Why Women NEED Unique Financial Strategies

 In Financial Planning, Tips

Ladies, it’s time to break the silence and take hold of your own financial destiny! Too often, women are neglected and under-served in the financial realm. Building financial confidence doesn’t begin and end with numbers alone – it’s about empowering yourself to help create a secure financial future and break free from the cycle of financial vulnerability!

Women’s Obligation for Unpaid Work

Globally, women spend five times more performing unpaid care-related work than men. From the day-to-day raising of children to helping elderly parents, many women have taken up this responsibility without any recognition or financial compensation. It is an immeasurably vital role that often takes years – sometimes decades or even their entire lifetime – away from their potential earning capacity.

It never seems fair, but women are usually paid less than men for equal work and are more likely to take unpaid leave in order to deal with sick family members. This pattern of economic inequality can lead to substantial financial hardship, especially if one considers how many women already struggle to make ends meet on a paycheck-to-paycheck basis.

Unfortunately, poverty levels in retirement are dominantly female. While this is a complex figure with many factors to consider, it’s important to remember that during a woman’s life, they often receive lower wages, fewer savings and social security benefits, and a greater likelihood of not having access to an employer-sponsored pension plan. 

Flipping the Script | Why Women NEED Unique Financial Strategies

Women Often Live Longer

According to the U.S. Census Bureau, a woman’s life expectancy is projected to reach 87.3 years by 2060, compared with 83.9 years for men. While it may not seem like a lot, the reality is that women may need a plan that will help them stretch their savings a little longer than they think they’ll need. 

Every time I have a client come into my office who has been recently widowed, it is heartbreaking to witness their sudden sense of helplessness. Sometimes it’s the husband who takes responsibility for complex financial accounts while the wife remains in the dark about what all they had that needed to be tended to.

It is incredibly important for women of all ages and backgrounds, especially those currently living paycheck to paycheck, to start taking control of their financial lives. Taking small steps toward financial education can create a huge impact in the long run. It’s never too late to build your financial literacy, invest your money wisely and become more financially independent!

Financial Planning for Women The Resource Center Springfield MO 417-882-1800

How to Be Proactive with Your Money

Keep Money in Your Own Name

On that previous note, I’ve even worked with clients who needed to go all the way back to “step one” after their husbands passed away. How to write a check, how to open a banking account, how to pay their bills, and other duties that they were never involved with.

Even if you’re a stay-at-home mom or caretaker for elderly parents, I can’t encourage you strongly enough to build your own financial history and lines of credit. 

Not everyone knows this, but if you have a husband who works, he can make contributions to your IRA. It simply doesn’t get talked about enough that your retirement plan exclusively has to be affiliated with an employer. 

Stay Informed About Your Finances

Spend time with your spouse to go over your financial statements so you can stay informed on where you stand with assets, wealth, and liabilities. You should also have regular access to these statements and should be fully aware of your financial situation. Don’t leave it all to your husband or partner. Being informed and knowledgeable about your finances is crucial to your financial independence. 

⭐ Check out some money management apps that help by consolidating all of your accounts into one place for an easy-to-read breakdown of your spending habits.

Invest in Yourself

A big thing you’ll hear me say often is to pay yourself first 👏 It’s important to invest in yourself and your future. Set aside a portion of your income each month to go towards your own personal savings or investment accounts.

Maybe you’ve always wanted to start your own business, go back to school, or take a dream vacation. Whatever it is, make sure you prioritize your own financial goals and work towards achieving them.

Ultimately, financial independence is about taking control of your own destiny and making decisions that will help you achieve your goals. Don’t let societal norms or gender biases prevent you from achieving financial freedom. With the right mindset and strategies in place, you can take charge of your own financial future and live the life you deserve. Don’t be afraid to ask for help!

Financial Advisor Near Me Springfield MO The Resource Center 417-882-1800

Chat with The Resource Center Financial Advisors

At The Resource Center, we’re here to help you on your financial journey. We create personalized financial plans with strategies to help optimize your assets and reduce risk–all while keeping your lifestyle intact.

One of our biggest priorities is helping you feel confident and knowledgeable. With our financial planning services, The Resource Center will help develop a plan that diversifies your assets, stays consistent with your level of risk tolerance, and have a stress-free environment to turn to when you need help.

Catch Bruce Porter’s show Dollars & $ense Tuesdays at 3 pm on KOLR’s Ozarks Live. This radio show is a paid placement.

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Investment advisory products and services made available through AE Wealth Management, LLC (AEWM), a Registered Investment Advisor. Investing involves risk, including the potential loss of principal.  None of the information contained on this website shall constitute an offer to sell or solicit any offer to buy a security.  The Resource Center, Inc. is not affiliated with or endorsed by the U.S. Government or any governmental agency. 1741544 – 04/23


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