Retirement planning is important for all workers today, with the transition from defined benefits to defined contribution retirement plans. Women face an additional factor that makes retirement planning even more important.

This extra factor is the fact that the average woman takes 11 years out of the workforce to care for her family. The time spent caring for children, as well as ailing parents, is time that many women wouldn’t trade for anything. However, this time away from work does influence their ability to save for retirement.

The value of 11 years of contributions at retirement age can be substantial. When you consider that many women leave the workforce to have children early in their working lives, when they still have many years until retirement, the results are even more dramatic. Suppose a woman temporarily leaves the workforce at age 30. She would have another 29+ years until age 59 ½ when penalty free 401K withdrawals are permitted. Every $1,000 contributed to a retirement account at age 30, assuming an 8% annual return, would be worth nearly $10,000 at retirement.

Less time in the workforce places greater importance on making the most of the time that women are working. Since many workers don’t come close to maximizing their retirement savings, contributing as much as possible to company-sponsored retirement plans and tax-advantageous individual retirement accounts (IRAs) can help women make up for time out of the workforce. If factors such as credit card debt are making it difficult for you to save for retirement, then consolidating your debt with a peer-to-peer loan from Lending Club can be a big help.

Obviously, many women are far from average. The average takes into account women who do not leave the workforce as well as older working women who may have been more likely to take longer leaves than those in younger generations. If you plan to take time out of the workforce for whatever reason, or if you already have, make retirement savings a priority when you are working.

Every February, NFL prospects from colleges across America travel to Indianapolis to be poked, prodded and pored over by pro football scouts. The potential draft picks go through scores of tests that measure everything from body fat to strength, and one bad score could cost them millions of dollars.

Most athletes train for months to get ready. Performing well at the Combine is key to getting noticed and getting drafted, which can help set them up for a successful NFL career.

The tests administered are great measures of a player’s potential worth, and the numbers can be a good indicator of future success. But what if the same tests were applied to money? Here is how the Combine would look if personal finance were subjected to this auditioning process.

40-yard dash

This sprint is one of the most anticipated events at the NFL Combine. Faster is better for athletes. For money? Not so much. If the NFL Combine tested finance, the 40-yard dash would be a good measure of how fast someone spends money. A top-rated NFL prospect can blaze through 40 yards in 4.3 seconds. A top-rated shopping addict can blow through hundreds of dollars just as fast.

A good lesson to be learned from the 40-yard cash dash would be to take things slow. That leather jacket of a finish line will still be there a week from now, and it might even be on sale. Too often, people race to grab something they want without taking the time to think through their decision. Finance is not a sprint; it’s more of a marathon. By taking the time to consider all options, search for the best deal, and take into account a budget, rash decisions go the way of slow wide receivers.

Bench press

This ultimate exercise is really the only way that NFL scouts measure true strength. Players must lift 225 pounds as many times as they can, and they must do so in a room full of peers, cameras, and self-doubt. Placing our money on the figurative weight bench is only slightly less terrifying.

Like weightlifters with their muscles, good investors want their money to grow, glisten, and be bigger than the next guy’s. And as the bench press works as an apt comparative tool for strength, money’s great equalizer would be a portfolio.

The strength of an investment portfolio can be simply measured by rate of return. Often times, portfolios bring to mind stocks and bonds, but a well-rounded look at financial progress would take into account any and all investments (P2P loans, IRAs, CDs, money markets, etc.). Anyone who is earning more than five percent has a lot to be proud of. Go ahead and wear that sleeveless shirt in public. And there are several quick fixes to gain more money strength, like a Lending Club loan portfolio, which yields an annual average of over 12 percent. Back belt not included.

Broad jump

From a standing position, participants have to leap as far forward as they can. This drill will never come into play on an actual football field.

Similarly, there are a lot of financial offers that might seem profitable, but they turn out to be pointless, or worse, harmful. Pyramid schemes, get-rich-quick scams, and the like are the broad jump of modern money management. They might seem like short cuts to financial prosperity, but they go nowhere and at best only serve as distractions.

Money’s broad jumps are easy to weed out. Look into any investment opportunity before committing, and the shady ones will almost always show themselves. Jumping head first into something that sounds too good to be true is a sure-fire way to get burned, just like the athlete who spent months practicing for his broad jump attempt.

Body fat

Pro athletes hate fat. Money managers love fat. This is at least one reason that the big-name financial pundits never made it into the NFL.

College athletes will do whatever it takes to shed extra pounds and fat, but those interested in finance enjoy the love handles of petty cash. In a fiscal sense, that fat represents extra money that can be invested or spent without affecting the bottom line. Often times, this celluloid cash comes in the form of a bonus at work or a stock dividend or finding 20 bucks in the pants pocket of a pair jeans. Wherever it comes from, this kind of fat is good.

Coincidentally, fat breeds fat, if one chooses to invest their excess. The interest paid from a large amount of savings can earn its own interest if invested properly. There are plenty of tasty savings-buffets out there, and there is no reason to keep the pocketbook away from them.

Vertical jump

For a lot of NFL positions, the vertical jump matters little. Offensive linemen rarely need to jump 36 inches in the air. So this drill could just as easily be seen as a metaphor for both an NFL career and a financial future: Reach for the stars.

The best entrants in the vertical jump have great technique and long arms, but what sets them apart is that they have just a little extra bit of stretch at the end. The same should be said of an investing strategy. A good plan and a patient approach will get someone very far, but it is that extra desire that will put things over the top. Setting lofty goals is one approach. Instead of just wanting to send the kids to college, try setting aside funds to send them to graduate school, too. Often times, even if the intended goal isn’t achieved, the progress has reached far past the original target. An NFL player can’t jump five feet into the air, but failing at 48 inches is still great.

Weigh-in and measurements

One of the first events for Combine participants is getting measured. NFL scouts take all sorts of figures into consideration like wingspan and hand size, and they place great value in height and weight.

Similarly, a credit score breaks out the tape measure and scale for financial situations, and knowing where one stands is as important as knowing one’s height and weight. There is no point in putting a lot of work into one’s money management if someone else is racking up debt under the same name. Self-inflicted wounds hurt, too; unpaid credit card bills and delinquent payments can cost infinitely more in the long run than they do in the present.

Knowing your true financial situation can make all the difference. If you look into your credit score and see that it is struggling, there are many different ways to help improve it. If a 250-pound lineman didn’t know he weighed 250 pounds, he would never have the chance to bulk up to compete with his 300-pound competition. A 5’9” quarterback who thinks he is 6’3” has no future under center, but he does have time to learn a new position. Credit scores give consumers a better shot at success, and knowing yours is half the battle.

I’ve written about universal default in multiple posts over the past few months. Here’s an overview post. Even as some credit card issuers are discontinuing use of the technique, they continue to employ another practice that has the same effect.

For those who haven’t read the prior posts, universal default is the practice of credit card companies jacking up your interest rate based on a late payment to another loan or credit card. The practice has met strong resistance from consumer advocacy groups, and Congressional hearings have even been held to pressure card issuers to discontinue the practice.

While there has been some progress in reducing the incidence of universal default, with the major card issuers claiming to no longer use it, many card issuers still enforce policies that raise customers’ rates when their credit score decreases. While a late payment to another loan or credit card is only one reason why your credit score could decline, this policy nonetheless would likely penalize consumers in instances where universal default would have applied. The reason for the rate increase may be slightly different, but the underlying cause is often the same. In fact, raising rates for a drop in credit score is even unfriendlier towards consumers than universal default. At least with universal default, you had to do something wrong, namely pay another bill late. There are many instances where consumers may see their credit scores drop without doing anything wrong. Applying for a mortgage, for instance, may lower your credit score in certain instances.

Chase and Citibank have recently discontinued the practice of hiking interest rates on customers whose credit scores decline, but the practice is still used by other major credit card issuers like Bank of America and Discover. It’s good to see some credit card issuers doing the right thing, but until all of them stop this abusive practice, consumers need to remain aware of its use.

Universal default is just one more reason to apply for a person-to-person loan on Lending Club to pay off your credit cards. In the process, you will enjoy fixed rates and predictable installment payments.

Choosing whether to buy a new or used car is one of the most common debates in the personal finance world. Although I usually tend to argue for buying a used car, I understand where some of the people in the new-car camp are coming from: they desire a car with dependability, a warranty, and of course that new car smell.

Fortunately, even if you've decided that a new car is right for you, that car doesn't have to break the bank. Many new cars, without a doubt, are incredibly expensive and all will depreciate the minute you take them off the lot. However, given the always-predictable holiday sales, not to mention your forthcoming stimulus check from the government, there are some good reasons to consider a new car.

Bankrate compiled a list of new sedans that all cost under $15,000. Here is their list:

If you look for these same cars on the used market, you might be able to find some great deals. For example, a used Toyota Corolla will probably cost you under $10,000, and it's also one of the most dependable cars out there.

The Bankrate article also offers some great advice that you should definitely read before starting your car search.

"The bottom line here is that for the foreseeable future, it is a buyer's market
for smart car shoppers. Buy only as much car or truck as you need, set a target
price and stick to it. Such intelligent shopping can help you do well in these tough times."

Buy only as much car as you need – don't go overboard with fancy options that aren't important. Having a target price will help you keep yourself from spending too much. For smart financing alternatives, check out Lending Club’s low-interest person-to-person loans. Even if you do go with the dealer’s financing, you can take out a loan from Lending Club for the down payment.

Happy hunting!

Looking for valuable information on a variety of personal finance topics? We spent hours collecting the best links on money management, frugality, taxes, investment, credit score improvement, and debt reduction from all over the web.

Bookmark this list and commit to visiting 1-2 links a night. By the time you’re finished, you’ll be an expert! This list will point you to hundreds of strategies and tips to help improve your financial health.

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Investment

6 Steps to Becoming a Millionaire – A guide for 20-somethings on becoming a millionaire. Rule number 1? Start early.

Investment Advice Googler’s Received Before Their IPO – Fascinating look into the financial education Google gave its employees before many became millionaires overnight.

172 Online Courses on Investing – Training from Morningstar. Finish enough courses and get rewarded with a 2-month premium membership to Morningstar.com.

The 10 Commandments of Investing – The pictures here make this article. Good common sense advice on investing.

10 Rules for Building Wealth – A zebra-like man (I’m not kidding, check it out) guides us through 10 tips for building wealth.

How to Read a Mutual Fund Prospectus – Courtesy of the SEC

Saving Money

10 Money Drains to Avoid – Even Draino Gel couldn’t unclog these 10 messes. Avoid these habits and you’ll save a load of cash.

50 Frugal Tips and Resources – 100 hours of reading on this site alone. Fantastic links and tips on all things frugal.

Retirement Plans for the Small Business Owner – or self-employed/freelance worker (27-page PDF).

36 Ways to Save Cash Each Month – Small, simple ways to save $5-$50 on everyday life expenses. Even $5 x 36 adds up!

101 Ways To Save Money – Not all the categories will apply to you, but everyone has utility bills, and a lot of us have credit cards. Learn 101 ways to cut those types of expenses.

88 Tips to Save Money – Only 88 tips? These are unique. Take for example, making pizza or eating vegetarian. How do those save money? Check out this list to find out.

20 Web 2.0 Tools for the Frugal Minded – Web 2.0 is about more than just YouTube and Facebook. These 20 web 2.0 tools are cooler than LOLcats (oh, wait…)

Money Management

Consumerist Guide to Budgeting – You’ll need Excel. They provide the template.

27 Free and 5 Paid Online Money Management Applications – Very comprehensive list and overviews of the plethora of free and paid online applications for managing your finances. If you can’t find a tool you like here, you’re out of luck.

Personal Finance Ratios – What they are, and how they can improve how you allocate your cash.

Taxes & Insurance

2008 Tax Tips from the IRS – Get tax tips for 2008 straight from the horse’s mouth.

Tax Tips and Tricks – Lots of great tips here for the small business owner as well as W-2 workers.

9 Secrets Health Insurance Companies Don’t Want You to Know! – Print this out and file away for future reference. Your health and your wallet with thank you.

12 Secrets Your Car Insurance Company Won’t Tell You – Just like buying a car, the more informed you are about how car insurance pricing works, the better deal you’ll get. Check this article out and make sure you’re not paying too much for your car insurance.

Yahoo! Explains the AMT (the Alternative Minimum Tax) – Tips to avoid the AMT. It’s like the plague.

Debt Reduction

10 Money Habits to Kick – An extensive list of common money habit mistakes. I found 3 here I didn’t even know I was making!

10 Steps to Getting Out of Debt. Once and For All! – Does getting out of debt seem daunting? This article breaks down the steps you have to take.

Illustrated 7-Step Guide to Debt Reduction – Easy to understand visuals explain how to quickly pay down your credit card debt.

6 Steps to a Better Debt Reduction Snowball – The debt snowball is a debt reduction method. Here are 6 ways to make the snowball method even more effective for you.

Credit Score

3 Free Steps To Increase Your Credit Score – Raising your credit score can be done easily and free. You just need to know the right steps to take.

7 Credit Score Tips – Written by a former credit counselor.

5 Simple Ways to Raise Your Credit Score – Following these 5 steps will keep your credit report clean and your FICO numbers rising.

General Finance

52 Money Hacks. One a Week – Lots of great little tips here, especially for the online shopper or Craigslist fanatic.

101 Financial Tips – From college scholarships to paying yourself first, this list covers all the bases that should be mandatory for all high school students.

Green Savings

10 Green Money and Carbon Saving Tips – Who knew saving the planet could be so profitable? Thanks Captain Planet!

101 Ways to Save Money on Energy Costs – We all use energy. Here’s an exhaustive list on how to use less. From repairing leaky faucets to choosing efficient office equipment, this list covers it all.

29 Tips To Save Money On Gas – Tip #1…stop taking my Hummer on cross country road trips…

You made it to the end! Congratulations. You’re now a financial pro! Why not take some of your newfound savings and invest as a lender on Lending Club?