This is a sponsored post with SheSpeaks and Prudential. Thank you for supporting Dancing Hotdogs
It has been five years since I left corporate America. I quit because with two boys, the cost of corporate daycare and preschool were more than my salary. Brillante Media, LLC and Dancing Hotdogs are my businesses but I do not get paid every two weeks like I did five years ago. The biggest financial challenges my businesses face are the swings between feast and famine.
Do not get me wrong, it has been incredibly rewarding being home with my boys for all the adventures big or small, but I do sometimes wonder if I made the right choice.
I was a mover and a shaker in business. I was a quick study, worked hard and was promoted quickly. Prior to giving my official notice I discussed work from home and part-time options with my manager but it was just not feasible with my job. I sometimes wonder where I would be if I had found another option.
So, when Prudential invited me to the SHE Summit in New York City for their The Imperative for Women to Own Their Financial Security panel, I was very interested to hear what they would say. The panel consisted of financial professionals like Jennifer Putney of Prudential, Sallie Krawcheck of Ellevest, Anna Falth of UN Women and authors Bobbie Rebell and David Bach. In that one hour, I definitely had an “aha” moment.
Quite simply, women like me are facing four big financial challenges:
- Wage and Income Gap
- Investment Gap
- Women Are Living Longer and Living Alone
- Time Gap
Watch these two SheSpeaks videos from the panel to hear Mrs. Putney eloquently explain why all women need to own our future.
PART 1: The Imperative for Women to Own Their Financial Security | SHESUMMIT 2016
PART 2: The Imperative for Women to Own Their Financial Security | SHESUMMIT 2016
It is so true! Women do outlive men, get paid less AND often just do the bare minimum for their financial future!
Prudential has been researching the financial challenges women face for several years.
The Financial Experience study tracks women’s outlook towards financial planning. Some of the eye-opening statistics:
On average women’s have 30% lower retirement balances than men1
44% of women have no life insurance.2
Time Gap: Women may feel they do not have enough time for financial planning. On average, women in the U.S. spend 28 hours per week on household chores – 65 percent more than the average for men.3
I started to think about the life Eddy and I have built and it was like the survey was following our life. We bought our first home and had babies when we were both working full-time. During this time, we were financial partners distributing bills and saving for retirement and college together. I quit in 2011 and Eddy’s salary paid the mortgage, utilities and other life expenses. Brillante Media paid for the extras in life like nights out, vacations and fun. Since most of the bills were automatically pulled from Eddy’s accounts I went into autopilot regarding our finances. As everyone knows, you do your best to save but some unexpected financial burden comes along. The boys need new clothes, the kitchen has to be updated etc.
Prudential has me thinking about the future. The boys will finish college by 2033 and then what? It will just be Eddy and I.
This Prudential 1% video really made me think about our financial future and the priorities in life.
1% definitely adds up and Eddy and I want to travel so I need to take control.
I wish I knew about Prudential’s services and tools five years ago. I cannot change my quitting but starting today I will be an active participant to our financial goals and challenges.
Want to purchase your first home? Save for college or retirement? Eliminate debt? Or just to improve your financial knowledge? Stop daydreaming or wishing away your financial challenges get EMPOWERED! Prudential is ready to help women take control of their money, their investments and the financial future. For more information visit http://bit.ly/ownmyfuture
- Prudential Retirement analysis reflecting defined contribution plan balances of Prudential record-kept plans as of December 31, 2015
- LIMRA study, Life Insurance Ownership in Focus, U.S. Person-Level Trends: 2016
- Organisation for Economic Cooperation and Development, October 2016, http://stats.oecd.org/index.aspx?queryid=54757