Here’s How We Can Tackle The Gender Wage Gap
It’s 2019 and the struggle against gender inequalities still persist, one of the major ones faced by the working women is none other than the pay gap. This inequality is persistent even though the gap has grown narrower for millennial women, meaning some positive changes have taken place but there is space for more, a fact that is even more evident in the Bureau of Labor Statistics.
Furthermore, not only is this pay gap still present due to gender difference but the racial element is also a part of it as women of color are suffering from a greater pay gap compared to other young adults. Certain CEOs have even taken steps to decrease such inequality from occurring such as Sallie Krawcheck, a strong personality of Wall Street, who successfully launched Ellevest in 2016. Ellevest is basically a women-focused digital investment platform that helps in managing the finances and investments of women through its algorithm.
Managing money can prove to be an overwhelming and exhausting task, this is especially the case for women whose full-time earnings may not be high enough. Despite the difficulty one may face in this regard, it is not an impossible task.
First and Foremost, Eliminate Your Credit Card Debt
Relying on credit cards may lead to purchases that one may be unable to afford, therefore it is better to not create a financial burden on yourself through the accumulated debt. It is easy for one to buy something and have the card swiped but this leads to future issues as the purchases pile up, eventually turning into a burden for all. If one has that kind of financial responsibility on themselves, they will be unable to use that money for improving their life further. Instead, their main focus would be on the debt that they have to pay to bring financial stability.
Put Aside Money For An Emergency Fund
Unexpected situations can take place at any time, and in order to deal with them without the possibility of debt, one needs to build up an emergency fund that can help to take care of the problem at hand and not cause any future issues. We can be faced with all sorts of situations at any time, therefore it is better to get rid of one’s reliance on debts to help them out in those situations by already being prepared. An emergency fund would help with that as an amount would be set aside to avoid any kind of mishaps greatly disturbing the financial condition of the person.
Set Up A Retirement Savings Account
Whether you are just starting out your career life or you are in the middle of it, retirement savings are a necessity as it is important to take into account the method of paying living expenses once a person has no monthly earnings or a way to acquire a loan. Even Ellevest takes into account the lifespan of working women, which brings to light retirement savings. This is considered as a hurdle faced by the female working class as they are at a deficient of one-third compared to men in terms of it. However, a small amount put aside every month may allow them to avoid any problematic happenings from taking place.
Consider Investing A Small Amount Of Your Paycheck.
Once you have set aside the money for the former step and still have an amount left, consider investing a small part of it as the annual growth may not ensure higher return but it allows for the possibility to take place which is better than nothing and devoid of any major risk. Most people these days suffer from a dilemma though, unsure of whether they should invest the money or pay off the accumulated debt that they have.
Student Loan is also a victim of gender gap due to the fact that women and men both have to pay back the same amount yet both aren’t provided with the equal opportunities to do so, resulting in women taking a longer time than men to pay it back.
An ideal world considers the ratio of 50-30-20 where 50% of your earnings go into satisfying your basic needs, 30% goes into entertainment and 20% is kept to the side for saving or investment, a rule that even Krawcheck agrees with. The possibility of this is dependent upon the earnings of a person and their respective expenses, which in the case of basic needs may revolve around the 50% amount due to their fixed nature. However, if this is not the case, a person can consider lifestyle changes to cut down the high percentage or they can reduce the 30% shares, adjusting the rest and lastly, they can consider higher paying jobs. The last may not be easy to achieve but it is an aim one can set for themselves.
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