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StitcherIt’s not that women aren’t in the game of investing, we’ve just been told for too long that it isn’t our lane. But not anymore. In this episode, we’re breaking down the barriers, myths, and common mistakes that hold women back, covering the biggest investing mistakes women make.
The biggest discount you can get on all the things you need to buy when you are old, is starting to invest the money when you are young.
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4 Costliest Mistakes Women Make
Women are at a disadvantage when it comes to investing because for many reasons, women save less on average than men despite being better investors. One common mistake they make is waiting too long to start. Jill says it’s best to begin with even a small amount and keep at it, because time is our biggest asset. Another is keeping too much money in cash out of fear of “what ifs.” Jen suggests opening a Roth IRA so your money can grow instead of just sitting there.
Another common slip is thinking that money in an IRA or Roth IRA is already invested. Jen and Jill admit they made this mistake too. The truth is, you have to choose where that money goes. If your account shows money stuck in a settlement fund and nothing in mutual funds, it means it’s not invested yet. And lastly, don’t leave all the decisions to someone else. Ask questions, look things up online, and learn the basics of moving money in and out of your account. The more you understand, the more confident you’ll feel with your investments.
How to Make It Right
Jill calls on all the ladies to review the action steps you need to get started. First, start small and start now because time in the market beats timing the market. Even if it’s only $10, it can make a big difference. You can also learn at your own pace with free resources like podcasts, books, or YouTube. Just pick one and build from there. Lastly, Jen suggests automating contributions so you don’t have to think about it. Take the emotion out and build the habit.
Your most costly investing mistake
Jen maxed out her 401(k), rolled it into a traditional IRA, and then forgot about it only to later realize the money wasn’t actually invested. Jill had a similar experience when she set up automatic withdrawals from her checking account into her Roth IRA but didn’t know she still needed to choose investments.
Bill of The Week
Thank you Kim for sharing your bill about paying off your car! Will pay off debt now!
Thanks so Much for Listening!
Thanks so much for listening. We love love love reading your kind reviews of our book Buy What You Love Without Going Broke and we especially loved this one from:
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Highly recommend
Jen and Jill have such a flexible mindset that helps you to think creatively about how to live your best life. Aligning your spending with your values lets you have more good things in life, and cut the things that don’t matter so much. Highly recommend!
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