No. 4: Good Girl Syndrome. Many women do not ask for raises for fear of being fired, says Kingsbury. Yet researchers at University of Illinois and Southern Methodist University found that women who consistently negotiated their salaries increased their lifetime compensation by $1 million.
Solution: "Negotiation is a skilled and it can be learned," Kingsbury says. She points out that women negotiate all the time with husbands, kids and colleagues. To feel confident about negotiating for a raise, practice with a friend or professional coach.
No. 5: Swindle Syndrome. Fear of falling victim to financial scams means women do not adequately invest and plan for the future, says Susan Hirshman, author of Does This Make My Assets Look Fat?
Solution: Get involved in your financial plan. Figure out where you are today, set goals for the future and find a financial advisor who can help you reach those goals, Hirshman says. "If you can't understand the advisor's process, or they get annoyed at your questions, look for another advisor," she says. It is also a good idea to vet advisors at finra.org or sec.gov.
No. 6: Being a Burden. Many women worry about becoming a financial burden on their families. A recent Genworth Financial survey found that 72% of women do not discuss the issue with their loved ones for fear of upsetting them.
Solution: Find out how much health, disability and long-term care insurance you need and can afford. Then start the conversation with your family, Hirshman says.
No. 7: Off-ramping For Children. Women often fear that if they take time off to raise children, their careers and finances will suffer. They have good reason to be scared, says Dayana Yochim, consumer finance columnist for The Motley Fool. A study by Women's Institute For a Secure Retirement found that over her lifetime, a typical college-educated 25-year-old will earn $500,000 less than a man in a similar position because of sporadic employment associated with caring for children and aging parents.
Solution: Keep a foot in the game. "You have to work at least quarter-time to stay up-to-date with what's going on your field, and stay in touch with key players," Yochim says. You also have to invest more aggressively than men, who have greater access to employer-sponsored retirement plans and contribute more to social security since they are less likely to take time off from their careers.
Image: Fear of Mistakes
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