Top 10 Tips For Women On Building Wealth

Women need to manage their money even more carefully than men, but many ignore or delay financial planning. Here are 10 steps women need to take to build a secure future.

1. Act now. Each day you delay puts your retirement date further away, and reduces your chances of weathering a serious financial crisis.

2. Be a partner. If you leave managing your finances to your spouse (or significant other), you’ll miss out on years of practical experience. Discuss things together, and learn what assets you both have so you can better understand your options and personal finance needs should something happen to your spouse.

3. Set goals. For your career, for retirement, for college savings, for a dream vacation … and then determine how to achieve them.

4. Read regularly. Just an hour a week can keep you at your peak. Spend 10 minutes a day scanning the Wall Street Journal, the business section of your newspaper or go online to get the latest and greatest financial information.

5. Keep it simple. Stick with the basics and don’t let the market pundits or aggressive brokers confuse or complicate things.

6. Follow your intuition. Trust your instincts when choosing stocks or an advisor and making other financial decisions. Never chase the hot stocks; rather bear in mind Warren Buffett’s strategy: “I am fearful when others are greedy, and I am greedy when others are fearful.”

7. Know what you have. With a PC and personal finance management software, like Microsoft Money, you can easily understand, track and manage your entire financial picture, firmly establish financial priorities and effortlessly manage day-to-day details anytime, anywhere.

8. Build good credit. Put things in your own name and pay bills and loans on time. This will help you secure better interest rates.

9. Invest religiously. Put yourself on automatic pilot with payroll deductions for 401(k)s, employee stock purchase plans and automatic savings plans.

10. Connect with the Net. Utilize the tools and wealth of information available at your fingertips. Leverage the Internet to save money, make money and meet your scheduling needs. It is the greatest tool that’s ever been made available to women.