that many of us choose to be single, and the divorce rates are getting higher should underline the more important reasons why we need to equip ourselves with complete financial knowledge to survive in our life. 

We must know that: 

We cannot live from month to month. It is important to save some part of our income, whether from our partners or from our own salary. 

We must have our own personal account instead of a join account with our spouse. It will increase our self confidence as well. Having a personal account will be useful when something happens to our spouse, as our personal account will give us more flexibility and authority than our joint account. 

We must have our own investment and retirement account. This will help protect our finances when the breadwinner of the family turns his heart against the family. 

We must have our own credit card. The best time to have a credit card is when you need it the least, when you can pay on time. A credit card will be very useful under urgent circumstances, when you do not have enough cash on hand. Although we may think that you may not need a credit card, it is recommended to have one for urgency. 

We must get involved in monthly family finances. Almost all of us have something to eliminate, by working together with our partner, as a collective, we could save more than before. 

Having enough money in our savings will give us the courage to leave an unpleasant job or a horrible marriage. 

What should always be remembered is being able to manage a family and personal financial does not mean that you can forget your destiny as a woman. 

To build a happy and harmonious family, women and men are equal, we should not compete against each other. 

4 Things That Women Should Accomplish Before Saying "I Do" or "Settling Down"

Statistically 50% of marriages ends in divorce and in certain parts of the world, we legally can't get divorced so the real numbers are actually higher.

The Myths - 

In today's world, women are more independent than ever; however, many of us are still haunted by the myths of "happily-ever- after" and "love can conquer all", which plays a major part in the high divorce rates. 

But Let's face it ladies.......... many of us still long for the fairytale ending of some handsome Prince sweeping us off our feet, taking us away from all our problems. This only works in the movies. In real life, after the honeymoon stage, everyday life starts to pay a visit-and often. 

The Culprit - 

The truth of the matter is these are some of the real culprits that threaten our happy ending: 

• Finances 
• Sex 
• Communication 
• Family 
• Religion 
• Resentment 

Many relationships are doomed to fail before they even begin because they are started under such false pretenses. There are no guarantees, but if you're thinking of getting married or co-habiting longer term, at some point in your life and want to increase the odds of happiness, take that L.E.A.P. These four simple must do's (as I like to call it), prepares you for whatever's to, come by starting with the one in the mirror, you! 

L-is for Lifestyle 

First take inventory of the life you currently live and the kind you see yourself living in the future. You may lead a quiet, laidback, walks-along-the-beach type of life or you may like the excitement of concerts, parties etc. You may be quite the traveler; can't stay put for long periods of time. Are you a vegan, religious, or a neat freak? Do you live lavishly, accepting only the finer things that life has to offer? You get the idea. Compatibility is a major aspect of a relationship. Learn your lifestyle. 

E- is for Earning 

Get your finances in order. Money's not everything, but let's be real honest-when things go wrong in a relationship, there's nothing happy about being broke and alone with no plans. Set your income goals and go for it -full speed. Make sure you have a high interest savings account in your own name and never give this up. You may have stocks, property and other investments- ave you protected your assets is something happens and your situation changes. Are you in debt? Take a look at your credit reports. See where you stand on paper and take the proper steps to improve your score. Don't wait until you get into a relationship to do these things, because love has a way of distracting us, especially women. Go in solid or close to it. 

A-is for Alone 

This one may seem obvious, but few of us truly get this. Spend some alone time with, that's right, you. Fall in love with you first before loving someone else. Ask yourself, "Who am I"? Figure out what truly makes you happy. Do you have trust, commitment, or jealousy issues? Are you religious or are you spiritual? If you don't deal with these issues now, they will surface once you're in a long term relationship (married or otherwise), I promise. 

P-is for Passion 

Last, but probably the most important of the four. Follow your dreams. Never and I mean never give up on your dreams. Take every single step towards that dream. Focus on you before you focus on someone else. If you do it the other way around, 9 times out of ten, you'll end up putting your life on hold. Find that career and do what it takes to achieve it and thrive. 

So enclosing my friends, remember-although nothings guaranteed and no rule is set in stone, one thing's for sure-no one can give you happiness, you must supply yourself with a plethora of it...then there will be plenty to go around. 

Article Source: https://EzineArticles.com/expert/Rhonda_Phillips/383764  

Financial Planning Challenges that Women Face

If you were to guess which issue women worry about most right now would you guess kids, family, our partner being faithful, health, time management, mental health or stress, or maybe even equal rights? 

The answer is...... our finances. 

This response may or may not surprise you now, but consider the following list of financial issues unique to us:

• We are more intimidated than men about financial issues 
• We earn less money than men (82 cents in the $)
• We are less prepared for retirement as we have less money to retire on
• We live on average 8 years longer than men 
• We don't know who to trust with our finances so we tend to leave it in the bank or spend it
• We are more conservative investors than men
• It is more challenging for single mothers, even more if you are a working parent
• We are caring for elderly parents 
• Our health insurance plans cost us more
• We tend to defer to men regarding long term financial decisions, even though we manage the daily household finances 
• Money may have been managed by our spouses  when married and then we do not know how to manage money if we end up divorced
• The finance Industry doesn't really cater for women and we generally don't trust the men in suits
• Women of Colour are the most dis-advantaged statistically when it comes to equality and earnings

A study by the National Center for Women and Retirement Research showed that women investors were more worried than men about running out of money in old age, preferred more conservative investments, wanted fixed/steady returns, were more unnerved by stock fluctuations and worried more about investment decisions. 

Due to this, our retirement years are severely impacted as we have earned less money, therefore we have less to retire on whilst we live longer.

Most and Anthes note that according to the Administration on Aging "...half the elderly widows now living in poverty were not living in poverty before their husbands died. 

The picture is even worse for older women in many minority groups.

The next generation of retirees may have been raised in an environment in which men handled the money decisions. 

Despite more women actually pay the weekly bills, we tend to have little knowledge of the larger family finances such as retirement plans, insurance, annuities, etc. because we defer this to our spouse's to make the decisions. 

It is essential for women to understand the 'big picture' of their finances, especially for retirement, divorce, or death of their spouse. 

Because we earn less than men, we are less prepared for retirement, and receive smaller retirement benefits, we need to make sure that our husband's retirement benefits will pass to us if our husband dies first. 

Because we may be more intimidated about asking questions of our attorney or financial advisor, we may miss crucial details (such as single-life annuity which may bring higher levels during the husband's life but that ends when the husband dies first), or incorrect beneficiaries on life insurance policies. 

During a divorce, we may be more concerned about custody issues and keeping the house than our future retirement and may agree to forgo retirement plans. 

Single parenting brings a whole host of financial challenges, including lost wages from parenting responsibilities and childcare and babysitters. 

If the extra expenses and possibly lower income are not included in the divorce settlement, as single mother may find that she is unable to keep the house and she loses the two most valuable assets: the house and her retirement plan. 

Women not only make less money than men, our health plan may cost more than for men due to mammograms, the cervical-cancer vaccine, Pap tests and pregnancy related services. 

This is unfair, but while the inequity exists, we must make an extra effort to contribute the difference to a Health Savings Account or savings program to avoid using credit to pay for the added medical bills if needed.

Another huge drain on women's finances is caring for our aging parents. 

More women care for aging parents than men. 

However distasteful it may be to condense a daughter's love for her parents into a discussion of money, this issue must be addressed so that women can prepare. 

Because of the aging baby-boomer population, these numbers will soon become staggering. 

If you add caring for young children into the mix at the same time, the financial results can be devastating. 

Because of the special issues facing women, it is crucial that we educate ourselves about finances and the realities of financial gender inequity and plan for our future. 

The male-dominated financial services industry is just beginning to realise the unique financial planning issues for women. 

This is where we come in ladies, to ensure you have the financial education so you have the knowledge you need to become financially fabulous.

We support you with the basics of financial education and ensure that you find trusted advisors that understand your issues and are helping you plan accordingly. 

Don't be afraid to ask your advisors questions (we put a guide together on this exact topic so you know what questions to ask and are fully aware of the process). 

Now is the time to begin planning for the future: 

• Have a plan 
• Increase your knowledge and understanding of financial matters 
• Utilise trusted professional advisors to implement your plans  
• Regularly monitor your progress

Femvestorsglobal is your starting point to your financial journey, we will ensure you reach your "Moneymoon Destination"

The Emotional Triggers of Credit Card Debt

I used to always say that shopping was cheaper than a psychiatrist!

Here is a mind blowing statistic: In 2021, Women accounted for 75% of consumer purchases. And in a country such as the US, where spending is a driving force of the economy and the average consumer credit card debt is $6,275, there is an enormous amount of buying power in the hands of women. 

There are several reasons why women purchase more than men; for instance, we are often in charge of the household expenses and day to day shopping or we spend more because of societal pressures regarding appearance and lifestyle. Another reason is the need to manage our emotions through the act of shopping. 

Men, on the other hand, have a more straightforward approach to purchasing goods; they spend money on things they deem are needed or necessary and are much more focused on saving for the future. They are not as vulnerable to credit card debt as women because they see themselves as the providers of money. 

However, when men do buy, it is usually for larger scale purchases such as electronics, houses, or cars. These are more lasting purchases and houses and cars are generally considered assets. On the other hand, women tend to spend the most money on clothing, shoes, and accessories. 

The rate of bankruptcies, because of credit card debt, for women between the ages of 25 and 44 is the highest for any group. Women are more likely to purchase an expensive handbag, shoes, or electronics than to save their money.  

Young women also have more exposure to celebrities and their lifestyles than every before, they try to emulate their lifestyles through their purchases—often leading to more credit card debt.

Another reason women are more likely find themselves in credit card debt, is our emotional connection with money. For women, money often symbolises security or the ability to attain a better lifestyle. It is often difficult for women to separate our emotions from the detached business of money which creates many problems over time. We tend to express our love, goals, and individualism through money, while to the majority of men, money is just money. 

Women assign money with a value that it doesn’t have, the ability to improve our self-esteem or our happiness. These are values that have been adopted in childhood because our parents are more likely to encourage boys to be more entrepreneurial while girls are often subconsciously taught that we should be taken care of financially. 

These influences are the blueprint for a life of financial success or financial disaster. As women, we do not learn how to properly save and invest, therefore, we find ourselves in credit card debt as we don't really know what else to do with our money. 

This is where femvestorsglobal comes in as we can support you exactly where you need it.

Addressing the emotional connections that you have with money and your old stories as to why, is an important step in the process of achieving financial responsibility and a debt free life. 

Women and Retirement - What We Need to Know Before We Retire

Women in many parts of the world have made tremendous strides in improving our overall financial outlook and closing the income gap with men. During the last two decades, we have become better educated and more self reliant regarding our financial future than our mother's would ever dream. For example. Today, more women are graduating from University than men.

Although women's incomes and economic power have increased steadily over the years, we face many unique challenges when it comes to planning for our financial future. We must be cognisant of the set of circumstances which set us apart from others as we attempt to capitalise on our economic potential and secure our financial future. 

Increased Lifespan 

One distinctive and sometimes overlooked characteristic of women is the differences in life expectancy between men and women. Typically, women can expect to live an average of seven years longer than men. This increased longevity for women creates several challenges that we must consider before we can build a sound financial plan for ourselves. In many cases, because we are expected to outlive our husbands, we must plan for more available income during our retirement years to maintain our lifestyle and independence.

In fact, due to advances in health sciences, we are living longer than ever before. Consequently, many retirees are spending as much as twenty years or more enjoying their senior days. When asked, the majority of retirees felt their number #1 concern regarding retirement, was the prospect of outliving their retirement savings. and future female retirees, the increased chances of a long retirement should be an important consideration in addressing our retirement plan priorities.

Although more women have joined workforce over the years, we often still maintain the more traditional maternal roles within the household, such as raising kids and being the chief caregiver to the entire family. We remain the most likely family members to sacrifice career aspirations to provide care to elderly parents, children or disabled spouses. 

For many women, living longer will also mean we potentially outlive our own primary caregivers-our spouses. It will also increase our risk of needing the services of a nursing home facility due to sickness, injury. It is estimated that the majority of women, over 50%, (as opposed to 33% of men) reaching the age of 65 will need nursing home care before they die. Although healthcare programs are designed to protect us in later years from big medical expenses, it pays for nursing home care only in certain limited and very specific circumstances. With the average nursing home care facility running as much as $120,000 per year, the cost of these services can have a tremendous impact on personal savings, lifestyles and in some cases restrict financial independence. 

Divorce Statistics 

Divorce rates today also have a significant impact on our ability to create long term personal wealth. With divorce rates as high as 50%, the results for many of us are a loss of income and often a dramatic change in lifestyle. As if the psychological impact of family separation were not enough, many divorced women are unaccustomed to handling our own finances and many of us do not have the confidence to take on the role of financial planning for our senior years. 

Often after years of unemployment, many divorced women must re-enter the workforce in order to supplement or maintain existing standards of living while continuing to provide primary child care responsibilities. As a result, women in this circumstance are likely to find ourselves with access to fewer resources, limited years available to generate retirement assets, and insufficient experience in dealing with issues of finance and risk planning. 

Managing Risk

Another consideration for many women is how they handle the inherent risks we all face. In particular, the risk of premature death or disability. This is especially true when it affects the primary income earner in the home. For homemakers, dependent on a spouse's single income, the risk of financial setback is even greater. Although women in our situation are at greater risk, very often there is not adequate insurance protection to ensure enough income replacement beyond the prime child rearing years. Often couples are more focused on paying for college expenses rather than their retirement or their risks of income loss. Moreover, many couples in this situation don't consider the number of years of female life expectancy in this equation when considering insurance protection. 

The consequence of inadequate insurance protection means that many of us are left to support our children without enough income to maintain existing lifestyle. Many of us are forced to sell our home and uproot our children from our neighborhood, schools and friends. Typically, we must now return to the workforce after being unemployed for many years. 

Understandably this creates a shift in focus on immediate income needs and issues of retirement often become less of a priority. In the majority of cases, providing enough income replacement protection is a result of poor advice or other priorities. However many husbands are reluctant to provide adequate coverage due to negative perceptions and stereotypical ideas. In some cultures, it is not unusual for husbands to reject the notion of insurance all together due to a feeling that they will be leaving their spouse's wealthy and also may be providing opportunities for future husbands. 

Additionally, there is evidence that some women are reluctant to insist that our spouses provide us the protection we need despite the recognised risks. Ladies- in this situation we must understand how important insurance is in creating wealth and mitigating risk for our families and particularly for ourselves. A suitably positioned insurance plan can often create an "instant estate" and prevent unnecessary upheaval and the sacrifice of our retirement goals. 

Retirement and Savings

Although the number of women who are working is increasing, we are less likely to work for companies that offer retirement plans. Where we are offered employer sponsored retirement accounts, we tend to be more conservative investors and often do not fully understand how to maximise our investments plan options. Women without access to employer sponsored retirement plans, place ourselves at greater risk of dependence on government supported programs to provide resources during retirement. 

Over the years, retirement programs have provided us supplemental income for millions of retirees. However, according to many estimates, the long term financial viability of these government led retirement programs is now in doubt. This will have a tremendous impact on millions of Generation X retirees and women retirees who fit this age demographic. 

Another important issue for women is the personal savings rates. Personal savings rates have been declining for years. This means we are actually spending more money than we earned. Part of the reason for a smaller savings rate is that the banks are private institutions and are ultimately businesses operating for their shareholders. Governments and Central Banks have a limited ability to hold banks and financial institutions to account, especially since investments such as stocks, bonds, and real estate have been performing well, there has been no need. 

In addition, the availability of low interests, also discourage savings and encourage borrowing for big ticket items such as cars and personal real estate. Economies run on consumption and we are encouraged by government and media to spend at record levels to continue fueling our economy. 

To Conclude 

Building a sound financial future has never been an easy task for the vast majority of women. The task is now more difficult than ever with the current state of the economy. The current economic slowdown only serves to exacerbate an already complex and formidable undertaking. The current economic recession has given us wide spread job losses, the meltdown of retirement accounts, rising inflation, budget deficits, and the potential for higher taxes. This has and will continue, for the foreseeable future, to have a devastating impact on millions of us and our families. 

Despite all the advances we have made, women must also carry the additional burden of longer life spans, high divorce rates, and lower saving rates. This places even greater pressure on us, faced with building a retirement nest egg, to ensure that they will not outlive our savings and decreases the odds of achieving financial security. 

The good news for many of us is that there are many financial strategies available to help us address these unique challenges and put us in a position to create and preserve our wealth. 

As we become better educated and financially savvy, we are realising that we do not have to go it alone. 

This is why we created Femvestorsglobal, so we can support you on becoming financially fabulous and a confident money master.

Women and Money: The Reality Today

• 55% of  women over 65 will find themselves in poverty when they retire
• 40% of unmarried women have saved less than $1,000
• 37% of women spend retirement alone 

Startling statistics ladies. 

Most women will look at these statistics and think, that's not going to be me! 

Then go right ahead and plan the next girlfriends lunch or dinner date without looking at the bank account or the credit card balance. There is very little thought of how to ensure you do not find yourself included in the above statistics. So random incessant spending will continue without thought of the consequences, down the road, looking through the long lens. These statistical groupings are placing women in poverty every day, and few know what to do about it. 

What can be done? 

Any number of actions can change these statistics and the quality of life for all women. Ask any woman and I'll bet none of them would choose any of these girlfriend groups! Talking to girlfriends is one of the first (best) things that can be done to change the destiny of their girlfriends and which statistical group they may find themselves in. Girlfriends are a powerful group. Women will share with girlfriends they have now and the ones they have not yet been fortunate enough to meet yet. 

Women are smart and sassy. They also bond together when one of their sisters is in trouble. By opening this dialogue you may find that those closest to you, may not know the facts you now know. They may not know what to do about it either. Women share information freely and impress upon their friends what no man can. Women are naturally caregivers. This sharing with each other is at the heart of women care giving.

Planning will cause you to place yourself in situations where you won't be a statistic, part of a scary stat. How, you ask? Join our community at Femvestorsglobal for free daily information, alternatively you can join our book clubs (we offer 4 different geographical time zones- so there are no excuses ladies!). We also run virtual events or private 1:1 courses. You learn more, not just about finances. 

The very person you need for the best possible information will be sent to you. As long as learning takes place and actions are taken to change the numbers, both in the financial arena and then the stats, women don't have to find themselves in poverty. 

Invest in the knowledge and wisdom of wealth. We have heard that knowledge is power. For women, learning new vocabulary, words like monetising will bring you power and wealth. Learn now how to eliminate debt forever. Your today purchase can change the purchasing power you have in the future. Wouldn't it be awesome to know how? What do you have to do to acquire enough wealth for your future? Figure out how to share your prosperity and set some aside for those you love. It will come back to you multiplied more than you know. 

Girlfriend road trips are the best!! Memories forever! This is one road trip all the girlfriends cannot miss. This incredible ride could save them more than just the cost of gas. Investing in yourself will prove to bring increase to every aspect of your life. Finding wisdom about money can keep all women from becoming a scary statistic. Within the wealth side of these statistics lies comfort, ease, pampering and peace, which is why we do not record our group events so you have a safe space to talk. 

You will be so glad you did, sooner rather than later. 

Article Source for statistics: wiserwomen.org. 2016 retirement confidence survey, EPI.org