Why become a Wealthy Woman?

The key reason why women need to become financially independent is that increasingly they cannot rely on anyone else (partner, employer, government, or pension scheme) to provide for them in old age.

Being a wealthy woman doesn’t mean being ‘filthy rich’. It means having a secure income that maintains your standard of living, even when you are no longer able to work.

Here are a few statistics:

  • In the US 47% of women over the age of 50 are single.
  • Women’s retirement income is typically less than men’s because of interruption to their working lives through family responsibilities.
  • 50% of marriages end in divorce. The woman usually has care for the children
  • In the first year of divorce a woman’s standard of living drops by an average of 73%.
  • Married ‘Baby Boomer’ women (born 1945 – 1956) can expect to outlive their husbands by 15 to 20 years.
  • The average woman born between 1948 and 1964 will have to keep working to the age of 74 due to inadequate savings and pension coverage.
  • 3 out of 4 elderly living in poverty are women but 80% of these were not poor when their husbands were alive.

Source: Rich Woman – Kim Kiyosaki – Rich Press 2006

Though these statistics are for the US, the UK ones are pretty similar.
I’m wondering about the likelihood of things getting any better for younger women?

Women are usually better money managers than men

There’s plenty of evidence to show this. However, they have often been convinced of the opposite……by men!
This is not quite as insidious as it may sound. In the early years of a woman’s life, the usual impulse is toward having children. With this goes the instinct to find someone who can be relied on to protect and support us during the years of vulnerability.
So we tend to leave decisions about money to our partner while we are preoccupied with having and nurturing the children.

However, this situation does not go on forever. Once children start to become independent the biological impulse on both sides wears off. After children grow up motivations as a couple are not necessarily so parallel.

A compatible couple in their mid-twenties may no longer be so in their mid-forties. The 50 % UK divorce rate is concentrated around couples in their forties.

Some middle-aged men look to repeat the process with a ‘younger model’ which may leave their original partner even more financially insecure.

Make sure, you’re a wealthy woman and are financially independent!

Initially, financial independence may come from a job. However, it would be better to have an income that does not require you to work when you don’t want to or can’t.

The Butterfly Club can help you achieve financial independence. Apply to join our Wealthy Woman programme as a Gold Member. It’s not an overnight process and you know you’ll need to give some time to careful planning.

It’s never too late to start and I hope this and other posts about money in our Magazine will help you learn how.

love Jean
More of these at the Magazine

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