We’ve all learned there’s no free lunch. Rebooting your life is no exception – it takes at least a small patch of solid financial footing to move forward. The following spotlights the importance of creative and imaginative income creation for women. See below for money making ideas.
From the following stats it’s easy to see why woman can get into financial trouble in their mature years. There are, of course plenty of women who have planned well and managed to put together a reliable and ample income to fund their mature years. However, even with good planning and wise money management, look what a lot of women face:
“Women’s income, in general, is lower than men’s. Among older individuals, the difference is especially pronounced. The median income for women age 60 and older is roughly one-half that of men in the same age group.“ * Now’s the time to think outside the box and find ways to increase ongoing income.
90% of women over 65 receive Social Security benefits and for one third of those, social security is their only income. (AARP.org, 2008) This is another shocking statistic.
In 2005 the average Social Security benefit for women was $826 per month. (Social Security Administration. Social Security Bulletin: Annual Statistical Supplement, 2005) It has come up since 2005 but only by about 3% per year and not at all in 2009 and 2010 due to the recession.
Interest on investments and/or savings is a source of income for more than half (56.6 percent) of white women older than 64. It is far less for women of color.
In 2005 women owned 6.5 million nonfarm US firms. According to the Internal Revenue Service women own roughly 28% of non farm businesses. Can you start a small business now to give you income in the future?
21% of women over 65 are still in the labor force. (AARP.org, 2008) With Social Security benefits so low for women it’s no wonder 21% still need to work.
51% of women are now living without a spouse, according to an article in the New York Times by Sam Roberts, January 16, 2007, which of course, means there’s only one income for these women. Traditionally women stayed married and had their husband’s retirement income to help pay the bills. (The findings in this article cover all women, not just mature women. However, at least in anecdotal form, many widowed or divorced women over 60 opt not to remarry.)
*(All of the stats cited above were gathered from the AARP website which reprinted the following article. “Women Age 65 and Older: Their Sources of Income” by Laurel Beedon and Ke Bin Wu, October, 2005) of funds. If you are in financial trouble I hope the following ideas and processes will give you a new look at money and help you bring enough financial stability into your life to make your re-invention a reality.)
OK what can you do right now to improve your finances? Here are some money makers and check out future posts for more:
If you own your home (68% of us do) consider becoming a foreign student host. Many colleges attract students from all over the world. Call your local colleges and offer to have one or more students live with you. You provide a bedroom and dinner. The students pay well and are well behaved. Easy way to make extra money after your own kids are gone.
You don’t want anyone living inside the house? How about turning a garage or other backyard structure (such as a storage building) into a rental for students or young professionals. One woman I know turned a gardening shed into an artist studio and rents it out to local artists. Takes a little effort and money but well worth years of rent payments.
Stay tuned for more ideas of easy, long term sources of income.