Not everyone woman can start her own business, and YOU DID IT! Good for you!
Here are a few interesting stats about women in business:
- The number of women-owned companies with 100 or more employees has increased at nearly twice the growth rate of all other companies
- The vast majority (83%) of women business owners are personally involved in selecting and purchasing technology for their businesses
- Nearly 3/4 (72%) of women business owners have investments in stocks, bonds or mutual funds, compared to 58% of working women
And about that last one, how are you saving and investing for your future?
My advice to women business owners, new and seasoned, is this: PAY YOURSELF FIRST. Before you pay the bills and take a salary, put a little bit away in a retirement fund and a cushion fund. The ideal is 10-15% but even if all you can do is $100/month ($25/week) – or even if it’s less, make it happen. When I started, it was only about $10/week. I know from my own experience that even just those few bucks a week can grow and become something substantial before you know it.
What do you do with it? Here’s an article with a couple tips about saving for retirement: https://www.mysanantonio.com/community/southside/news/article/Women-business-owners-need-retirement-plans-2179611.php
Also, read The Wealthy Barber by David Chilton. He wrote it a while ago and, so that it would be easier and more interesting to read than most financial books, wrote it as a novel. I reread it while I was on vacation and it’s still good – and I learned a few things that I mustn’t have been ready for the last time. I like Smart Women Finish Rich by David Bach too.
Don’t put this on the back-burner. Trust me when I tell you that I’ve been way in debt and borrowing on credit to pay the rent and also not in great debt but just getting by. When you have a little cushion in case something unexpected happens and you have something put away for retirement, you sleep better at night!
Remember: If you aren’t taking care of your future, it won’t be taking care of you!