Check out WISER’s fact sheet, Financial Planner Alert, for information about finding and evaluating a financial planner. As women start overseeing more assets, they want better financial advice. Our San Luis Obispo fiduciary, fee-only wealth management firm works with individuals and couples who seek an objective team of CFP® professionals. Going back to your budget, you’ll want to determine how much you spend monthly. Your emergency fund should have at least three months of expenses. Depending on the security of your job and income, it may be appropriate to have more in reserves—for example, six to 12 months. Without the money in your bank, you’ll have to put the repair on your credit card.
That’s still your money in there, and you earned it fair and square. Next, record your income and spending habits to monitor accounts and adjust as needed. If your employer offers a 401(k), sign up, and make sure you’re contributing enough from your paycheck to receive a matching percentage from your employer — not taking advantage is like turning down free money.
“Automation is why workplace retirement plans, such as a 401(k), work so well for participants. Contributions get deducted from your paycheck before you have a chance to spend them on something else,” Adams told Annuity.org. Studies have found that the level of financial literacy achieved by women is generally lower than that of men, which makes it more difficult for women to prepare for their desired retirement lifestyle.
We hope that the experiences shared by this multi-generational family will inspire and motivate others to take control of their financial futures. It’s fascinating to see how financial advice and lessons have been passed down through generations of women in the same family. Amanda and Abe also joined working with Paul Parnell and Ballast Advisors as the family’s financial planners. Along with Amanda’s husband Abe’s knowledge as an estate planning attorney, they recognized the benefit of early planning. Jean and her late husband, Lowell, were married for over 60 years.
If you want the best chance for success in your financial plan, be brutally honest with your financial planner. This means you should get ‘financially naked’ for your advisor, so they understand the full – and sometimes messy – details of your financial picture.
She recommends asking for more raises and promotions and negotiating your salary often. Whether you’re single, married, raising children, recently graduated or nearing retirement, you need to take control of your retirement planning now. A Pew Research analysis revealed the shocking truth about wages in America. As of 2020, the average woman made approximately 84% of what a man earned to do the same job.
The individuals named in this blog (Jean, Val and Amanda) are current clients of Ballast Advisors, LLC (“Ballast”). They were not compensated for any testimonials made about Ballast. Their individual experiences with Ballast may not be representative of any other person’s experience with the firm. In fact, Amanda and her mom laugh, telling the story of how her husband Abe made her read finance guru Dave Ramsey books before they were married and is very conscious about money. She credits him with helping her to be more diligent about budgeting, especially when it came to enjoying her Target employee discount. Today Jean is still focused on her legacy and says she wants to have money to pass on to her family.
If you set money aside now, it will keep growing throughout your life, no matter what the future holds. How single women can save for the future
When looking at methods of saving, start with your employer. They probably already offer a variety of ways to assist in your retirement savings. Like many women, you’ve seen all the terms but are intimidated and confused by all the various financial plans that combine numbers and letters without seeming to spell anything — 401(k), 403(b), IRA, HSA. Our unique financial planning program, Financial Fingerprint™ is quick to assemble, easy to understand, and simple to modify as your circumstances change. With Financial Fingerprint™, and a partnership with an experienced financial planner, you can quantify goals and feel confident in your plan for reaching them.
Read more about investing in ETFs for beginners here.
