In approximately 3 semesters I will be graduating college with a degree in communications. I am scared out of my mind. For so long I have been focused on getting through a class, a semester, a year. Add in getting married, having a child and building a house and you can bet I haven’t had time to think about what happens after college. Sure I’ll get a job, (hopefully) that pays well (again hopefully) that I love going to everyday (do I need to say it again?).
But then what? I’ll go to work everyday for the next 40 to 50 years and then retire on my small social security? No.Thank.You. Again, thank you, but no. I want to retire while I’m still young enough to run a marathon (not that I ever will), travel abroad, go camping in a tent – not a motorhome. I want to retire and have money to spare. I’ve spent the last 5 years of my life pinching pennies and I’m sure I will have many more years of pinching those pennies. However, when I retire I want to spend money conservatively because it’s habit not because it’s necessary for survival.
According to the article Women and Money: Why You Need to Take Control Now “More than a third of American women are now the family breadwinner (look at that!). The bad news: We still tend to pass the buck on important money matters, such as investing and retirement.” It just doesn’t make sense. Traditionally women have been the ones who spend the family budget. We ration it out carefully, we pay the bills and if we’re lucky we put a little in the savings. So why aren’t we thinking again to the far future?
According to the article there are four barriers that prevents us from making these crucial decisions and then acting on them.
- Financial Barrier No. 1: We Lack Confidence
- Financial Barrier No. 2: We Sweat the Small Stuff
- Financial Barrier No. 3: We’re Waiting for Someone Else to Fix the Problem
- Financial Barrier No. 4: We’re Focused on Goals, Not Numbers
I won’t go into details about the how,why because I think you should read the article. They state it much better than I can paraphrase. But I do think that we need to address the problem. We owe it to your family and ourselves. We work hard, retirement shouldn’t be harder. I also think we need to meet with a financial adviser. I know we all didn’t go to business school, I tried and realized it absolutely wasn’t for me. So I’m smart enough to admit that I’m going to need more than just my husbands advise when making these decisions. At first I scoffed at the thought of a financial adviser.
I’m far to much of the typic “poor college student” at the moment. But someday, very soon (as in 3 semesters when I graduate and hopefully get a decent paying job I love) I won’t be so poor. I won’t spin your head with the benefits of getting in on an employer 401k benefits or compound interest but the earlier we take advantage of these, the better off we will be. A financial advisor is great place to begin this map. I’m glad that Genworth Financial has resources that make it easier for us to discuss our options and learn more about investing in our future.