It’s Time To Handle It!
Women are basically ruling the American economy right now, holding more than 52% of management and professional related jobs in the US. And now 40% of women are the household breadwinners. The biggest kicker is that women are controlling 51% of personal wealth in the US and are expected to control $22 trillion by 2020! These are not numbers to be ignored. So with women killing it at pretty much everything we do, why are we still afraid of planning for our financial futures?
Women control more money, are more educated, and have more freedom than ever before. We’re not afraid to go out and follow our dreams, to work hard and prove ourselves, to climb corporate ladders, build companies, do whatever we put our minds to, to have it all. So what scares us about money? “I’m not good with numbers. Money is uncomfortable to talk about. My husband has it handled. I’ll figure it out tomorrow.” These are just a small number of excuses we tell ourselves.
82% of women are confident in managing household finances and budgets, but when asked about planning for their long term financial needs, only 37% feel confident they can handle it. With 92% of women wanting to know more about financial planning, let’s get started.
Change your mindset. We can do whatever we put our minds to, right? If we can research the best place to buy the most organic vegetables in our surrounding neighborhood, we can certainly start to research planning for our financial futures. Money doesn’t need to be uncomfortable to talk about, you don’t need to be good with numbers, and you can absolutely figure it out. Start a conversation with others and ask for help. With so much education about financial decision making out there, there is no excuse to not handle this. By changing your mindset around your financial future, you’ll be able to take action today.
Start with protecting your family. Is your family protected if something were to happen to you or to your spouse? Life insurance can provide peace of mind so that as you build wealth in other areas, you have a foundation of protection already in place. We all know we should have car insurance, homeowners insurance, renters insurance, even insurance on your diamond earrings, so why don’t we insure ourselves? Even if you’re not the primary breadwinner in your family, you should be insured. You are more valuable than all of those assets that you are already insuring. You have value, you deserve to know how that can be insured. Find what fits your family, your needs and more importantly, your wants. Don’t make the mistake of not paying attention to this important area. It could make all the difference in you achieving financial success.
Build your savings. There is nothing worse than finding out you have to spend hundreds of dollars to replace all 4 of your tires just after you paid your child’s school tuition and you had to buy a gift for your neighbor’s baby shower. Or even worse, someone is unexpectedly laid off. Make sure you have at least 3-6 months of savings so that you have some kind of cushion if this happens to you. As you are building financial worth, you don’t want to get derailed by debt because you didn't save accordingly.
Diversify your retirement. You worked so hard to finally get to a point in your life where you can enjoy your golden years, so make sure you can actually enjoy them! Yes, you should be putting money into your 401k, but that’s not all you should be doing. Don’t use that as your only form of retirement savings. Make sure you have other assets that can make your savings work more efficiently and effectively for you. Instead of maxing out your 401k contributions, only put up to what your employer is matching, and use that extra money you would have put in there to diversify. Take advantage of different assets that provide a variety of tax benefits and rates. If all your eggs are in one basket, you are reduce your choices and options later on.
Bottom line - don’t be afraid to get started. Face your fears about your financial future and conquer them. To make this process sane, sound and simple (doesn’t that sound nice) find a Leap Adviser to walk you through it.