The following article includes pertinent information that may cause you to reconsider what you thought you understood. The most important thing is to study with an open mind and be willing to revise your understanding if necessary.



The best time to learn about personal finance is before you're in the thick of things. Wise readers will keep reading to earn some valuable personal finance experience while it's still free.

Our grandmothers had their pin money. Our mothers clipped coupons. But did they take the steps necessary to secure their financial futures? All too often, women handled the day-to-day finances, but left investing decisions to their husbands. While this may have worked out for some women, many others learned the hard way that their family's nest egg never hatched and, as a result, lived their golden years in financial hardship.

Between Generations

Those of us who were born in the late 1950s and 1960s didn't make it into the Baby Boom generation and yet we pre-date Generation Xers. Just as we're betwixt and between generations, we women are often stuck in terms of our personal finances and financial planning. We're not the solid savers that the Boomers are, yet we're not the spendthrifts that the Gen Xers are often made out to be. Intellectually, we know better than to rely on the men in our lives to secure our financial futures, yet we're often almost paralyzed when it comes to investing.

The Facts About Women and Retirement

The cold, hard truth is that almost all of us (90 percent is the estimate) will, at some point, be alone in managing our finances. Perhaps we'll never marry, but the chances are greater that we'll get divorced or face widowhood. Retirement may seem far off, but if we plan to retire when we're 60, we'll most likely live at least another 20 years. If Social Security is still solvent when we retire (a big "if" by many estimations), we'll only get about 30 percent of our annual income from Social Security. That leaves a gaping hole that needs to be filled.

Don't Play Chicken Little

As women approaching a certain age, it's sometimes easier to fret about the future than to actively plan for it. That's especially true if we don't already have tens of thousands of dollars tucked away for retirement. The reality is, though, that Prince Charming won't come sweeping in and take care of our finances for us. Just as we've become empowered in other areas of our lives, we have to take the power to create our own financial futures.

Steps to Financial Empowerment

When it comes to women taking control of their personal finances, the first thing is to deal with the here and now. We need to understand how much money we make and where it goes. For a month, keep a spending diary. You'll gain a wealth of knowledge about your spending decisions and priorities. Next, look at your debts - particularly credit card debt - and make a plan to become debt free. You can go on a spending diet and put the money you save toward reducing your debt, you can ask your creditors to reduce your interest rates, you can take out a home equity loan to rid yourself of consumer debt, and so forth.

Once you have a handle on the current state of your personal finances, it's time to start planning for retirement. Explore a variety of options for saving, including employer pensions, 401Ks, IRAs, SEP accounts, and so forth. You can read up on your options, consult a financial advisor, or both. You should also use a calculator (available online) to determine how much you need to save each month in order to create the nest egg you'll need.

Keep in mind that women tend to make very conservative investments, so be sure to choose investment instruments that are within your comfort zone, but that will most likely generate returns that outpace inflation. Finally, don't be discouraged if you've procrastinated and are behind the curve when it comes to investing. At an eight percent rate of return, even an investment of $50 a month can grow to almost $30,000 over 20 years.

That's the kind of return that would make mom and grandma proud.

Now that wasn't hard at all, was it? And you've earned a wealth of knowledge, just from taking some time to study an expert's word on personal finance.

Are you looking for some inside information on personal finance? Here's an up-to-date report from personal finance experts who should know.



So far, we've uncovered some interesting facts about personal finance. You may decide that the following information is even more interesting.

In this falling real estate market, many people are either unable to sell their homes, or they're holding on to a house that's worth less money now than when they bought it. If you are in a similar position and not sure what to do, why not consider donating the property to charity?

While this may sound like a radical idea, it can actually save you a great deal of stress, energy, as well as thousands of dollars.

The stress that comes with owning an unproductive property can be immense, as you continue to make monthly payments and perform regular maintenance on a home that is losing value. You're paying property taxes and other bills each month, the costs of which you know you won't recoup through a sale.

By donating your property to charity, you can free yourself from this burden. No more will you have this albatross around your neck; you will be free to put your monthly payments towards more productive investments like new real estate purchases or setting up a retirement fund.

Selling your home for less than you paid is more than just expensive, it's depressing! After all the hard work you've put into a property, you want someone to appreciate it and to make a fair offer. Especially in today's market, selling can be a long and arduous process that yields less than desirable results.

When you donate your home, you are given an immense tax break. This tax deduction is based on your home's current value on the market. You will also save money on real estate commissions if you decide to donate rather than sell. Normally you would have to pay broker fees for both your real estate agent as well as the buyer's agent. In addition, there are costs for home inspectors, lawyers, and miscellaneous closing costs. In many cases you end up in a better position financially when you donate your home to charity than you would if you endured the lengthy selling process.

You are also able to donate a home while still living in it. By making a "life estate," you benefit from the tax break, get to enjoy your home, and when you pass away, the title is transferred to the charity.

Not only can giving your home away save you money, but it can also make you feel great. Helping others is one of the most satisfying things we can do as people. Knowing that your home will go towards a good cause will leave you feeling fulfilled and relieved. Charities have the option to sell the home themselves, or to use the property as it stands. The home may even go to a needy family who need a roof over their heads. While tax breaks are nice, you should never underestimate the power of offering a helping hand.

Written on behalf of Bob Nachman. Bob is consistently ranked as one of the top agents in the Phoenix real estate area. To find the Scottsdale home right for you, visit Bob at http://www.movetoarizonahomes.com

Now that wasn't hard at all, was it? And you've earned a wealth of knowledge, just from taking some time to study an expert's word on personal finance.