What's New in Finances
Women: Take steps toward financial competence
Today many women spend their day working at full-time jobs and also taking care of their families at home. After completing these two full-time jobs, there is precious little time left to consider personal financial matters. However, financial independence is an important subject that shouldn't be ignored by women of any age. Consider these revealing facts about American women:
--50% of marriages end in divorce.
--The average age for widowhood is 56.
--Women live an average of seven years longer than men.
--50% of women have no retirement plan.
--Women earn an average of 74 cents for every dollar a man makes.
If you're a woman, you should expect to be alone at some point in your retirement years. It's never too early to prepare for this by learning about your financial situation and working toward financial independence. Here are some steps to get started:
* Educate yourself. There are many basic, readily available sources on investing. These include a wide variety of books, brochures, computer software, and Internet websites for the beginning investor.
* Know what you own. Become familiar with your investments, bank accounts, insurance policies, and retirement plans.
* Set goals. Once you understand the basics, consider your financial needs, such as a mortgage, college tuition, or retirement. Develop both short- and long-term investment plans to reach the specific goals.
* Establish working relationships with financial professionals. The expertise of a seasoned financial professional can be invaluable in reaching your goals. Find one whom you are comfortable working with on an ongoing basis.
The best time to start working toward financial independence is now. Call us; the professionals in our office can help you take steps in the right direction.