Women earn an average of 77 percent of the money men make, so they must be smart and find ways to stretch their hard-earned dollars.
In “How Women Can Get Ahead Financially: Managing Money for Venus in a Mars World,” retired NIU professor Pamela J. Farris shares insights on how to budget your money and make it go farther by finding bargains, buying major purchases when they are on sale.
For example, a consumer should buy a new coat in January, a TV in March before new models come out or a car at the end of the month or quarter to get the best prices.
“This is my 20th book but first personal finance book,” said Farris, who taught in the Department of Literacy Education. “My friends often ask for advice about investing and ways to save money so I decided to just write it down for everyone to read.”
The book clearly outlines how to invest for savings and for retirement. In plain language, the author goes through IRAs, Roth IRAs, 401k, 403b and 457 accounts. It also points out that those women in low-income jobs can get financial assistance from the federal government when they file their taxes if they put money in an IRA. The new MyRA program is explained as well.
Housing gets a chapter with discussion as to whether it is better to rent or purchase a home. For those who decide to purchase a home, the book discusses mortgages, the new Home Path program by the federal government which offers foreclosed homes first to new home buyers. Ways to improve your FICO score are explained in the book.
While the book is targeted to help women, men also can pick up tips about how to manage their own money.
