It is never too early to plan for life, even before life events wind down. Yes, it is even more challenging for women, given that we are faced with challenges of gender equality where income is concerned, and our family responsibilities, we have to put in the necessary effort to secure our future. As television personality and successful entrepreneur, Oprah Winfrey, once said, “Whatever your goal, you can get there if you’re willing to work.”

Facing the reality

The statistics pretty much speak for themselves. According to the latest World Economic Forum global gender report, there is a 41.9 percent economic participation and opportunity gap between men and women. Although the gap has significantly reduced as compared to years past, we still have to play catch up to finally achieve equal pay between genders. While it is infuriating that we still have to fight over this issue at this day and age, we can’t afford to sit in resignation and go about our day complaining that life isn’t fair without doing anything. We have to be proactive. We have to learn to stand up for ourselves. By refusing to remain the victims of such an unjust reality, we can actually get up and make a difference.

Financial management 101

The thought of retiring can be intimidating. However, we just have to simply, start. Proper financial management is a great place to commence. Here are some practical tips to get things going:

1. Calculate how much you need to save and be consistent with saving. Heather O’Neill on her article on how women should be saving for retirement quoted Best Money Movies CEO, Ilyce Glink, on the amount needed to live comfortably in retirement. According to Glink, you’ll need an income of “between 70 and 100 percent of the income you earned in the final year of employment.” This amount will be sufficient for living expenses as well as medical insurance and miscellaneous costs. That’s how much funds you have to personally accrue each year.

2. You have to have good medical insurance. This will ensure that you do not run out of funds in case you will have health concerns down the road.

3. You might also want to look closely at your employee benefits. A beneficial retirement package should be one of your priorities when you look for a job.

4. Live not only according to your means but below your means. You might want to occasionally skip on designer wear, a fancy night out, or expensive tours. Every dollar saved can go to your retirement fund.

5. Enjoy the simpler things in life. You don’t have to spend too much to have fun. Delineating between your needs and wants can help you save more dollars.


Apart from managing your finances wisely, build your wealth further by investing as early. Now is the best time to start! Passive income is one thing you should look into as it is added income without the investor putting in the effort directly. Here are some ideas that you can explore:

1. Real Estate
Invest in a good piece of real estate and have it managed by a reputable third party. This way, you don’t have to worry about finding tenants, collecting fees, and even your property’s maintenance.

2. Peer-to-Peer Lending
There are sites that let you lend money so you can enjoy returns with significant interest. You don’t have to lend the whole amount. You can put in as low as $25 since these sites use the crowdfunding route to reach the amount needed.

3. Creativity
Yes, creativity can make you money. Although these are not money investments, yout talents can bring in money as well. There are sites that look for a steady supply of graphic designs, photographs, ebooks, and so on. You earn money each time your work gets sold.

4. Dividend Stocks
You can also try your hand in buying stocks that pay dividends. According to an article written by managing director of global asset management firm Kennon-Green & Co., Joshua Kennon, you should focus on either high dividend yield or high dividend growth. The first are slow-growing companies that can afford high dividends for their investors. The second are companies that make up for relatively lower high dividends with rapid growth.



Retirement is inevitable so there’s no way escaping it. Instead of fearing it or continuously putting it off to another day, being prepared is the best way to face retirement head on. American politician Nancy Pelosi put it so aptly when she said, “Organize, don’t agonize.” So let’s go on and get ready since the best years are still ahead of us.


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