Published by Taylor Financial Group (for women)
In this new era of female empowerment, there’s at least one area where women remain at a disadvantage: their finances. Now, don’t get me wrong, women are definitely making great strides, but there’s still much work to be done. From the gender wage gap to career breaks, women still face setbacks that can prevent them from achieving financial security.
Here are some tips on how to achieve financial security at any stage in life.
Manage your own money and be proactive about your family’s financial life.
In most married couples, the male spouse handles the finances. However, women who want to learn or keep their investing and budgeting skills sharp should also be heavily involved. A great tool we created for you and your spouse to use is our Marriage and Money worksheet, which can help make sure you’re both on the same page when it comes to your money. However, high divorce rates and longer life expectancy for women ensure that many women manage their money alone at some point in their lives. This is why it’s so important to have a deep understanding of your money matters!
It’s not only important to stay on top of your own personal finances, but it’s also important to keep your family in mind. For instance, what if something happens to you? Do you have an estate plan and adequate insurance coverage? With your family’s future to consider, it’s essential to have the right life insurance policies in place, as well as an estate plan. This way, you can help ensure that your loved ones will be covered financially if the unexpected happens. Check out our estate planning webpage for more information on how we can assist you.
Consider these questions when it comes to financial (and estate) planning:
- If my spouse and I were to get divorced, how would that affect the household income?
- What would an expensive medical condition do to our retirement savings?
- If my spouse were to die, would I be prepared to take over the finances?
- If something were to happen to me, would my family be okay?
Remember that you are not alone on this journey. We can help you plan for your future by putting together a strategy that will help you do the most with your money.
Securities offered through Cetera Advisor Networks LLC, Member FINRA/SIPC. Investment advisory services offered through CWM, LLC, an SEC Registered Investment Advisor. Cetera Advisor Networks LLC is under separate ownership from any other named entity.
