Today is the 100th anniversary of International Women’s Day, with celebrations taking place around the world. Debuting in 1911 in Austria, Denmark, Germany and Switzerland, the global day celebrates the economic, political and social achievements of women past, present and future. In some places like China, Russia, Vietnam and Bulgaria, International Women’s Day is a national holiday (hint, hint, United States).
How far have women come in the U.S. since the early 1900s?
- In 1900, 19% of working-age women participated in the workforce. In 1950, it was 34%. Today that number is 60%.
- In 1900, women earned 54% of what men earn. In 1950, women earned 60%. Today that number is 77%.
One message rings loud and clear to us: Financial literacy is not just an option, it’s a privilege and an obligation to ourselves as women, given how far we have come. We have financial options and opportunities our mothers and grandmothers didn’t have. Let’s make the most of them!
We decided to celebrate International Women’s Day by asking women over 50: What would you tell your 20-year-old self about money if you had the chance? The answers were inspiring, humbling, poignant, and above all – wise. They ran the gamut from the importance of savings and retirement to understanding needs vs. wants, but one common theme emerged: not depending on a man to be financially secure.
Here are some of our favorite words of wisdom:
Be Independent
“Do not rely on your husband or father to do your taxes.”
Donna Meister-Simons, 51
Beachwood, OH
(Learn about doing your taxes here.)
“Love yourself first and plan to take care of you. Even if you choose to share your life with someone, make sure that you remain independently, financially secure. Plan for your future without that person because you just never know…’happily ever after’ may not really be forever.”
Lynne DuRant, 50
Aiken, SC
“Make sure you have your own career to bring you income and don’t rely on your husband to totally support you. Also, save some money weekly for the bad times, which everyone encounters.”
Renee Rubin-Ross, 72
Greenlawn, NY
(Learn the basics of savings.)
“I would first emphasize the importance of maintaining good credit, of paying all bills on time. You never know when you may need it…like when your transmission dies somewhere in the middle of Pennsylvania and you’re not only not sure where you are, but you have less than $200 to your name and four hot, hungry, restless children depending on you. Always have a credit card that isn’t maxed out. Always…just in case.
“I would also warn myself about financial independence and how ‘rainy days’ do indeed happen…husbands sometimes leave wives, with $4, no gas in the car, a new baby and no diapers.”
Patricia Carrubba, 54
Fluvanna County, VA
Do It Now, Not Later!
“Good things do not come to those who wait in the area of personal finance. Draw up a budget NOW, even if it’s for how you’re spending your parent’s money.”
Lorraine Johnson, 50
North Carolina
(Get started with LV’s budgeting tool.)
“Even though finances can be scary and daunting, bite the bullet and learn how to ‘do it!’ Be independent and self-reliant. Set goals and follow through! You CAN do it, and will be a stronger, prouder, and more self-assured individual for it.”
Gay Engelbrecht, 52
Durham, NC
(Get started on your financial action plan here.)
“The years go by quickly, and you are never too young to start saving for your retirement, strange as that may sound. Many people of retirement age are surprised to learn that they can’t retire due to lack of savings and planning.”
Willa Schneider, 63
Dix Hills, NY
Value Your Career
“Build a career that pays enough to cover housing and childcare.”
Margy Childs, 53
Charlottesville, VA
“When I was in my 40s, I told women who were just entering the workforce, ‘You work for health insurance.’ I would still say that today – even with the Obama Healthcare coverage.”
Donna Meister-Simons, 51
Beachwood, OH
(Learn about health insurance.)
“Have a career that matters and that you can go back to if/after you have children. NEVER depend on a man or his income to be your sole supporter. They come and go. Women need to have their own careers where they can make their own money and their own checking accounts!”
Laurie Deane, 60
Sarasota, FL
(Use LV’s “I am Starting a New Job” checklist.)
“Choose companies that offer 401(k) plans.”
Donna Meister-Simons, 51
Beachwood, OH
Save!
“Pay into your savings account as if it is a bill owed to yourself. It is.”
Dahna Carrubba, 50
Katy, TX
(Try LV’s Savings Account checklist.)
“Save money. Watch your debt. I don’t think I would tell us to do anything different. [My husband and I] never went into debt, except for the mortgage and payments on the car. We just didn’t buy things we couldn’t afford. Buy what you can afford and what you need, not what you want.”
Emily Johnson, 82
Pasadena, MD
(Learn the basics of saving, and the basics of credit cards.)
“I have found that a great many things I thought I couldn’t live without were not necessary. If I waited two days to make a purchase, I no longer wanted it. And, if I did have the money for that purchase, I could do well by putting the amount I saved into my savings or investment account.”
Leesa Johnson, 60
Edgewater, MD
(Learn the basics of investing.)
Buy Less Stuff
“When you spend your money, you have to make sure you are getting something good for your money. Don’t go out and buy a lot of frivolous stuff.”
Ruth Matthews, 86
Phoenix, AZ
“Statistics show that women are poor shoppers. Women spend lots of money on little things and don’t have the money for big things. Think big by saving small.”
Donna Meister-Simons, 51
Beachwood, OH
“Know the difference between ‘wants’ and ‘needs,’ make purchases for only needs. Live below your means, save all you can. Write down all purchases – it helps cut out extra spending.”
Mary Fogler, 56
Columbus, IN
Read more words of wisdom here.
Inspired to tackled your own finances? Here are some resources to get you started:
LearnVest’s Customized Action Plan
LV Bootcamp Programs
LV Budgeting Tool
Money Calculators
LV Financial Basics
LearnVest Checklists
