Building wealth doesn’t have to be harder for women. Start by evaluating your risk tolerance and diversifying your portfolio.
This article provides information for educational purposes. NerdWallet does not offer advisory or brokerage services, nor does it recommend specific investments, including stocks, securities or cryptocurrencies.
1. Evaluate your risk tolerance Around 1 in 6 Americans believe women being more risk averse than men is a long-term investing disadvantage, according to the NerdWallet survey. It’s important to consider and acknowledge your personal risk tolerance when choosing investments. But if you’re so risk-averse that you’re unlikely to hit your financial goals or you’re avoiding the stock market altogether, it’s probably time to reevaluate your strategy.
2. Increase savings as you can The survey shows that close to a quarter of Americans believe women earning less than men is a long-term investing disadvantage because they have less money to invest. As of 2018, women earned, on average, 82 cents for every dollar men earned. And this gap is significantly wider for many women of color. Inequality of earning means women often have to save a higher percentage of their income than men do.
A spousal IRA allows the non-earning spouse to contribute up to $6,000 a year , as long as the couple files taxes jointly. If it’s not reasonable for you and your spouse to max out both your IRAs, you can split whatever money you would put in IRAs and contribute to each equally.
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