Women and Wealth Management
Women and Wealth Management
In the past, women were expected to get married, raise children, keep the house clean, and rely entirely on men for financial support. Today, the world is an entirely different place. Women have made strides in closing the wage gap, shattering record numbers as college graduates, and building long-term standing careers. Women have embraced their earning potential and now must tackle the responsibility of managing their finances such as retirement planning, protecting assets, managing debt, and budgeting.
The role of women in our community, workforce, and families has increased both personal and financial responsibilities. Here are some essential financial tips that every woman should consider.
- Don’t Be A Silent or Absent Financial Partner: If you are in a relationship, it is important to be financially present and avoid becoming financially vulnerable. This will keep you well-informed and avoid burdening your partner with all the financial decision-making responsibilities.
- Review and Understand Your Financial Documents: One of the most common financial mistakes that women make is simply signing a tax return or any document without fully understanding what it is. Tax returns are useful for monitoring how much income and assets your family owns. It will allow you to be more knowledgeable when it comes to budgeting, saving, and spending decisions.
- Acknowledge Personal Financial Security: The number of female bread-winning households has continued to increase. It is important to make sure that females are protected when it comes to assets, retirement plans, and more. Joint ownership for assets encourages women to be involved but can also leave a vulnerable area if a divorce occurs down the road. Be sure to have some assets in your name. Retirement planning is something that should be considered at every stage of life. Women should always contribute to their retirement plan, especially if working. If unemployed or taking a leave from the workforce, explore potential IRA options available.
- Potential Life Longevity As a Woman: Biologically females are likely to enjoy a longer lifespan than a male counterpart and are more likely to be single at some point in life. It is important to consider financial decisions today as well as prepare for tomorrow. One area to consider as retirement healthcare costs continue to climb is Long-Term Care Insurance.
- Be Aware of Spending Habits: Don’t be too conservative or generous with your money. Women have been known to be conservative with investing and overindulgent with spending. While it may be easy to ignore your finances it’s best to digest and understand how much money you having coming in and going out.
Whether you are single, dating, or married, it is essential to discuss your finances with your partner. As a woman, it is important to be aware of what opportunities are available to you to ensure you are taking the necessary precautions for financial security.
Questions and Consultations
If you have questions or if you’d like to schedule an appointment to discuss your finances, contact us today.
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Partnership Wealth Management is a comprehensive financial services company. We are committed to providing our clients with financial planning and wealth management services to help them make the most of their investments. At Partnership Wealth Management we have a long history of working with the LGBT community. Among our many services, we offer financial planning for gay couples and lesbian couples as well as estate planning for gay couples and lesbian couples. Financial planning is an important part of preparing for the future, contact us today to get started: www.partnershipwm.com.