Well, for Kate...

I'd recommend she go to college. Or back to college.

Yes, I know folks are focused on "their own business" but unless you can afford to go it on your own and somehow manage to instantly make the same as your old salary (plus benefits), the better strategy is to start a small business on the side and work till retirement. With a good pension plan and other things in place, retire at 25 years and then take your business full time. You'll have had the advantage of a double income for some time and the leisure to build a business as it should be built.

For a woman, education is the single most important factor to success, no matter what her age. The difference between no high school diploma and a GED/diploma is $5,000/year minimum. Add a college degree to that, and her income level goes up an average of $10,000. A Master's degree will get you a whopping $40,000/year more than the non-diplomaed woman.

And the difrerence in lifestyle, quality of life, and income is unbelievable for women with PhDs. It's quite possible for a woman with a PhD to be pulling down well over $100,000 at age 75 -- an age when most women are barely scraping by on a pension.

I would suggest it for the other woman, but her finances will be too tied up for a long time. Quick money for her would come from babysitting or child care of one or two other children - or from possibly doing some petsitting.

...and I'm sleepy, so my recommendations aren't that hot this morning. :)