I started by calling a broker I saw advertised on TV. Big mistake. They told me that when I had about $10,000 I should come back and talk to them.$10,000? If I had $10,000 I would have done almost anything except call a broker! So, I went to the internet. Back in those days (we're talking 1995, here.) the internet was not the mass media production it is now, no online brokerages, no daytraders, no real-time quotes. Just market news for those who were initiated, and mortgage rates for those of us who weren't. Where were the "10 steps to financial independence"? All I found were the "10 steps to reducing my cellulite." Helpful, but it wasn't going to make me any money. Gradually, I learned the lingo and discovered how confusing it all can be. And then I began to demystify it for myself. What I found out was that investing isn't hard and it doesn't require a huge amount of cash to start. I found out that I don't even need a broker. There are many questions to be answered when it comes to investing. The first one I will answer here. Why invest in the stock market anyway?
Well, let's face it, shall we? No one ever promised us a rose garden...or maybe they promised but...the statistics say that most women will not get married as soon or stay married as long as we expect to. Further, we have a nasty habit of living 7 to 10 years longer than men, and like it or not, 9 out of 10 of us will be on our own financially at some point in our lives. We are also more likely to spend more time out of the workplace raising children, relocating with a spouse, continue our education or starting our own businesses. This is all great. It's encouraged, yet it is highly underpaid, very hard work.
Did you know that 75% of the elderly people living in this country below the poverty level are women? Another nifty statistic is the fact that the average woman will spend 14.7 years away form the "workforce", compared to her male counterparts 1.6 years. Don't overlook that lost income. These are missed opportunities to contribute to 401K programs and other investment options.
