Did you know that almost half of women over the age of 65 are single? And it’s not just ladies around Stacy’s age who are without partners. Increasingly, younger women are choosing to stay single after losing a partner or not to get married at all.
In fact, research indicates that single women are the happiest.
That happiness goes away fast if you have money problems, though. No one wants to be a bag lady. It’s much better to be a cat lady! Almost all financial advice is aimed at couples, but friend of the show Pam Krueger from Wealthramp is ready to help us navigate these rough waters.
Stacy’s out of town on this one, so Miranda and Aaron are taking the podcast for a spin.
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Why women need to pay attention to their finances
A man is not a plan, and Pam and Miranda discuss how important it is for women to understand money, whether married or single. It’s important for women, especially single women, to get their finances in order early on, since older women are more likely than men to be in poverty.
Plus, women are increasingly choosing to be single. Without a partner to split finances, anyone (regardless of gender) can struggle with money. But women do have specific challenges, ranging from the gender pay gap to what’s known as the ambition penalty.
We talk about building a strong financial foundation, including:
- Getting rid of debt
- Saving money
- Sharing costs with others
- Living with roommates
Top investments for single women
Once you have a firm financial foundation, investing to build wealth is a good idea. While this episode is tailored toward single ladies, these investment ideas can benefit just about anyone.
- Property. Single women own homes at a higher rate than single men, and building a rental empire can provide cash flow plus appreciation.
- Stocks. Learn how to choose solid stocks for your portfolio to grow your wealth.
- Indexing. As co-host Miranda does, you can also index, mainly relying on index funds and ETFs.
In addition to talking about becoming a successful investor, we talk about the importance of estate planning and protecting your wealth with insurance.
Meet this week’s guest, Pam Krueger
Pam Krueger is a recognized investor advocate and award-winning personal finance journalist and author.
She is the founder and CEO of Wealthramp, an advisor matching platform that connects consumers with rigorously vetted and qualified fee-only financial advisors. It is the only advisor referral service that gives people full control over when and how they talk to their referred advisors.
Her perspectives on personal finance regularly appear in MarketWatch, Forbes and PBS Next Avenue, and she is a frequent speaker on fiduciary financial advice.
In addition, Pam is an active volunteer member of the Retirement Income Committee at the Defined Contribution Institutional Investment Association (DCIIA), a non-profit dedicated to enhancing the retirement security of America’s workers.
She has also served on the California Jump$tart Coalition, an organization dedicated to increasing financial literacy among children and teens, where she created one of their most successful curricula available for K-12 teachers called Investing Pays Off For Kids.
Each year, she spends part of her time in San Francisco, California and lives in Cape Cod, Massachusetts.
- Wealthramp
- Podcast: MoneyTrack
- Podcast: Friends Talk Money
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About the hosts
Stacy Johnson founded Money Talks News in 1991. He’s a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.
Miranda Marquit, MBA, is a financial expert, writer and speaker. She’s been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.
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