Money Seminar and What I Learned . .

Last week I attended a seminar called “Smart Women Finish Rich”. It was a very interesting seminar put on by a local bank, however not much here that I have not heard before. Although, sometimes just hearing it again is a good way to remind you to start doing something about your savings before it is too late.

 

 

Here are some interesting tidbits I learned:

 

Women own 9.2 million businesses

 

42% of households with assets greater than $600K are headed by women.

 

Women live 7 years longer than men.

 

The average age of a widow is 56 years old. And 25% of all widows go through their husband’s death benefit in 2 months or less.

 

 

This is both exhilarating and horrifying, especially the later part. – The good news is it is never too late to start saving for retirement. They used the Latte Factor®  to help you determine where you can find the extra money to save.  The concept is to write down what you spend all day long every day for a week. Do you stop at the coffee shop on the way to work and get a pastry and coffee? Do you eat lunch out every day? Do you stop by the snack machine in the middle of the afternoon? Just imagine how much you could save if you ate breakfast at home, brought a sack lunch and packed an extra snack? This extra $10 per day could add up to a million dollars by the time you are 65 and ready to retire!! Of course you would need to start saving this $10 per day before you turned 30 and do it diligently for the next 40 years. They suggest that at age 20 you should try to save $4.00 per day, at 30 you should save $11.00 per day, at age 40 -$30 per day and by the time you are 50, if you waited until then to start your nest egg, you will need to save $95 per day.

 

 

Don’t let the numbers scare you, especially in these hard economic times. Even a little bit each day can add up. It can be as simple as tossing your loose change in a jar at the end of the day, like Brendan Fraser did in “Journey to the Center of the Earth”. 

We have a rule in our house about money when it comes to our three boys. Half of every dollar that comes in to their hands, whether it is from birthdays or doing extra chores around the house, must go in to their savings accounts. It teaches them to be savers and to be thoughtful of how they spend the money that they do have. Hopefully by doing this we are helping them have a better future.