As we witness unprecedented social unrest related to the treatment of Blacks and other minorities in the United States, we should remember how disadvantaged women have been throughout history.\u00a0 In particular, women face unique challenges as they plan their financial lives.\u00a0 Let\u2019s explore these challenges and consider ways to overcome them.\u00a0 You realize how important financial planning is for women.<\/p>\n
The deck has always been stacked against women.\u00a0 Too often, even though they have the same qualifications and do the same work as men, they are paid less.\u00a0 This gender wag- gap persists despite the passage of several pieces of federal legislation which were designed to level the playing field.<\/p>\n
In addition, women work fewer years than their male counterparts.\u00a0 They enter the workforce late, drop out, re-enter and finish (i.e. retire) earlier, because they are caring for others, usually their children and parents, but sometimes their grandchildren and grandparents.\u00a0 Women spend 6.1 years<\/a><\/strong> of their adult life caring for others.<\/p>\n Women do have one advantage over men.\u00a0 They live longer.\u00a0 But even that works against them.\u00a0 Because they live longer, they need more money for retirement<\/strong><\/a>.\u00a0 In addition, they are more likely to need some form of medical care in their senior years, need it longer than men do and need money to pay for it.<\/p>\n As will discuss below, financial planning<\/a><\/strong><\/span> for women provides a path to overcome these challenges.<\/p>\n In American culture, money is a topic that most women prefer to avoid.\u00a0 Women generally grow up learning very little about money from their parents, because the topic is very rarely discussed.<\/p>\n Our schools and universities do a very poor job of providing any meaningful form of financial literacy.\u00a0 Our religious institutions place little emphasis on the role of money, other than references to tithing.<\/p>\n Somewhere along the way, women learn that, while money is necessary and can be spent, it is not to be discussed.\u00a0 It is considered impolite, inappropriate or insensitive to talk about money.\u00a0 Studies indicate women would rather discuss their own death than money.<\/p>\n Yet, we know money and financial planning are vitally important for women.<\/p>\n The first step in overcoming these challenges is to become informed.\u00a0 Women need to learn about money.\u00a0 They need to understand it just as much as they need to understand other important topics, such as female health and nutrition.<\/p>\n Fortunately, there have never been more resources available to help women learn about financial planning.\u00a0 There are numerous excellent books on the topic, several written specifically for women. These books can be read in hard copy, on an e-reader or listened to in audio form. \u00a0 There are also many websites and podcasts that offer information about financial planning for women.\u00a0 Women can attend seminars in their community, webinars on the internet and classes at their local community college.\u00a0 There are also investing groups that women can join locally or through the internet.\u00a0 If you cannot find one, start your own.<\/p>\n <\/p>\n <\/p>\n If you are not interested in learning about financial planning for women or don\u2019t have the time for it, you can hire a financial advisor who can help you.\u00a0 The financial services industry is vast and complex and, consequently, finding an advisor can be confusing.\u00a0 So, let\u2019s briefly review what to look for.<\/p>\n You should work with an advisor who has professional credentials.\u00a0 The gold standards are Certified Financial Planner\u2122<\/a><\/span><\/strong> (CFP\u00ae), Chartered Financial Analyst\u00ae (CFA\u00ae), and Chartered Financial Consultant\u00ae (ChFC\u00ae).\u00a0 Advisors who hold these designations had to meet rigorous educational, experience and ethics requirements.<\/p>\n Your advisor should be compensated by fees, and not by commissions.\u00a0 Look for a \u201cfee only\u201d advisor.\u00a0 Compensation should be stated up front, fully transparent and reasonable.<\/p>\nMoney \u2013 The Taboo Topic<\/b><\/h2>\n
Knowledge is Power<\/b><\/h2>\n
Don\u2019t leave your future to chance. Contact our team at Springwater Wealth today to learn how\u00a0we can help you develop a financial plan for your peace of mind.<\/span><\/strong><\/a><\/h2>\n
Delegate to a Pro<\/b><\/h2>\n