Women are becoming more knowledgeable about finances, becoming more confident managing their own investments and talking more openly about moneywith their kids, colleagues and peers. This, according to new research conducted by Citi's Women & Company.
I recently chatted with Lisa Caputo, president and CEO of Women & Co, and she says that it's about the recession and its aftermath. "Women are ushering in this new era of responsibility. They're stepping into the role of 'Chief Financial Officer' and building quality lives for themselves and their families."
They're going to graduate school. Starting companies. Becoming breadwinners. Even outgrowing the number of men in the workforce -- for the first time in American history. "We're taking the financial lead," says Caputo, "and becoming more empowered."
Here's how you can do it -- at any age:
In Your 20s
Time is on your side - use it to build a solid financial foundation.Start living on a budget, identifying financial goals and putting a plan in motion, and most importantly, setting aside income, says Caputo. Ideally, aim to set aside 15% of your gross salary. Not possible? This money doesn't have to come out of your pocket so it's not be as painful as it seems. For example, say you're single, and making $50,000 a year. If you have just $250 a month of pretax dollars automatically deducted from your paycheck, and deposited in your company's 401K plan, and if your company matches those contributions (50 cents on the dollar up to 6% of your salary), you're already more than halfway there!
In your 30s
Set up an emergency fund (ideally, 6 months worth of living expenses), max out the contributions, and "define your investment strategy and structure a well diversified portfolio," says Caputo.That may require your working with a financial advisor, particularly since you're probably having a tough time budgeting given your new status (married? kids?). You can find one through napfa.org.
In your 40s
You may be juggling the needs of a growing family and aging parents, but don't take a break from retirement savings. And think about protecting your legacy, says Caputo. "We're talking wills, naming guardians for small children, and getting life insurance if you have dependents."
In Your 50s
This is when you want to get serious about crunching the numbers -- specifically, estimating your retirement expenses and your projected income.There are calculators on the web to help you do this. Once you're age 50, you can add an extra $5,500 in catch-up contributions to your 401(k); IRA savers can throw in another $1,000. Take advantage of this. Caputo says you should also rebalance your portfolio, and review your life insurance coverage at this age.
In Your 60s
You're eligible to collect Social Security benefits beginning at age 62 -- the median retirement age -- but if you can wait a few years the payouts will be bigger. In fact, every year you delay drawing Social Security between age 62 and 70 increases your eventual payout by about 8% a year. Just something to think about, says Caputo, who also suggests you go back to budgeting basics as you learn to live on a fixed income, and that you additionally update your estate plans.
Last week, VentureBeat reported that Tesla Motors CEO Elon Musk personally running low on cash, a fact he disclosed in court papers as part of his divorce proceedings. We asked if the company, which is seeking to go public, should have included those facts in its filings with the Securities & Exchange Commission. Now, the company has responded, by way of a revised S-1 form filed today.
In an article crediting VentureBeat’s reporting with prompting the newly amended filing, the Wall Street Journal points to language added to address Musk’s finances:
“While Mr. Musk has historically provided a significant amount of the funds required for our operations, we have not received any funding from Mr. Musk in the past 12 months and are no longer dependent on the financial resources of Mr. Musk to fund our expected growth given the funds available under DOE Loan Facility [the $465 million in low-interest loan provided via the Advanced Technology Vehicle Manufacturing program] and the expected proceeds of this offering and the concurrent private placement with Toyota. We do not believe that Mr. Musk’s personal financial situation has any impact on us.”
In that same section, the S-1 delves into Musk’s divorce proceedings, which, as we have previously reported, could potentially reduce his holdings in Tesla as well as his other ventures, SpaceX and SolarCity:
“Mr. Musk is currently engaged in divorce proceedings and previously entered into a post-nuptial agreement which provides that the holdings of the trust, including Mr. Musk’s shares of our capital stock, shall remain solely his property. This post-nuptial agreement has been upheld by the Superior Court of Los Angeles though such decision may be subject to an appeal. However, we do not believe that Mr. Musk would have to liquidate a significant percentage of his holdings in order to satisfy any settlement reached in connection with such proceedings.”
The company’s “we do not believe” statement might not be a strong enough assurance for shareholders. Right now, Tesla’s success appears to hinge on the $465 million loan it received from the U.S Department of Energy. Drawing down that loan is how the company plans to buy the NUMMI automotive plant in Fremont, Calif., needed to manufacture both its Model S sedan and future vehicles it may build in tandem with Toyota, one of the plant’s current owners. But this loan is dependent on Musk being able to retain at least 65 percent of his current stake in Tesla. If he doesn’t, the company defaults on the loan.
“If the DOE loan is dependent on Musk retaining a certain percentage of Tesla, there is no guarantee that this won’t happen due to the divorce settlement,” says Dallas Kachan, managing partner of cleantech consultancy Kachan & Co. “Investors should bear that in mind.”
This is the type of information that could impact potential shareholders’ decisionmaking, Kachan says. And this type of personal disclosure isn’t all that uncommon in SEC filings, when potentially relevant to shareholders.
What may concern shareholders more than whether Musk can continue to personally keep Tesla afloat is that he is currently actively running two companies, Tesla and SpaceX, while also remaining involved in SolarCity, dealing with a personal cash crunch and navigating a rocky divorce. That’s a lot to be juggling at any one time.
Incidentally, the S-1 notes that under Tesla’s agreement with Daimler, a major Tesla investor and partner, if Musk decides to step down from his post at Tesla — an event that seems unlikely for now, then Daimler will have veto power over the company’s selection of a successor as Tesla CEO.
Tesla Motors couldn’t comment directly on its decisions to update its filings, due to SEC rules for companies planning an initial public offering. In the meantime, however, it’s to the company’s credit that it decided to clarify all of these issues in writing.
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Everyone is exposed to finance at one time or another -- be it in either their personal or professional lives. Personal finance, finance and managing your money is somewhat scary and daunting for a lot of people, so if you are one of these people then look no further as here is just a bit of guidance and a few suggestions as to how you can manage personal finance.
1. Know what you are dealing with and what you are doing. All finance is a risky business, so know what you are signing up for, taking out and doing.
2. Keep accurate records. Keep up to date, clear and concise records of all of your financial dealings. This will help you manage your finances better as well.
3. Keep your eye on the game and keep ahead of the crowds. Don't always follow what everyone else is doing, as this might not suit you, your lifestyles and your needs. Do what you want and need to do to keep your personal finances on the right track.
4. Get professional advice. If you are unsure or anything or with anything then its always best to seek impartial professional advice and guidance as and when required.
5. Control your personal finances - Don't let your personal finances control you.
6. Set yourself personal finance goals, aims and targets. To make keeping financial records more fun, enjoyable and rewarding, why not set yourself personal finance goals, stick to them, reach them and surpass them.
7. Use and keep a spreadsheet of your finances, your incomings, outgoings and expenses.
8. Take advantage of the best bank accounts out there, from ISAs to current accounts. Fill your ISA first and then put any additional funds into a flexible saver.
9. Try to find out and/or take a credit card with a good low APR.
10. Shop around - when it comes to buying anything and everything, find the best deals out there and around and this will help you manage your personal finances even better.
11. Consider changing your bank or building society. If you are not getting the most out of your bank or building society then consider switching, or consider telling your current bank that you're thinking of switching to another provider and see what they can do for you or offer you, to help you stay with them.
12. Don't sign before you read. When it comes to anything, especially finance, its always advisable and recommended that you read everything and anything before you sign it. If you are unsure of any of the small print then seek professional advice.
I hope you have found this article both useful and helpful and I wish you every success when it comes down to managing your personal finances.
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