March is Women’s History Month. Women are making history daily. Women are also largely responsible for family budgets and paying bills, influencing major purchases such as cars and homes, being entrepreneurs and making major business decisions. Why then do so many women - including affluent women - defer their financial futures to someone else?
It might seem “easier” to let a spouse, partner, parent, or friend take the lead on investment decisions, but by not being engaged your voice may not be represented and your future may not be as bright as you might wish. Perhaps that other party has a different tolerance for risk or looser spending habits. Perhaps they have different perspectives. Be engaged in your financial affairs and know for certain!
*If that person dies, is there life insurance to help maintain the home, children’s education, daycare and other expenses?
*Is there a plan for long term care? Or might you find yourself - the spouse who statistically may live longer - destitute from paying for their medical expenses?
*Is there a will?
*Are you saving enough toward your retirement? Or is your retirement being sacrificed to fund other family expenses like vacations and new cars?
*Do you know what is owned and why?
*If something happened to the person to whom you deferred the financial decisions, do you know their professional advisors? Do you know where “everything” is?
What if something happened to you? How would your income and contributions to the home and family be replaced? What would happen to your business?
When was the last time you read your financial statements?
I know these can be “pain points” and hard to hear. With such busy lives, it can seem like one more thing on an already heaping plate. I just want to help people avoid “ugly surprises” at a time of crisis and to know for sure.
I want to ensure you that being engaged does not have to be difficult or overly time consuming - a financial advisor can help to provide education. There are ways to automatically save toward retirement and other objectives such as through payroll deduction or ACH. There are ways to invest with even small amounts. There are resources and information to help you keep abreast of market and economic developments and to provide the highlights/executive summary. In meetings, we can set an agenda that speaks to your needs -helping to identify your goals, and the time horizon to reach them, how you feel about risk, and what changes in your life and lifestyle are occurring. Meetings can even be done by phone if more convenient, eliminating travel time and can occur wherever you are, on a lunch break, while driving, etc.
You matter! Make your financial life a priority. We can help. Celebrate Women’s History Month by scheduling an appointment toward securing your financial future. Let’s make your “HERstory”together.
This information is provided for general educational purposes only and is not intended to provide specific advice to any individual.
Seek professional advice before taking any action in regard to your finances.
Todd A. Slingerland, CFP®
6 Tower Place Albany, NY 12203 (518) 867-4000 x105 firstname.lastname@example.org www.capitalfinancialplanning.net