Financial Focus for Women:
An article series created by Bill Few Associates to help women achieve financial independence.
Even after achieving a strong education and establishing a career, some women may not feel confident when it comes to financial planning. From not having the time to devote to financial planning between work and family — to not feeling confident enough to make financial-related decisions — to dismissing the topic due to feeling overwhelmed, there are many reasons why financial planning may not be a priority.
While finances may not be a comfortable topic for some women, here are 6 important reasons why women should make saving and investing for their future a top priority right now:
- Retirement is not too far off. Statistically, women live longer than men and may live more years in retirement – post career, than men. This means that it is critical to plan for those retirement years now. By planning now, you will be better prepared for the unexpected “what ifs” of the future.
- It’s better to have choices. Take into consideration the lifestyle you wish to have and what medical, dental, and insurance expenses, as well as costs associated with long-term care, you may want or need. If travel or hobby interests are important parts of your future plans, the costs for those endeavors should be included.
- Personal goals matter. Women often put their children or family’s needs and wants before their own. They may know what they want but are less likely to speak up about them. While it is best to discuss both short- and long-term goals within a family, sometimes life seems too busy or it just doesn’t feel like the right time to have the conversations. Regardless of whether you are single, married, or in a partner relationship, your plans and goals may not always align with those of your partner. That is typical. But if you become more involved with the finances, it will be easier to discuss and to be sure your goals are included as part of the overall plan. If you and your spouse or partner have separate money accounts, it is important that you be responsible for making sure your money is invested to build toward the fulfillment of your personal goals.
- Helping your children and grandchildren may be in your future. If you have children and grandchildren, you may want to plan for helping them achieve their educations or career objectives. Establishing a strong financial plan now will help you prepare for those situations and life events.
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- Growth opportunities may be missed. If you are not willing to explore investment opportunities, you could be missing out if your money is sitting in a savings account earning little interest over a long period of time.
- Unexpected events may leave you in charge of your finances. Through death or divorce, you may need to take the helm of your finances. If you haven’t managed money or finances and find you are suddenly in charge of these items, you will need to understand some level of financial planning, saving, and investing. You will also want to be able to adequately discuss your financial situation with your family, accountants, and financial advisors to be sure that your needs and saving objectives are being addressed.
If you are ready to get confident about financial planning, but do not know where to start, seeking a professional financial advisor can be a great first step. A financial advisor can not only help you understand your financial situation, but they can help you plan for your future. They will work in your best interest to help you build a personal long-term financial plan toward achieving your financial security and independence.