KEY TAKEAWAY: Exercise helps you look and feel better, fitter, and more youthful, and can slow down and even reverse aging.¹ It benefits your health and sense of well-being. If you aren’t already, make exercise a part of your life by focusing on activities you enjoy, making it as routine as brushing your teeth, and fitting it in when you can, no matter how small. Scroll down to the TAKE ACTION section for this week’s actionable steps.

Money touches almost every facet of our lives. Where we live, what we do, how we live, and our ability to care for ourselves and our loved ones and achieve our life goals are all influenced by our financial situation. It impacts how empowered we feel in our lives – the options we have and the choices we feel we can make.

Bottom line: Our financial well-being affects our overall well-being.

Yet, despite its significant role in our lives, many of us never receive education or guidance on managing or growing our money (and what informal education or guidance we may receive is not always helpful). So, today, let’s cover 10 research-backed financial DOs that can enhance not only your financial journey but your overall life journey.

DO #1: KNOW YOUR FINANCIAL WHY¹

Knowing our WHY – why we are doing something or what makes it meaningful to us – is essential for anything we do in our lives, and that holds true, too, for knowing our financial WHY or otherwise our financial goals. So, what are yours?

The purpose of financial goals is to support our life goals. Money is a practical tool that gives us the resources to support how we want to feel and live. Therefore, in order to establish your financial goals, you need to get clear on your life goals. Identify what you want for your life and different areas of it, and identify the various financial goals that support that.

As you identify your goals, be specific and set doable goals that you can and will show up for. Research shows that doing so will help you stay more motivated and make better financial decisions, which are two things that will help you achieve what you want.¹

DO #2: OWN (DON’T DELEGATE) YOUR FINANCIAL WELL-BEING²

Research supports that the more we feel in charge of our financial outcomes, the greater our sense of financial well-being.² Unfortunately, too many of us don’t feel in control. The degree to which we own or delegate our financial well-being to someone else can influence that.

One study found that women who delegate financial decision-making to their spouses tend to have lower levels of financial literacy and were more vulnerable to financial insecurity in the event of divorce or widowhood.² That is reflected by statistics that show that women who divorce experience a 45% decline in their standard of living compared to 21% for men.²

That is one reason why many women choose to stay in unhealthy relationships or situations: They don’t feel they can choose otherwise. They feel constrained by their financial situation.

Bottom line: Our financial well-being impacts our overall well-being because it impacts how empowered we feel in our lives – what we feel we can or can’t do, the choices we feel we can or can’t make, and what we believe we can or can’t have. So, don’t delegate your financial well-being to someone else. Instead, own it.

How?

• Be engaged. While you can share financial tasks with your spouse, a financial planner, or some other trusted and capable individual, if you are not already, get and stay actively engaged in what impacts your financial well-being.
• Invest in yourself. Invest in what supports your ability to support yourself and your loved ones dependent on you. After all, if not you, then who? Who cares more or is more vested in your well-being? For example, invest in yourself by pursuing education and developing skills that can lead to better job opportunities and higher earning potential; research supports that higher levels of education are associated with higher lifetime earnings.² Negotiate for what you need to thrive more, including what helps you thrive financially, such as negotiating a higher salary; this is something that research shows women are less likely to do than men but can significantly impact long-term financial well-being.²
• Get information and support when you need it. What you don’t know can hurt you. Studies show that financial literacy – or having the knowledge needed to make informed decisions regarding money – is associated with better financial decision-making and well-being, and individuals who seek financial advice are more likely to have higher levels of financial satisfaction and confidence.² Ignorance can sometimes be bliss, but not when it comes to your finances, so don’t worry about what you don’t know, but do get the information and support when you need it.
• Prioritize your self-care. Research supports what we already know, which is that engaging in regular self-care activities (such as exercise, meditation, and hobbies) can not only help to reduce stress, improve mental health, and increase productivity but also is positively associated with financial well-being suggesting that individuals who prioritize their well-being are more likely to make better financial decisions and have a healthier relationship with money.²

DO #3: STAY ON TOP OF YOUR FINANCES³

In order to get from where you are to where you want to go financially, you need to understand your financial situation and stay on top of it.

• Identify your starting point by assessing your net worth. Your Net Worth is a snapshot of your financial life at a specific point in time. It is the difference between your assets – what you own, such as your house and savings accounts – and your liabilities – or what you owe, such as your home mortgage, student loan, or credit card debt.
• Assess your cash flow. Your Cash flow is how much money is coming in and going out. Figure out what money you get every month and how you are allocating that money between your living expenses and your financial goals, such as savings or paying down debt.
• Regularly review both your cash flow and net worth. Keeping track of your money is positively associated with financial capability and well-being.³ It is also an essential step for the next DO.

DO #4: LIVE WITHIN YOUR MEANS⁴

Living within your means may sound restrictive, but actually, it’s freeing because when we don’t, it can feel like financial shackles, severely limiting what we can do, including our ability to work toward our financial goals that support our life goals.

To help you live within your means and enjoy more financial freedom and less financial stress, have a Money Plan. Otherwise known as a “budget,” your money plan is your strategic plan for how you want to use your financial resources to best support your financial goals. Having a plan for your money is empowering because you are taking charge of your money to work for you and what is most meaningful to you. Research shows that planning your money flow in and out is also positively associated with financial capability and well-being while ignoring your finances can have the opposite effect.⁴

How do you create a money plan?

• Start with your current cash flow statement from DO #3. Are you living within your means? Are you making progress toward your goals? Is your financial picture where you want it to be?
• Make adjustments that support your goals. If you are not where you want to be financially, then what can you adjust about your money coming in and out to help you get there? What can you adjust in the short term? The medium term? The longer term?
• Each month, review your actual cash flow and compare it to what you had planned. How does your actual cash flow compare to what you had planned? What do you need to adjust going forward to live within your means, make progress toward your goals, and create the financial picture you want for yourself?

To help you stick to your money plan, be mindful of how you use your money and how well it supports (or does not) your financial goals. As you make financial decisions, ask yourself if the decision you are making will add to your overall quality of life or just add stress. Does it align with your goals and what is most meaningful to you or working against that?

Research shows practicing money mindfulness and viewing your spending priorities through the lens of what most aligns with your values and goals is associated with better financial well-being, whereas impulsive spending tends to lead to lower levels of financial satisfaction and higher levels of debt.⁴

Also, watch out for lifestyle creep. As your income increases, instead of increasing your spending, consider using the extra money for your goals, such as savings and investments. Research supports that people who maintain a consistent lifestyle as their income increases are more likely to achieve long-term financial success.⁴

Finally, fight the urge to try to keep up with the Jones. In other words, don’t compare yourself to others. As President Theodore Roosevelt said, “Comparison is the thief of joy,” something that is supported by studies that found that social comparison can lead to poor financial decisions and lower levels of financial satisfaction.⁴

DO #5: MANAGE DEBT & MAINTAIN A GOOD CREDIT PROFILE⁵

Research backs what we already know, and that is that financial stress can affect not only our financial well-being but our well-being overall. That is reflected by the fact that improving one’s financial situation is a top New Year’s resolution each year, and money issues are cited as a primary reason for relationship conflict and even divorce.⁵

Part of that financial stress can be caused by excess debt. Debt has a cost, and depending on our level of debt and its cost in terms of interest, it can cause significant stress. Not only that, but it also impacts our ability to work toward our other financial goals. After all, if our resources are tied up paying off debt, especially high-interest debt such as credit card balances, that is money that can’t be dedicated to other goals.

So, be wise about debt, recognizing when it can be a positive tool – such as borrowing what you can afford to advance your education or skills to earn more income or investing in a home that provides shelter and may go up in value over time – and when it is not so positive, such as credit card debt and using credit cards to supplement your living or carrying balances that cost you in double-digit interest charges. Be aware, too, of how your financial actions impact your credit score, something that influences your access to and cost of credit.

DO #6: UNDERSTAND YOUR RELATIONSHIP WITH MONEY & HOW IT IMPACTS YOUR FINANCIAL ACTIONS AND OUTCOMES⁶

Your financial upbringing and experiences have shaped your values and beliefs around money, and they influence your financial decisions and outcomes. This is supported by research. Certain money beliefs – for example, believing that money is selfish, the ‘root of all evil’, or that we don’t deserve it – can negatively influence our financial outcomes, such as lower net worth, lower income, and higher credit card debt.⁶

So, monitor your thoughts and actions around money and start to be more aware of how your money history and beliefs may be playing a role. Ask yourself what is influencing your financial decisions. Start recognizing how the way you were raised regarding money and other money experiences you have had have shaped what you believe about money and how that may be impacting how you manage it.

DO #7: HOPE FOR THE BEST BUT PREPARE FOR THE WORST⁷

It’s wonderful to be optimistic, but bad things can happen, and it’s important to be prepared for them. The cost of not doing so can be great, not only in terms of money but also in terms of stress. So, be prepared.

What do I mean?

First, have a rainy day fund. A rainy day fund is savings you have that are set aside for unexpected financial events, such as loss of income or unplanned medical expenses. Research shows that having an emergency fund is crucial for financial well-being because households with emergency savings are better able to cope with financial shocks and are less likely to experience material hardship.⁷

So, if you haven’t, start to build your rainy day fund. It is generally recommended that you target 3-6 months’ worth of living expenses, adjusted as appropriate to fit your situation. For example, depending on the number of income sources or stability of income, you may increase or decrease what you feel you need.

Second, have the appropriate-to-your-situation insurance. For example, health insurance, life insurance, disability insurance, liability insurance, and homeowners and other property insurance. When it comes to insurance, ask yourself:

• Can I afford to lose it? If you can’t afford to lose something, you either need to make changes to avoid or reduce the risk of loss or put in place protection. For example, if you can’t afford to lose your income, you probably need disability insurance. You probably need homeowners insurance if you can’t afford to repair or rebuild your home if it gets damaged in a fire or storm. If your loved ones would need financial support if you died, then you probably need life insurance. You probably need the appropriate liability insurance if you can’t afford to risk your financial assets to a lawsuit.
• Is it worth the risk? Are you risking a large value for a small amount of money that will provide protection? Yes, insurance costs money, but consider the alternative. For example, insurance on a home is typically small compared to the home’s value. Disability insurance is generally small compared to the value of lost income, especially if it’s lost earlier in a work career. So, ask yourself if the amount you are saving is worth the potential cost.

Third, prepare for the inevitable, which is your passing. Death may not be the most pleasant of topics, but it is unavoidable, and not planning for it doesn’t mean that it won’t happen, but it can mean heartache and financial and other headaches for your loved ones left behind. One study found that having an estate plan can help reduce family conflict, minimize taxes, and ensure that your assets are distributed according to your wishes.⁷

So, get the appropriate-to-your-situation legal support to put your estate in order, including important estate planning documents such as a last will and testament and a living will and health and financial power of attorneys that give direction or the power to others to manage health or financial issues if you are otherwise unable to do so.

DO #8: PREPARE FOR RETIREMENT⁸

Not surprisingly, research shows that individuals who engage in retirement planning and preparation tend to have higher levels of financial well-being in retirement, whereas those who focus solely on short-term financial needs tend to have lower levels of financial well-being in the long run.⁸

Saving for retirement is a necessity for most of us because the majority of people do not have enough wealth or a guaranteed source of income to cover all retirement living needs. Not only is saving for retirement necessary, but it’s also important to prepare for one that happens sooner than you expect and lasts longer.

Why?

When it comes to when we choose to retire, we don’t always have a choice. Even if we want to work until we die, we may not be able to. According to the 2022-2023 Report on the Economic Well-Being of U.S. Households, health problems, caring for family, and lack of work collectively contributed to the timing of retirement for 46 percent of retirees.⁸

Why plan for a longer retirement?

Because we are living longer. A long life should be a gift, not a financial burden, so prepare for a longer retirement. It is generally recommended that you plan to live until you are at least 95, adjusted as appropriate for your personal circumstances. For example, does longevity run in your family? Do you have health conditions that could impact your life expectancy?

Bottom line: There is a good chance that retirement will happen whether you want it to or not, and not preparing for it is not going to change that. Furthermore, government pensions such as Social Security are generally not enough. So, if you haven’t already, start preparing for retirement.

• Assess what you think your retirement needs will be.
• Start saving what you can. Even if you can only save $50 or $100 to begin with, start there.
• Take advantage of any free employer matches – where your employer matches part of what you contribute to your 401(k) retirement account. That is FREE money.
• If you don’t have access to an employer retirement plan, open your own retirement account, such as a traditional or Roth Individual Retirement Account (IRA), and start taking advantage of the tax advantages such accounts offer.
• If you’re not working but are married and your spouse earns income, see if you are eligible for contributing to a spousal IRA or Roth IRA, which is an IRA that is in your name and you contribute to on the basis of your spouse’s earnings.

DO #9: PRACTICE GOOD INVESTING HABITS⁹

Investing is a tool we can use to help achieve our financial goals because it means putting our money into something that we believe will return us more money in the future. However, with investing comes risk. While we can’t control the outcome of our investments, there are things we can do to reduce risk and support a more positive outcome, including the following:

• Have an investment strategy that considers your goal, circumstances, risk profile (how well you can tolerate risk, from both a practical, financial perspective and emotional one) and time horizon.⁹
• Diversify. Diversification means to spread your investments across different types of investments, such as stocks, bonds, and real estate. By diversifying what you invest in, you can reduce risk and optimize your returns.⁹
• Don’t try to time the market. Research supports that it is time in the market that builds wealth, not trying to time the market by trying to predict the best time to buy or sell an investment.⁹ Remember that when you are tempted to do so. You can’t predict the future, so don’t bet on your predictive abilities by timing the market. Choose instead to be consistent.
• Instead of trying to time the market, consider dollar-cost-average investing. Dollar-cost-average investing is where you invest a certain amount of money regularly over time. This gives you time in the market and allows you to spread your purchases across different price points by buying when the market is up, down, and in between, resulting in an average cost.
• Avoid get-rich-quick investment schemes that seem too good to be true. They probably are.
• Do your due diligence and get help if and where you need it. The more informed you are, the more informed decisions you can make.

DO #10: FOCUS ON WHAT YOU CAN DO.

Start now taking intentional action to achieve your goals and support your financial well-being. Create a plan that supports that. Implement it. No matter how small your steps may be, doing something is better than doing nothing. Also, don’t worry about what you did or didn’t do in the past. Your past does not define your future. What you do now does.

As part of that, be a role model for your children not just in life but also in finances. Teach your children about money. Help your children develop good financial habits from an early age. Financial socialization by parents is associated with better financial literacy and behavior in adulthood.¹⁰

FINAL THOUGHTS

Your financial well-being impacts you and your loved ones dependent upon you. It influences how empowered you feel in your life and, ultimately, how fulfilled you feel. So, if you haven’t already, start doing what can support your financial and overall well-being now and in the future.

TAKE ACTION:

1. Know your financial WHY: Set clear, specific financial goals that support your life goals.
2. Own your financial well-being: Stay engaged, invest in yourself, seek information when needed, and prioritize self-care.
3. Stay on top of your finances: Regularly assess your net worth and cash flow.
4. Live within your means: Create and follow a money plan (budget), practice mindful spending, and avoid lifestyle creep.
5. Manage debt & maintain good credit: Use debt wisely and be aware of how it impacts your credit profile.
6. Understand your relationship with money: Recognize how your financial upbringing and beliefs influence your financial decisions and outcomes.
7. Prepare for the unexpected: Build a rainy day fund, get appropriate-for-your-situation insurance, and plan for your eventual passing.
8. Prepare for retirement: Start saving early, take advantage of employer matches, and plan for a potentially longer retirement.
9. Practice good investing habits: Have an investment strategy that fits your circumstances, risk profile, time horizon, and goals, and follow good practices, such as diversifying to reduce risk.
10. Focus on what you can do now: Take intentional action, create a plan, and be a good financial role model for your children.

TAKE ACTION:

1. Know your financial WHY: Set clear, specific financial goals that support your life goals.
2. Own your financial well-being: Stay engaged, invest in yourself, seek information when needed, and prioritize self-care.
3. Stay on top of your finances: Regularly assess your net worth and cash flow.
4. Live within your means: Create and follow a money plan (budget), practice mindful spending, and avoid lifestyle creep.
5. Manage debt & maintain good credit: Use debt wisely and be aware of how it impacts your credit profile.
6. Understand your relationship with money: Recognize how your financial upbringing and beliefs influence your financial decisions and outcomes.
7. Prepare for the unexpected: Build a rainy day fund, get appropriate-for-your-situation insurance, and plan for your eventual passing.
8. Prepare for retirement: Start saving early, take advantage of employer matches, and plan for a potentially longer retirement.
9. Practice good investing habits: Have an investment strategy that fits your circumstances, risk profile, time horizon, and goals, and follow good practices, such as diversifying to reduce risk.
10. Focus on what you can do now: Take intentional action, create a plan, and be a good financial role model for your children.

REFERENCES:

1: Goals

Changwony, Frederick Kibon, Campbell, Kevin and Isaac T. Tabner (2021). Savings goals and wealth allocation in household financial portfolios. Journal of Banking & Finance, Volume 124, 2021, 106028, ISSN 0378-4266. https://doi.org/10.1016/j.jbankfin.2020.106028. Retrieved from https://www.sciencedirect.com/science/article/abs/pii/S0378426620302892

Cheema, A., & Bagchi, R. (2011). The effect of goal visualization on goal pursuit: Implications for consumers and managers. Journal of Marketing, 75(2), 109-123.

Faster Capital (2024, June 10). The Psychology of Achieving Financial Goals An Expert’s Opinion. Retrieved from https://fastercapital.com/content/The-Psychology-of-Achieving-Financial-Goals–An-Expert-s-Opinion.html#The-psychology-of-achieving-financial-goals-an-expert-s-opinion

Fontinelle, Amy (February 25, 2024). How to Set Financial Goals for Your Future. ****Retrieved from https://www.investopedia.com/articles/personal-finance/100516/setting-financial-goals/

Locke, E. A., & Latham, G. P. (2002). Building a practically useful theory of goal setting and task motivation: A 35-year odyssey. American Psychologist, 57(9), 705–717. https://doi.org/10.1037/0003-066X.57.9.705

2: Own Your Financial Well-Being

Babcock, L., & Laschever, S. (2009). Women don’t ask: Negotiation and the gender divide. Princeton University Press.

Becchetti, Leonardo & Corrado, Luisa & Rossetti, Fiammetta. (2011). The Heterogeneous Effects of Income Changes on Happiness. Social Indicators Research. 104. 387-406. 10.1007/s11205-010-9750-0.

Carnevale, A. P., Rose, S. J., & Cheah, B. (2011). The college payoff: Education, occupations, lifetime earnings. Georgetown University Center on Education and the Workforce.

Fonseca, R., Mullen, K. J., Zamarro, G., & Zissimopoulos, J. (2012). What explains the gender gap in financial literacy? The role of household decision making. Journal of Consumer Affairs, 46(1), 90-106.

Kaur G, Singh M, Gupta S. Analysis of key factors influencing individual financial well-being using ISM and MICMAC approach. Qual Quant. 2023;57(2):1533-1559. doi: 10.1007/s11135-022-01422-9. Epub 2022 May 28. PMID: 35669163; PMCID: PMC9143713.

Lim, Y., Heckman, S. J., Montalto, C. P., & Letkiewicz, J. (2020). Factors related to financial stress among college students. Journal of Financial Therapy, 11(1), 1-20.

Lin IF, Brown SL. The Economic Consequences of Gray Divorce for Women and Men. J Gerontol B Psychol Sci Soc Sci. 2021 Nov 15;76(10):2073-2085. doi: 10.1093/geronb/gbaa157. PMID: 32906147; PMCID: PMC8599059.

Lusardi, A., & Mitchell, O. S. (2011). Financial literacy and retirement planning in the United States. Journal of Pension Economics & Finance, 10(4), 509-525.

Riitsalu L, Sulg R, Lindal H, Remmik M, Vain K. From Security to Freedom- The Meaning of Financial Well-being Changes with Age. J Fam Econ Issues. 2023 Jan 28:1-14. doi: 10.1007/s10834-023-09886-z. Epub ahead of print. PMID: 36742444; PMCID: PMC9883609.

Ward, A. F., & Lynch, J. G. (2019). On a need-to-know basis: How the distribution of responsibility between couples shapes financial literacy and financial outcomes. Journal of Consumer Research, 45(5), 1013-1036.

Warschauer, T., & Sciglimpaglia, D. (2012). The economic benefits of personal financial planning: An empirical analysis. Financial Services Review, 21(3), 195-208.

3: Stay On Top of Your Finances

Jamieson, A., & Enticott, C. (2017). The effects of financial avoidance on financial health. Journal of Financial Therapy, 8(2), 1-18.

Kaur G, Singh M, Gupta S. Analysis of key factors influencing individual financial well-being using ISM and MICMAC approach. Qual Quant. 2023;57(2):1533-1559. doi: 10.1007/s11135-022-01422-9. Epub 2022 May 28. PMID: 35669163; PMCID: PMC9143713.

Waugh, Evelynn (2023, May 27). Retrieved from https://www.experian.com/blogs/ask-experian/why-you-should-track-spending/

4: Have A Money Plan

Bai R. Impact of financial literacy, mental budgeting and self control on financial wellbeing: Mediating impact of investment decision making. PLoS One. 2023 Nov 14;18(11):e0294466. doi: 10.1371/journal.pone.0294466. PMID: 37963159; PMCID: PMC10645357.

Brown, K. W., Kasser, T., Ryan, R. M., Linley, P. A., & Orzech, K. (2009). When what one has is enough: Mindfulness, financial desire discrepancy, and subjective well-being. Journal of Research in Personality, 43(5), 727-736.

Jamieson, A., & Enticott, C. (2017). The effects of financial avoidance on financial health. Journal of Financial Therapy, 8(2), 1-18.

Joo, S. H., & Grable, J. E. (2021). Financial help-seeking behaviors of millennials. Journal of Financial Counseling and Planning, 32(1), 67-78.

Sabri, M. F., & Wijekoon, R. (2019). The influence of money attitude, financial practices, self-efficacy and emotion coping on employees’ financial well-being. Management Science Letters, 10(4), 889-900.

Verplanken, B., & Sato, A. (2011). The psychology of impulse buying: An integrative self-regulation approach. Journal of Consumer Policy, 34(2), 197-210.

Xiao, J. J., & O’Neill, B. (2018). Propensity to plan, financial capability, and financial satisfaction. International Journal of Consumer Studies, 42(5), 501-512.

5: Manage Debt & Maintain a Good Credit Profile

Dew, Jeffrey (2009). Bank On It: Thrifty Couples Are the Happiest. Retrieved from http://www.stateofourunions.org/2009/bank_on_it.php

Fitch, C., Hamilton, S., Bassett, P., & Davey, R. (2011). The relationship between personal debt and mental health: A systematic review. Mental Health Review Journal, 16(4), 153-166.

K-State News (2013, July 12). Researcher finds correlation between financial arguments, decreased relationship satisfaction. Retrieved from https://www.k-state.edu/media/newsreleases/jul13/predictingdivorce71113.html

Institute for Divorce Financial Analysts. Survey: Certified Divorce Financial Analyst® (CDFA®) professionals Reveal the Leading Causes of Divorce. Retrieved from https://institutedfa.com/leading-causes-divorce/

Robb, C. A., & Woodyard, A. S. (2011). Financial knowledge and best practice behavior. Journal of Financial Counseling and Planning, 22(1), 60-70.

6: Understand Your Relationship with Money & How It Influences Your Financial Choices and Outcomes

Klontz, B., Britt, S. L., Mentzer, J., & Klontz, T. (2011). Money beliefs and financial behaviors: Development of the Klontz Money Script Inventory. Journal of Financial Therapy, 2(1), 1-22. https://doi.org/10.4148/jft.v2i1.451

Moulton, S., & McLeod, C. (2018). The impact of credit profiles on financial behavior. Journal of Financial Counseling and Planning, 29(1), 14-25.

7: Hope for the Best But Prepare for the Worst

Consumer Financial Protection Bureau. (2017). An essential guide to building an emergency fund. https://www.consumerfinance.gov/an-essential-guide-to-building-an-emergency-fund/

Denton, J. J. (2019). Estate planning: A guide for financial planners. John Wiley & Sons.

National Association of Insurance Commissioners. (2019). A consumer’s guide to home insurance. https://content.naic.org/sites/default/files/inline-files/home_insurance_consumer_guide_2019_0.pdf

Patryk Babiarz & Cliff Robb, 2014. “Financial Literacy and Emergency Saving,” Journal of Family and Economic Issues, Springer, vol. 35(1), pages 40-50, March.

8: Prepare for Retirement

Adams, G. A., & Rau, B. L. (2011). Putting off tomorrow to do what you want today: Planning for retirement. American Psychologist, 66(3), 180-192.

Federal Reserve. Report on the Economic Well-Being of U.S. Households in 2022 – May 2023. Retrieved from https://www.federalreserve.gov/publications/2023-economic-well-being-of-us-households-in-2022-retirement-investments.htm

King, Brittany (2022, January 13). Women More Likely Than Men to Have No Retirement Savings. United States Census Bureau. Retrieved from https://www.census.gov/library/stories/2022/01/women-more-likely-than-men-to-have-no-retirement-savings.html#:

Lusardi, A., & Mitchell, O. S. (2011). Financial literacy and retirement planning in the United States. Journal of Pension Economics & Finance, 10(4), 509-525.

9: Practice Good Investing Habits

Fisher, P. J., & Yao, R. (2017). Gender differences in financial risk tolerance. Journal of Economic Psychology, 61, 191-202.

Fidelity.com. 6 habits of successful investors. Retrieved from https://www.fidelity.com/learning-center/personal-finance/six-habits-successful-investors

J.P. Morgan Asset Management Guide to Retirement: Impact of being out of the market. Retrieved from  https://am.jpmorgan.com/us/en/asset-management/adv/insights/retirement-insights/guide-to-retirement/guide-to-retirement-slides/guide-to-retirement-investing/gtr-impact/#:

10: Do What You Can

Grohmann, A., Kouwenberg, R., & Menkhoff, L. (2015). Childhood roots of financial literacy. Journal of Economic Psychology, 51, 114-133.

Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5-44.

IMPORTANT: The information provided is for educational and informational purposes only. It is not intended to be a substitute for professional advice, diagnosis, or treatment. Always seek the advice of a qualified professional with any questions you may have regarding the topics discussed here as the topics discussed are based on general principles and may not be applicable to every individual.

IMPORTANT: The information provided is for educational and informational purposes only. It is not intended to be a substitute for professional advice, diagnosis, or treatment. Always seek the advice of a qualified professional with any questions you may have regarding the topics discussed here as the topics discussed are based on general principles and may not be applicable to every individual. 

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