Women Over 50 - 5 Tips For Financial Independence

By Greg N Reed

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Financial independence is the goal of most people especially as we approach retirement. Once we can see that turning 65 is just around the corner, thoughts of financial independence seem to become more frequent. Unfortunately some of these thoughts are more than that. They are mild forms of panic attacks especially if the retirement nest egg isn't looking great.

While these concerns affect all people, women over 50, especially those who are single, becoming financially independent is important for their survival, if they are desiring a comfortable retirement. And why shouldn't they be.

Working for most of your life, retirement should be a reward for your hard work. But if the coffers are a bit empty, what can you do to fill them so that your senior years are not on struggle street.

For women over 50, here's 5 tips to help you create financial independence:

1. Create More Income
   Yes it is easier to create wealth by having more income or a higher paying job. But for women over 50 it is sometimes harder to move into a higher paying job based on age and or qualifications. You could look to undertake a higher education course at Uni or TAFE but again you might face the age issue. Perhaps a partime job or home based business could provide some extra cash.


2. Invest Your Surplus
   There are many courses and associations to assist women over 50 to learn how to invest their surplus income to provide for a better retirement. Look for such associations in your local area and start taking an interest in the share market, cash management funds and real estate. With time this surplus correctly invested will compound to build you a nice nest egg.


3. Money Is Taxing
   Make sure you have a good accountant or tax advisor to give you good advice on the best investments offering the best tax advantages. While women over 50 need extra income to invest, it is also important to cut your expenses especially by paying lower taxes.


4. Get More Out Of Your Time
   Having more time is a dream of most people. But there is only 24 hours in a day. How do you maximise your time especially with earning money. You engage the power of leverage. If you get a partime job over and above you main job' you will create more income. But you are still exchanging your time for money. And there is only one of you. What if you could 'employ' a team of people whereby you could earn a percentage of their income. As well as leveraging people you can also leverage time - more specifically time zones. Why not have your team not only where you reside but also in different states and countries. So when you are asleep, your team members in another country are working and you're earning as well. Home based businesses can offer such an opportunity.


5. It Takes Two To Tango
   Going solo in life does have some advantages. But it can also have it's limitations. And creating wealth or extra money can be one of those limitations. Women over 50 and men for that matter seem to do better in all facets of life if they have a loving, supporting partner or spouse. Doing things together including making money is more enjoyable when you're not on your own. If you have someone special in your life, why not make it more permanent and create a wonderful life together; especially in retirement.

Women over 50 shouldn't have a sub par retirement. There are ways to ensure this doesn't happen. The good thing is that there is time for women over 50 to have financial independence.

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