Have a Daughter?
Educate Her Early About Finance,
Credit, and Buying a Home
Educate Her Early About Finance,
Credit, and Buying a Home
Maybe this topic is close to my heart because I am the grandfather of 2 beautiful grand-daughters. That certainly has brought the urgency of the following topic "home" ...
In the not too distance past, having conversations with a daughter regarding finances, credit, and buying a home just never would have happened. Or at least, rarely. Thankfully, those days are behind us.
As I've mentioned before in previous posts, talking finances and credit with any child is important. And those conversations and that financial education should occur early-on. The better grasp our children have of these topics, the brighter and more secure their future is.
But for daughters ... and women in general, the need to talk and learn about this topic takes on special significance and urgency. Two facts drive this need:
First: According to a study by Harvard University's Joint Center for Housing Studies, the following is true:
"The average age when a woman first marries increased as more women sought education and career before committing to a relationship".
(And I add: IF they ever marry/commit)
Secondly, the next statistic is true too ...
"Among Americans 65 years of age and older, 42% of women, but just 14% of men, are widowed". (The fact is women live longer and generally marry/commit to older men, increasing the probability of them outliving their partner.)
These two facts speak volumes about the great need to educate females regarding a host of today's financially-based topics, such as credit, careers, savings, financial planning, buying homes, debt management, and more.
That said, it's also true that currently, the percentage of single female home buyers is much higher than that of single males.
Statistics from the National Association of Realtors (NAR) place single female home buyers at 20%, to just 12% single male buyers.
That number of single female buyers is growing quickly too. The percentage of single females buying a home on their own today has doubled, in comparison to the 1990's.
Statistics from the National Association of Realtors (NAR) place single female home buyers at 20%, to just 12% single male buyers.
That number of single female buyers is growing quickly too. The percentage of single females buying a home on their own today has doubled, in comparison to the 1990's.
Using these statistics and facts, and then pairing them with the unique and beneficial set of circumstances that surround home buying in the current market (historically low interest rates lower home prices making it very appealing and more likely that single females will buy) ... you can see how great the need and urgency to have "that talk" is. And for educating our country's young females in regards to all financial topics.
The stated statistics and facts also (unfortunately) indicate that females are likely to be making some pretty important financial decisions on their own at some point in their future.
So parents ... educators ... real estate professionals ... financial planners ... loved ones: We need to step-up and address their needs NOW.
We need to make the information available in a variety of ways, at varying ages. We also must make sure that when asked questions, we answer them honestly and thoroughly with an eye to female needs.
We need to make the information available in a variety of ways, at varying ages. We also must make sure that when asked questions, we answer them honestly and thoroughly with an eye to female needs.
We must see that females get the proper tools and education needed regarding financial issues. That way they can make sound decisions when called upon ... or when choosing to do so.
This will better equip them in the future, protect them financially, and also help them benefit more fully from their financial decisions as well.
This will better equip them in the future, protect them financially, and also help them benefit more fully from their financial decisions as well.
Contact me if I can provide information, answer any questions, or be of assistance to you in any way ...
* I can be found easily at:
Gene Mundt
Mortgage Originator - NMLS #216987 - IL Lic. #031.0006220 - WI Licensed
American Portfolio Mortgage Corp.
Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281
Gene Mundt, Mortgage Originator, an Originator with 40+ years of mortgage experience, will offer you exemplary mortgage service and advice when seeking: Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including: The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL & WI.
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