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As much as I loved Sex and the City, Carrie Bradshaw annoyed me to no end when it came to money matters. She had it all—great job, loyal friends, trend-setting wardrobe and always the hunky guy on her arm. But let’s face it, she was a financial disaster! When the opportunity arose to buy her apartment before it turned condo, she was forced to ask her ex, Mr. Big for a down payment. Talk about lack of empowerment!

Today women make more money than ever before so we had better be well prepared to handle all this dough. If you fit the stereotype of the frivolous woman who spends all her money on clothes and manicures and hasn’t saved a dime (i.e. Carrie Bradshaw), you had better wake up!

Maybe you’re striding into your 40s with the uncomfortable realization you were financially misguided in your 20s and 30s. Don’t freak out, nor put your hope in a MegaMillions ticket. There is hope ahead. Here are some pearls of wisdom to put you on the road to a solid financial footing, whatever your age…

20s
You’re young, beautiful, loving your independence—but living paycheck to paycheck. You probably have school loans; your first job may be entry-level salary, but you are sure to move up quickly. Just don’t spend it before you get it. Your 20s is the prime decade to establish excellent financial habits.

• DO SAVE as much as possible in a 401k or IRA. At a minimum, contribute what your employer will match. Tax-deferred savings is a gift from the government. Don’t turn that away!
• PAY your credit card in full each month—the more you allow expenditures to accumulate, the harder they are to pay off, and the easier it is to just buy more!
• GET SMART. Check out the business section in the newspapers. Stock your library with several elementary books on personal finance. This investment of time in learning basic, yet valuable information will pay off enormously in the long run. Who knows-you may become an avid finance guru!

30s
Your life may be settling in with choices relative to career, marriage, mortgage and baby carriage.

• BUY STRATEGICALLY. When you stretch to purchase a home in the wealthiest neighborhood, you’ve set yourself up to succumb to the pressures of serious lifestyle inflation, from cars and clothing to clubs and more. Make big purchases with care. Don’t leave your future to a whim.
• MAKE IT A HABIT. Establish investment patterns you’ll stick with consistently. A simple investing system of your own choosing is better than no plan—or worse—the occasional lurch into whatever investing trends are the headliners du jour. Trite is true: Don’t put all your eggs in one basket! Diversify, diversify, diversify across equities (large cap, small cap and international stocks) and fixed income (notes and bonds).
• COMMUNICATE. If you are married, you both simply must be well informed of the financial goings-on in your life. Make decisions jointly; don’t rely on one spouse to take care of it all. Both partners should be aware of what and where the joint assets and liabilities are.

40s
Your income and expenses may be at peak levels, but be warned: now is no time to spend with abandon.

• PRIORITIZE your needs and wants. How do you want to allocate earnings, and thus target savings toward: children’s education, a second home, aging parents’ needs, world travel or philanthropic interests? Be intentional or be forewarned of the frustration and fiscal surprises to follow.
• GET RISK SAVVY. Don’t rely on a hot stock tip from somebody who knows a trader who knows… Just because someone works at a top tier firm or cleared a cool million last year, doesn’t mean that they have the best and wisest advice for you.
• FOCUS ON YOUR INVESTMENTS. You’ve focused on your career; put more effort into investing that hard-earned capital. Do basic research: what does the company do; who are their customers; what is their long-term potential; is the stock valued appropriately? If you buy individual stocks, do so in moderation. I recommend that an individual position be no more than 5 percent of your investment portfolio.

50s
Thanks to medical miracles and healthier lifestyles, we are living longer. 50 is the new…well, it’s simply eons away from senior citizenship!

• GIVE STRATEGICALLY. Women often have an inherent desire to nurture others before caring for themselves. If someone asks for a loan, consider the risk and your willingness to lose all. Consider a loan as you would a high-risk stock—don’t lend more than 5 percent of your portfolio to one entity.
• CONSIDER RETIREMENT OPTIONS far in advance. What will your future needs be for healthcare? Will you want to shift your career or move to a part-time workstyle? What steps should you take now to prepare for your next work or retirement phase?
• GET READY for your retirement and dial down the allocation of your assets to a comfortably conservative degree. A market crash is always possible and often painful. Once you are actually withdrawing from your investments for living expenses, fixed income of a low-risk nature (shorter maturities, higher credit quality) are where you’ll want to be.

No matter your age, the value of establishing an outline of five, ten and 20-year goals to spend intentionally, invest consistently and give generously cannot be overstated. Excellent fiscal fitness and health are as critical as physical fitness and health to feel and be fabulous through the decades.

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