How Are You Doing With Money?

We know that money is not the thing that really makes us happy. It may even really be the root of all evil. However, a lack of money can certainly damper our mood. That is why we devote this section to a lot of different topics about ways me make, invest, keep, spend, and save it!

Why Is Money An Important Topic For Midlife Women?

A lot of women hold the family purse strings. More and more single women have to budget for themselves, and their families, on their own. We have proven that we can bring home the bacon and fry it up in the pan. But recent surveys have been pretty alarming with the news that women, as a group, are not doing a great job of saving for their retirement years.  Ladies, you are doing well. You may just need to work on doing better.

We started about with timely articles about women saving for retirement and mid-life career changes for women. We want to expand this section into all sorts of topics that can help us improve our financial lives. It may be about making more money, but it may also be about getting better value out of what we have.

You Are Not Too Old To Change Careers!

Midlife career changes are tough for everybody. Today, a growing number of women have been face with the choice of attempting to stay with their old job choice until retirement, or of finding a new path in midlife. Unfortunately, some women have not been given this choice, but are forced to make a switch. When finances are tight, this change has to be done quickly.

Many Older Women Need To Switch Jobs Quickly!

So, we wanted to explore the topic given that many career changes do not have a lot of time or cash to spend on their moves. This is not the place to be encouraging fifty year old women to start dental school, though if that’s on the agenda – go for it!

On the plus side, many older women do have decades of experience in their fields. Many of those skills will probably transfer to other fields too.

I have known middle aged, displaced computer programmers who landed satisfying jobs as math or technology teachers, for example. Many school districts have alternative certification plans for teachers who are in demand. Some private schools or community colleges may not require state certification.

On the other hand, I know displaced English teachers who build satisfying careers, and even businesses, providing technical writing or Internet content services.

Explore ways to transfer your old skills to a new job.

Recruiters And Online Job Sites

From feedback, and personal experience, I am not really seeing that traditional, generalized recruiters, classifieds, or online job sites are as effective as they may have been a decade or two ago. If you have a unique or specific skill, a recruiter or job site in your particular niche may be golden though.

Network. Network. Network.

Today, it’s all about networking.  Today, you can do a lot of network at home with your Internet connection. Online social networks, like Facebook and Linkedin, can be valuable tools if you use them right. These sites are good for a lot more than just exchanging recipes or posting pictures of your puppy.

Today, a high percentage of hiring managers do use LinkedIn to find candidates. Build out your profile and ask some coworkers for recommendations. You can also find a lot of niche groups on LinkedIn that provide useful conversations and person-to-person contact.

You can use other social sites, like Facebook, to contact coworkers from previous job. Some may be in a position to hire, or at least put in a good word for you. This is a much better position to be in than just having your resume delivered in a stack to a hiring manager who never met you.

Update Your Resume

I first learned to make a resume many years ago when I took a business communications class in college. That course was valuable at the time. But the sort of resume and cover letter that hiring managers expect has changed a lot. If you need to make one investment, I would suggest taking the time to learn how to produce a current resume or paying somebody else to do a good job.

Career Change Success Stories

We are always looking for good success stories about women who made good midlife career changes. You can use the SUBMIT button to learn how to spread your good news.

Ladies, Do You Think About Retirement?

It’s A Middle Class Problem

First, let me shatter your illusions that this only means poor, single mother types. A recent Reuters published study, conducted by Wells Fargo and Harris Internatcive, surveyed middle class women in the US.  Only a hair over half of the respondants believed they could save enough to live the type of life they would like to have during retirement.

Men thought they were somewhat better off, with over 60 percent thinking they could save enough for a comfortable retirement.

It’s A Perception Issue Too

According the the study, women thought they would be fine with $200,000 set aside for retirement. Men, on the other hand, thought they would need twice that much. The problem with women’s perception of retirement needs is that women are likely to live longer. This means they will need their retirement savings, and generated income, for a lot longer!

Women Ask For Directions.

Women still have the ability to catch up. One good thing about ladies is that we are more willing to ask for help to make good retirement plans. A good retirement planner, or even an online retirement directory may be a good place to start.

Hard Choices For Retirement

Of course, the younger you are, the easier time you will have catching up on your retirement savings. If you are 50, you may still have a few decades to reverse your lack of savings. If you are over 60, you may have some harder decisions to make.

• Can you make “catch up” contributions to your IRA or other retirement plan? These may give you tax benefits today, and a bigger asset base in the future.
• Can you downsize or find other ways to be more frugal? Skipping the high priced Latte today may mean you have bread money in ten or twenty years.
• We women love to buy things for our kids. But our kids still have their whole lives ahead of them, and we need to make sure our retirement is comfortable enough so we will not be a burden to them later. Sometimes, NO, is the right answer.