These days women not only have to worry about balancing their duties as a family manager, but must focus on their own identity as financial contributors as well. Despite being great savers and increasingly influential in the workforce, women are left with more duties and less time to curate a solid understanding in investment strategy. Here are three important strategies to help women gain a strong financial footing:
- Establish financial goals. Setting financial goals often sounds simple, yet many fall short in solidifying them. By mapping out your short- and long-term goals, they can help you stay accountable and determine if you’re reaching milestones. Start off by evaluating everyday spending to define necessity over want and then cutback. As the saying goes, “a little bit of savings goes a long way.” Remember that accomplishing short-term goals are the pathway to reaching long-term goals.
- Find balance and the proper pace. Because caring for family can take precedence for many women, the guilt of putting themselves first prevents proper game planning. Create a balanced plan which invests some in your family while contributing what you can for yourself as well. Your retirement savings shouldn’t be a race to the finish line. It takes many years of consistent growth, education, and good savings habits. Allow yourself to build it at the pace that balances with your family and current needs.
- Understand the market. Although women have made significant strides to close the gender gap when it comes to investing, many are reluctant due to a lack of confidence in their knowledge. Compared to 68% of men, 52% of women are confident about putting money in the stock market.1 Set aside some time to do some research and educate yourself on investments that make sense to you and your financial goals rather than the hype in the current market. The worse you can do is invest in something that made sense for someone else's needs versus your own.
For all of the dedication and hard work you’ve put in over the years, you deserve a relaxing, stress-free retirement. You also deserve a team of experts who can help get you there. Call us and let us help steer you in the right direction for feeling more financially secure.
This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results. Death benefit payouts are based upon the claims paying ability of the issuing insurance company. The firm providing this document is not affiliated with the Social Security Administration or any other government entity.
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