Attention ladies! Did you know that by 2010, 60% of all wealth in this country is shifting into the control of women? You have an evolving role in society and the economy. Did you also know 90% of you wonderful ladies, 90% of you will be solely responsible for the finances at some point in their lives? manymany
Also, a big shout out to all those single moms out there right now who face increasing financial responsibility during these tough times. As a single parent myself with primary and legal custody duties, I know it is not easy to keep connecting the dots day in and day out.
Here are several life stages that more women today need to be aware of and transition to and through.
First up is career planning. As you get gain momentum within your profession or change jobs, go back to college for advanced degrees while moving up the career ladder, you want to make sure that you’re covered financially for unexpected expenditures. Here’s the stage you being to see the shape and demand of your financial needs and concerns. Notice I didn’t say financial “wants” here…that’s later.
Second is family. Whether you moving in with your partner, getting married, or having a first child, changes in your family status means changes in your financial security needs.
Third is house and home. Whether you’re buying your first home or downsizing to a condominium, you’ll need the right financial strategies to help you purchase and protect the things, that you hold valuable. Taking care of a home is much different than dwelling in an apartment.
Another area that is creating more women in prominent roles is the business world. More women are becoming entrepreneurs and creating their own opportunities. Becoming self employed or starting a business is a big step that brings new challenges and responsibilities.
Here’s another scenario to consider – starting over. If you become divorced, widowed, or find yourself in an empty nest, changes to your family dynamics may involve additional challenges that you didn’t originally place.
If you want to maintain your current standard of living during retirement, you may not want to depend on any significant income from Social Security. Making the right financial decisions now can have an enormous impact on the dynamics of your financial future.
Unfortunately, many women surveyed by an Allianz study, state the confusion, fear and minutia of dealing with personal finances.
The resolution and most effective way to gain financial clarity and confidence?
With all of the information available to women out there via the web, articles, radio shows and support groups, most women said they would rather get information and guidance from…a human being with one-on-one, in-person interaction.
Anyone up for a Money Smart conversation, coffee and an action plan with zero tolerance for texting/Tweeting throughout?