For generations, personal finance largely remained a man's responsibility. Society, however, has undergone radical shifts over the past fifty years. As it turns out, financial planning is as much a woman’s issue as it is a man's.
Long gone are the days when women were once discouraged from entering the business of managing money and planning for their own financial security. Today, many women find themselves having to navigate the often turbulent waters of finance on their own. If you find yourself struggling, know that you're not alone.
Despite the changing attitudes surrounding finance and gender, a large segment of women remains on the sidelines, reluctant to seize the reins for making the most of the money that is rightfully theirs. Concern for women the world over is growing, and it should. By and large, women outlive men –– not by months, but rather by several years. Yet they typically earn less. Often having to care for their young children (and sometimes their own elderly parents), they're more likely to spend significant time away from their workplace. As a result, women typically enter retirement with less than two-thirds the assets of men. If you're a woman, it’s more important now than ever to finally close that gap by learning how to secure your financial future.
Societal differences are still in play when it comes to how men and women view the world of finance. One of the most glaringly significant examples revolves around salaries. When the time comes to negotiate a salary, men often seem to have the upper hand. Even though our world is constantly changing, society encourages men to act shrewdly when at the bargaining table. On the other hand, society often teaches women to accept what they can get and to be grateful, not to ask questions. Thankfully, it doesn't have to be this way. Plenty of tools exist, for both men and women, to maximize their salaries. Learning the art of the deal is now just as much a woman's responsibility as it is a man's.
Even more important than one's salary, however, revolves around what to do with that income. This boils down to one thing: risk. And just as with negotiation, society seems to largely favor men when it comes time to learn about risk and how to effectively manage it in order to maximize its returns and rewards. Risk management is a necessary skill to ensure that your investments bear fruit, essential income for a comfortable retirement. If you're a woman who has been taught that risk is nothing more than gambling, you've been misled. While some risks are downright ineffectual and dangerous, many risks are invaluable opportunities. The goal is to determine which ones are worth pursuing.
As a woman, much is at stake when it comes to seizing your financial well-being. The later you get started, the less room you have for errors and lapses in good judgment. When you're ready, allow us to help you begin your financial journey.