Why Older Women Face Greater Financial Hardship Than Older Men (relationship, travelling)
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^^^^
Exactly why both parties in a couple need to be able to step up.
True. I never really looked into or worried about worse case scenarios when I was staying at home with the kids. But, from what I understand, in order to go on disability you need 40 work credits with 20 of them earned in the 10 years prior to your becoming disabled. I am not an expert on this at all, so please correct me if I'm wrong.
If I had become disabled during the first 5 years of being a stay at home mom, I would have been eligible to go on disability. But each year after that, I would need to earn 4 credits of work to continue being eligible for disability in the event that I became disabled. It wasn't really something that I even thought about at the time because I was young and in good health. But it might be part of the reason (among many reasons) why we see so many stay at home moms doing PT work once their kids become Kindergarten age.
And this destroys the whole "it's unfair that women earn less than men" myth.
If you walk onto many college campuses, look at the majors in which women dominate: almost always teaching/social work/humanities, all of which tend to be lower paying jobs. You will rarely find a lot of women in engineering for example. (The one outlier is medicine and nursing. More women enter this one field out of all the STEM professions).
Or look at how many women are in the well paid but physically demanding/dangerous jobs such as mining, the trades, construction etc. Tends to be a very low number. Women deliberately avoid these jobs and flock towards the humanities which pay less. This is why they get paid less as a whole.
You may want to pick a different campus next time you walk around Some jobs do require a man's physical strength. Most can be done by women. We have women in our circle you are professionals from bomb squad, pilot, carpenter to house wife. Yes, house wife. It takes a rodeo rowdy to run some households smoothly.
I can shoot, hunt, run a tractor, use a chain saw and forge a knife with some of the best. Do I have to proof that on a daily basis?
You may want to pick a different campus next time you walk around Some jobs do require a man's physical strength. Most can be done by women. We have women in our circle you are professionals from bomb squad, pilot, carpenter to house wife. Yes, house wife. It takes a rodeo rowdy to run some households smoothly.
I can shoot, hunt, run a tractor, use a chain saw and forge a knife with some of the best. Do I have to proof that on a daily basis?
Truth be told, even the menfolk who work in heavy manual labor get to the point where they step back and let the younger folks do the heavy lifting while the older folks run supervision and the logistics of the job.
I'm 55 and I can still do my share of physical labor but it's nowhere near the level I was able to do at 35.
That would be an amazing gift. Maybe even a starter amount of money to be placed in an investment account to get her going. It's easier to keep something going than to start from scratch, so that little "push" is all it takes to get the ball rolling.
I think it’s great that you want to educate your daughter on her finances, but in my opinion, a financial advisor is not going to teach her anything helpful. I learned by reading, first Money Magazine and Kiplinger’s, then I went on to the Wall Street Journal and Baron’s. I bought a basket of blue chip stocks and studied mutual funds. This was 1984, and we didn’t have ETF’s yet. I knew just about every mutual fund manager’s name.
Does she have a budget? Does she save and invest monthly? I loved learning about investing and the stock market. Most financial advisors are all about asset allocation, which is helpful, but not as much as learning on her own.
[quote=organic_donna;62620805]...I learned by reading, first Money Magazine and Kiplinger’s, then I went on to the Wall Street Journal and Baron’s. I bought a basket of blue chip stocks and studied mutual funds. This was 1984, and we didn’t have ETF’s yet. I knew just about every mutual fund manager’s name.
...QUOTE]
I started self-learning with Money Magazine and personal finance columns in such like the local paper and USA Today= really basic stuff in my 30s. My job had a 403b plan with limited choices and that was a good thing. I became the financial advisor for the night shift on very basic things, including the old-fashioned pension plan that we had- original vesting was ten years, then five, then three. Best thing there ever was, and you only had to work 20/hours a week to be included. It's why I stayed where I did so long (after coming and going four times to other things).
Actually when we looked for an advisor ourselves the last thing I wanted was an advisor who was about allocations .
A good advisor does not do that ….to get involved with the investing portion that means an advisor needs to watch markets and keep up on financial news all day .
Not good .
A good advisor farms that part out …a good advisor meets with clients all day and reviews their goals and needs .
A good advisor works with a team ..ours worked with an estate attorney and a tax specialist….
It was through our advisor we learned we were exposed to New York’s tax estate tax cliff ….we were in danger of losing the 1 million dollar estate tax exclusion nyc had back then …had we both died the estate would have paid taxes from dollar one , not just the overage .
The estate attorney drew up trusts which I never heard of called disclaimer trusts to solve the issue until New York increased their limits .
A good advisor can do tax planning ,college planning , social security planning , goal meeting , etc .
The last job I would want him to have is allocations and financial news watching all day.
He also introduced us to the New York State partnership plans for long term care ..
It was perfect for us ….today these plans are golden if you have one as you can’t get them in New York as insurers stopped selling them
Actually when we looked for an advisor ourselves the last thing I wanted was an advisor who was about allocations .
A good advisor does not do that ….to get involved with the investing portion that means an advisor needs to watch markets and keep up on financial news all day .
Not good .
A good advisor farms that part out …a good advisor meets with clients all day and reviews their goals and needs .
A good advisor works with a team ..ours worked with an estate attorney and a tax specialist….
It was through our advisor we learned we were exposed to New York’s tax estate tax cliff ….we were in danger of losing the 1 million dollar estate tax exclusion nyc had back then …had we both died the estate would have paid taxes from dollar one , not just the overage .
The estate attorney drew up trusts which I never heard of called disclaimer trusts to solve the issue until New York increased their limits .
A good advisor can do tax planning ,college planning , social security planning , goal meeting , etc .
The last job I would want him to have is allocations and financial news watching all day.
He also introduced us to the New York State partnership plans for long term care ..
It was perfect for us ….today these plans are golden if you have one as you can’t get them in New York as insurers stopped selling them
I am sure there are some very good advisors, but I don’t think they would be someone I would hire to teach investing basics.
I think it’s great that you want to educate your daughter on her finances, but in my opinion, a financial advisor is not going to teach her anything helpful. I learned by reading, first Money Magazine and Kiplinger’s, then I went on to the Wall Street Journal and Baron’s. I bought a basket of blue chip stocks and studied mutual funds. This was 1984, and we didn’t have ETF’s yet. I knew just about every mutual fund manager’s name.
Does she have a budget? Does she save and invest monthly? I loved learning about investing and the stock market. Most financial advisors are all about asset allocation, which is helpful, but not as much as learning on her own.
I think the value is in reinforcing mom's lessons while imparting that there is a great deal of science involved in finances. Of COURSE she should learn by reading but I think it is helpful to know it doesn't have to be 100% DIY and to realize sometimes you do want to reach out for other opinions. If the daughter is getting her PhD it is a pretty good bet she can learn on her own...IF she believes the subject matter is important.
He also introduced us to the New York State partnership plans for long term care ..
It was perfect for us ….today these plans are golden if you have one as you can’t get them in New York as insurers stopped selling them
Mathjak...I truly appreciate your knowledge and advice...but it is a stab in my heart every time you talk about how great the NY partnership plans for LTCi are...and then of course let everyone know they can't get them.
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Some jobs do require a man's physical strength. Most can be done by women. We have women in our circle you are professionals from bomb squad, pilot, carpenter to house wife. Yes, house wife. It takes a rodeo rowdy to run some households smoothly. 
