When it comes to investing, women get slightly different advice

Jessica Spangler, author of the newly released “Invest Like a Girl,” recognizes that the title of her book may raise questions for some readers.

“I think there’s an irony in investing in women, in the same way that there are women’s ballpoint pens and women’s razors,” Spangler says. “The products that are supposed to be different because they’re for women are often just gimmicky crap.” Similarly, she adds: Investment Basics Don’t change based on gender identity.

but, Big gender gap When it comes to investing, there are some important things to consider: Women tend to live longer, for example, so they’ll need more money to support themselves in retirement. They’re also more likely to take a career break for caregiving responsibilities, and because of the wage gap in the country, they’ll earn less, all of which can impact your investment strategy, Spangler says.

“We’re often behind when it comes to saving for retirement, and we have to think about investing early, investing often, and investing as aggressively as we can,” Spangler said. “Investing is the most efficient way to achieve financial independence, and we’re actually good at it.”

Financial experts suggest the following steps to get started:

Tori Dunlap, founder of Her First $100K, which provides financial and career resources to millennial and Gen Z women, says the biggest thing that holds women back from investing is fear, including fear of doing things “wrong” or losing money.

“These fears are all natural and common, but they shouldn’t stop men from investing,” she said in an email. She encourages women to put their fears aside and just get started.

Stephanie Hughes, CEO of accounting and financial advisory firm Wyss Private Client Advisors, suggests looking for helpful guidance online is an easy way to familiarize yourself with the investment conversation. “Information is so readily available,” she says, and starting with trusted sources like financial institutions and certified professionals can be a good way to start.

Many experts share their expertise online, but Hughes says: Social Media Influencers There may be ulterior motives or no financial backing behind selling a particular product.

“Sometimes the desire to understand everything can delay investment,” Hughes says.

You can start with a relatively small amount, says certified financial planner Margherita Chen: “People think they need a lot of money to invest, but it’s actually the opposite: when you invest, you build wealth.” Investments can rise and fall in value over time, so you need to choose an amount that fits your budget.

When working with a financial professional, Chen says it’s important not to feel pressured to make a decision before you’re ready. Chen provides her clients with all the information they need, including required paperwork and government deadlines for putting funds into retirement accounts. Then she gives them the time they need to process that information.

“It’s really important that advisers don’t be pushy if women are hesitant,” Chen says.

Still, the most important thing is to just get started, Dunlap says. You don’t have to be a world expert on stocks to invest, she adds. Instead, just open an account, whether that’s a Roth IRA or a tax-advantaged account. Retirement AccountsThen, deposit funds into your account and choose your investments.

Chen says automating payroll deductions into your investment account is an easy way to stay on track, and you can start with a relatively small amount, like $50 per paycheck, and adjust it over time.

“Any amount is better than no investment at all,” Spangler said.

Hughes says that because women, on average, live longer than men, it’s important to save and invest accordingly. “You need more money to make up for the extra life you’ll have,” she says. You should also consider other goals, like leaving money to family, funding travel, or donating to charity.

Longevity, pay disparities and career breaks can pose additional challenges for female investors, but Spangler said it’s also important to acknowledge their advantages: Research shows that women are better at keeping their investments on track amid market turmoil. And NerdWallet Research A survey released in March found that Americans are more likely than men to say they are good at managing their money on a day-to-day basis.