By Sue Herera
NBC Nightly News with Brian Williams continues its series The Secret to Her Success with a look at how to help you master your personal finances-- to live your life from a position of financial strength.
I ran across a very sobering fact while doing this story. Two thirds of American women over the age of 65 will end up with Social Security as their sole source of income. But that does not have to be your fate. We've talked to the top people in personal finance and we've got some concrete things you can do to take control of your money NOW, and have a really wonderful and fulfilling life. We tackle saving, retirement and buying a house. Three of the top financial issues.
One of the most important things you can do to own your financial life is to start saving. The earlier you start, the bigger that nest egg will be. One simple way to save is to pay off your debt. Think of it this way: if you are carrying credit card debt, as most people are, and paying 10 percent in interest payments, by paying off that debt, you're saving yourself the 10 percent in interest PLUS the minimum you pay on the card.
Other topics we tackle in our series: Retirement made simple! Yes, there is an easy way to pick a retirement plan, and believe it or not, it's a lot like cooking. Trust me on this one.
We also take a look at the dilemma of buying versus renting. Given the mess in the housing market right now, should you even consider buying a house? What type of mortgage should you get, and how much of a down payment do you really need?
Lots of questions I know, but the goal is to de-mystify money. As one of our experts told us, when you have your finances in order, you can go after your dreams. You can leave a job you don't like, you can leave a relationship you don't like, and you can pursue a hobby that brings you incredible joy. Sounds pretty good to me.
I'm very excited about this series and I hope you'll let us know what you think of our experts' advice.• Quiz:
Take the Finance Poll
• Video:
Brian Williams talks to Sue HereraSue Herera: Money Smart from the Get-Go
ADDITIONAL RESOURCES
• Financial Calculators:
If you visit Bankrate.com you'll find calculators for investment, credit card, housing, auto, cost of living comparisons - to name a few.
• Free Credit Report:
The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies - Equifax, Experian, and TransUnion - to provide you with a free copy of your credit report, at your request, once every 12 months
• Financial Education 101:
Mymoney.gov is the U.S. government's website dedicated to teaching all Americans the basics about financial education. You will find important information from 20 federal agencies government wide.
iVillage Related Links
• 4 Rules to Paying Off Debt...Quickly!
• Test Your Credit Card Smarts!
members say:
You talk about building a retirement plan but there is no link to the information!
--Posted by Leann, Springfield, IL