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| 10 Top Money Mistakes Women Make (Suze Ormon) |
Submitted by:
amanda14 02/05/2009 3:05 PM
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When I was in my 20's I had my brother (the one with the business degree) set up my E*Trade RothIRA account and that was that. Each year I would deposit my maximum amount, but I was content to just let the account be no matter what was going on in the market, I had no interest. I realized now that was my first mistake and that I really needed to take charge of my finances.
Suze Ormon has been a great source of advice on managing, understanding and improving my financial situation, particularly that I need to have a vested interest in my finances! I am sure I am not alone here. Here are some helpful and surprising tips from her article on Top Money Mistakes Women Make:
You fail to go with your gut trust your instincts
You save for child's college before retirement the thinking here is that you can actually obtain a loan for education but not for retirement
Your children are the beneficiaries on your life insurance policy the problem with this is that if they are minors, they most likely won't receive any money until they are 18, you are better off creating a trust
You believe a will is enough That's all I had, but now I am looking into an incapacity clause that states who and how I will be looked out for if I am incapacitated
You buy the wrong kind of life insurance she says you should only have a term life insurance policy, one that pays only death benefits when you die and that you only really need coverage until your youngest child is 23 years old.
You fail to keep your beneficiaries current You want to make sure that this is in order lest you leave your fortune to your ex.....
You leave the family finances to your husband I considered this just a sharing of house duties and he really understands it all better, but I realize now that we need to have more of a partnership in this department
You believe a prenup only protects him this should protect both of you
You discount yourself make sure you are not selling yourself short and that you are being paid what you deserve
You can't say no you take on too much
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