As a woman, you’re expected to manage more than your share. When you’re growing up in your family, you’re more likely to have to help out with chores and household responsibilities than a brother might be…on top of school, a part-time job, and however else you spend your time.
As an adult, society says you can have it all. But in reality, that’s only true if you plan to work 25 hours a day. If you’re single or married, have a family or don’t, work in the home or outside of it, being a woman means being constantly moving, working and learning. With that in mind, a woman’s retirement should be easy breezy, right?
Not exactly. As it turns out, women and men are also different when it comes to financial planning and investments. Whether due to nature or nurture, women tend to take a more cautious approach in investing. And men still tend to earn more, which can skew how much women are able to save. But women in general live longer, and they make most of the household purchasing decisions. So it’s critically important that women get the same benefit of education and information about investing, retirement planning, and other issues relating to money.
It's clear that women have been left out of the long-term planning process for too long, and it’s time for that to change. Women have never before been in a better position to obtain financial security for themselves and their families. Some of the steps that a savvy female investor takes include:
- Taking control of their money by establishing a budget
- Prioritizing financial goals, both long-term and short-term
- Becoming a knowledgeable investor through education
- Planning for retirement now
- Protecting their assets and income through insurance and an estate plan
- Working with a financial professional to gain invaluable insight into your financial big picture
No matter what financial situation you may find yourself in, taking a proactive approach to investing is imperative for all women. Women face unique circumstances that require specific financial planning and investment strategy. If you want to learn more about specialized planning for women, let's connect.