Through inheritance, business ownership or investing, women now own or control a substantial portion of the personal wealth in the United States. And they are set to inherit more wealth down the road as the boomer generation begins to transfer significant wealth to the next generation. Yet, achieving financial security is a formidable challenge still facing many women today. Of the 60 million wage and salaried women working as of March 2005, for example, just 47 percent participated in a retirement plan, according to the US Department of Labor, Employee Benefits Security Administration.
And life occasionally throws unexpected curveballs. These can include personal setbacks, such as an extended illness, loss of job, or divorce. They also involve financial problems, such as a general downturn in the stock market or an unwise investment. Further, women are often challenged to manage and juggle their commitments to a career, family, children, and aging parents. With so many responsibilities and challenges, it’s understandable that some women find it difficult to set aside time to take charge of their financial future.
The good news is that women are successfully meeting these challenges head on and actively involved: getting professional advice, saving and investing for retirement and planning for their future. This is of critical importance, as women today are well-positioned to take charge of their finances. The male/female income ratio continues to improve. And since 1982, women have outpaced men in college graduation rates. Female business and home ownership is rising as many women seek to own or manage their own economic assets. And more and more women are making saving and investing priority in their lives. Most importantly, they are not sitting back and waiting for spouses, friends or employers to provide them with the solutions. Most women will be in charge of their own finances at some point in their life, either by choice or by chance.
When it comes to financial solutions to meet life goals, for women, one size does not fit all. Here are eight things women can do now to focus on what matters most – lifetime goals and how to plan for them:
1. Understand your current situation; evaluate where you stand financially
2. Set your financial goals; be clear on what you want your future to be
3. Evaluate your savings and investment portfolio and how it could be a powerful source for future income
4. Select appropriate wealth-creating vehicles to meet long term financial goals
5. Develop – and stick – to a budget
6. Secure your protection needs, first. Make sure you have enough insurance to protect you, your family and your economic assets against unexpected life events
7. Seek the advice of financial professionals
8. Stay educated on issues that impact your finances and life goals.
Knowledge is power! Increasing your financial knowledge is the right start on the road to financial empowerment and making those important decisions for the future.
Luisa M Bravo, R.F.C.
Registered Representative
(305) 971-8522 phone
(305) 408-0227 fax
Registered Representative of Park Avenue Securities LLC (PAS). Securities products’ services offered through PAS, a registered broker/dealer. 1 (800) 600-4667. Financial Representative, The Guardian Life Insurance Company of America (Guardian), New York, NY. PAS is an indirect, wholly owned subsidiary of Guardian. LM Bravo is not an affiliate or subsidiary of PAS or Guardian. PAS is a member of FINRA, SIPC
Filed under: Financial Management | Tagged: financial planning, financial security
