Carol Doyel, founder and editor-in-chief of LivingBetter50.com, says she values the wisdom and experience she's picked up over the years. But one piece of wisdom she'd wished she'd learned back in her 20s or 30s was to save more of her hard-earned money.
"The power of compound interest in a powerful tool to create wealth and live within in your means," she says.
Carol, whose site targets lifestyles topics for older women - everything from fashion to finance - recently checked in with us to offer more lessons she's learned and tips for how we can all manage our money better.
Here's what she had to say:
Tell us about LivingBetter50.com...when and why did you create the magazine?
LivingBetter50.com is an online magazine covering topics from health to wealth to encourage boomer women to live better physically, emotionally, financially and spiritually. Launched it on March 11, 2014 as "LivingBetterat50.com"; within about two years we hit approximately 250,000 annual UVs. Last year we rebranded to enhance brand image and changed domains to "LivingBetter50.com." It was kind of like starting over; although we did a permanent redirect, our traffic dropped off for months and we've been rebuilding and just back to where we were pre-rebranding.
What will readers find on LivingBetter50?
Topics women love and that you'll find in most popular women's magazines from health to wealth: health, fitness, menopause, beauty, fashion, anti-aging tips, home, food, travel, relationships/love, self-care, care giving, money, business and faith.
What has been the most fulfilling aspect of getting older?
Having the wisdom and experience from my youth and pre-golden years. You know what you want, need and can do without.
How has your view of money changed as you've gotten older?
I now understand the importance of money management and how important it is to know where your money goes!
What money management advice can you offer women older than 50? What should they be thinking about when it comes to how they spend and save?
Establish a budget and be realistic! The most shocking thing about money is knowing how much you spend that you never really think about or consider in a budget.
What do you think are the biggest mistakes women of your age make when it comes to personal finance?
We give our kids too much money! Always wanting to help our kids and in doing so we may spend some of our discretionary income that should be used to invest for an inheritance for kids and grandkids later.
Outside of spending and saving decisions, what other areas of personal finance should older women be thinking about?
Life insurance, a will, long-term care policy, IRA accounts, how much you'll need and have at 62, 65, 70+.
What are some smart actions women should address early on to prepare for potential health problems down the road?
First and foremost, take care of themselves by eating right and exercising! Stay away from too many medications, find good healthcare providers who have a more holistic approach and common values as you do. Preventive care goes a long way. And then understand your healthcare insurance options.
In addition to being an entrepreneur, you're also a Christian - how has your faith shaped how you view money?
I've learned that it all belongs to the Lord and learning to ask God more and more how He wants me to use our resources!