millionaire

[sunsetbeach]

I haven't been able to visit the board in a long time but I was thinking that Cathe must be a millionaire by now and that got me to thinking about how important it is for woman to always have their own viable income. What do you all think? I would love to become a millionaire....can it happen to a woman at 50 or is it too late?

 

[melimcn]

It can happen to any person at any age, with the right drive and motivation.
But it takes hard work to get there. I work in an environment where I am surround by many people at that level of income, both men and women. They are all very dedicated, make sacrifices and work extremely hard.

So yes, I think it's very possible. You just have to be willing to do the work. Just like working out!

 

[jojocpa]

Yes, it can happen. I know someone that became a multi millionaire after he turned 65. After retiring at age 65 he got involved in a business that he managed. Everyone involved became very wealthy. It is never to late.

Jo

 

[sunsetbeach]

What business are they in? My kids are leaving the roost and I have the time to really go for it!

 

[nancy324]

I don't think it's too late at all. I'm your age, and when I expressed a sense of despair at ever saving enough for retirement to my Mom, she said she didn't start saving until she was in her mid-forties and she retired very comfortably at the age of 60! I see that the more I invest, the bigger the return, because the money you invest keeps earning money which in turn keeps earning more money. I recently purchased the book "Women & Money" by Suze Orman. I'll let you know how it is when I've finished reading it.

Don't worry about age. Just go for it.

 

[sunsetbeach]

I saw Suze Orman on a show recently and she said that money is the big taboo topic, especially in terms of salary. No one talks about how much they make to each other and the corporations like it that way. Especially women have a hard time asking for more money. Yes, I'd like to know what you think of her book.

 

[jaypea]

I am currently reading "Women and Money" also. I read through and have completed all of her suggetions in Step 1. I just bought the book last Monday, so I will take a few more days to digest everything before moving to step 2. I love Suze Orman, and this book makes a lot of sense (and hopefully, I will make a lot of "cents":7 from reading it and from following her steps).

I think many humans always want more, and they don't always stop to assess their financial situations before doing/buying more (going deeper and deeper in debt). I understand the need to budget, save for my future and have a plan, but at the same time, it is frustrating to see my friends buying these gorgeous houses, going on fancy vacations while I save. I guess I will come out ahead in the end, though !

And, to answer your question, it is very important for women to have their own money (and have control over their money). Too many of my friends do not have a clue how of what their family's budgets are or how they (husbands/wives) spend their money.

-Jen