Financial Planning for Women – Summary
If you read any major news website, you will occasionally read some advice that tells readers how they can start planning for their financial future. While there are some great tips within this advice, you have to wonder why there isn’t any advice for women. In fact, many financial resources out there are very male-dominated and don’t seem to cater well towards women with money.
Why is it the case that we are not seeing more articles written about women and finances? Where are all the extensively written books that talk about the topic of financial planning for women? Why isn’t there any acknowledgement that financial advice for women should differ from advice that is targeted towards men? It seems like when it comes to the topic of women and money, the amount of information available is scarce.
Why Does It Matter?
It may not seem like a big deal to many casual readers, but financial advice for women is an entirely separate subject that needs its own attention and care. The reality is that when it comes to women and wealth, they have different goals than men do.
Not all women have high ambitions to invest heavily in the stock market and generate billions of dollars. This is in no way suggesting that women are less ambitious than men but rather recognition of the fact that women have different goals than men.
Indeed, some women will prefer to take on male-dominated industries and achieve the same financial goals as other men do. However, there are a handful of women who would rather focus on using their assets to achieve stability. There are also women who would prefer simpler goals, such as getting raises in their career or finding novel ways to create a source of secondary income.
The point being raised is that different women want different things, and there needs to be a greater effort made towards reaching out to women who want to achieve all of their financial goals, no matter what they are.
What Can I Learn from This Guide?
This article will not be able to comprehensively cover each and every important aspect of money and women. However, it will serve as a basic starting guide to discuss the topic of investing for women.
The guide will cover financial planning to help women understand their goals and ambitions behind investing, some basics and resources to help women with their investments, and conclude with some succinct advice on how investing money can help women with their retirement planning.
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How Women Can Start Planning Financially to Invest Their Money
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It is well known that women can be quite ambitious when it comes to their money, with some women even surpassing men in their long-term goals with money. However, this is also one of the biggest things stopping women from achieving the financial results they want. This over-bearing drive to dream and reach for the stars may come at the expense of realistic planning that could bring them closer to their goals.
Before any woman with money decides to put her foot down on investing her money, she needs to know WHY she is doing it in the first place. When women focus on the benefits that they will receive and ignore any outside pressure, they are far more likely to stick with their goals in the long run.
Financial planning for women can be very satisfying until it starts to become stressful. Even if women know what they need to do, they might find that their emotions can sometimes get in the way of doing what is right. When it comes to women and finances, getting the right information is rarely the problem. More often than not, the solution involves needing emotional support and guidance during tough times to stick with what they know needs to be done in order to succeed.
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The Best Advisors for Women Are…You Guessed It: Females!
This is why the controversial yet surprisingly agreed-upon advice of sticking with a female financial planner is touted for women. Whether we like to admit or not, women and men are wired differently. Women tend to behave and perceive things in ways that are different from men, and they need somebody who can relate to them.
A female advisor can relate to them through the vocabulary and emotional compassion that they use. Even if the advice that she gives is identical to what a man would give, the mere fact that she is female can make a significant difference in the help that a woman will get.
The Investing Basics and Resources Every Woman Should Know
We did mention that women do not have a problem with finding the financial information that is relevant to their goals, but that doesn’t change the fact that women still need this information. Investing for women can be a topic that is ridden with both good and bad information, so it is important to know where women should be spending their time.
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Before we divulge a list of recommended resources, here are some bullet point tips that you should know before investing. They seem elementary in nature, but sticking to them could save you thousands of wasted dollars down the road!
- ALWAYS focus on the long term. Don’t fall for something just because it promises fantastic short-term gains – This is how many innocent women get tricked into get-rich schemes!
- When you are seeking financial advice for women, make sure the person giving it has achieved what you want or greater than that. Why would you want to take advice from someone who can talk the talk but can’t walk the walk?
- Never stop learning! There will never be a time when you know absolutely everything about investing. One of the great things about the topic of women and money is that there are always new insights that you can learn from and use for your greater benefit!
- Break down your goals into small milestones that can be achieved! For example, if you have a lofty annual goal you want to achieve, figure out how much money is required at the end of each month to reach that goal. If you’re really savvy, you can also break those monthly milestones down into weekly goals as well!
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Now, let’s give our female readers the investing resources that they can take advantage of to make their financial dreams come true!
Dailyworth.com – This is a site that is starting to gain an increasingly high amount of attention and for good reason! In addition to some useful investing advice, it also offers articles on the topics of career, business, life, and other aspects of money. With all of their writers being female, you’ll be able to relate to each and every bit of advice given!
FinanciallyWiseWomen.com – Run by the ambitious Brittney Castro, this one is for women who are truly serious about getting ahead in the investment game. With several years as a successful investment advisor under her belt, Brittney shares her well-founded experience and advice with women in a welcoming and positive way.
GoGirlFinance.com – While its advice isn’t strictly about investing, it does an exceptional job of covering your lifestyle. Whether it’s about products that are worth your money, strategies for saving money or navigating your busy career, this site will help you stay sane during the investing process. Plus, there are some fun articles that will help lighten up your mood!
MoneySavingMom.com – This one goes out to all the mothers! Not everyone is a single lady free from the troubles of dealing with a family. You will learn about wise investing practices while keeping your partner and kids happy. With this resource at your hands, everyone in your family wins!
How Women Can Use Their Investments to Begin Their Retirement Planning
Retirement planning for women can be a rarely-discussed subject for some women, but it is important to consider. While learning how to invest your money is a great endeavor, it is equally important to learn how to plan for retirement. What is the point of having great investments now if it will all disappear when you reach senior age and stop working? You will want to have an abundance of money available to you during retirement so that you don’t have to stop living a fulfilled lifestyle.
Although the investment resources provided will teach you everything you need to know about retirement, you should still be aware of some fundamental basics.
The first and most important thing to remember is that you should have an ideal amount fixed in your head that you plan to live off when retirement comes. A large majority of women plan to stop working when retirement comes and live off their savings. For example, if you expect your retirement to last 20 years and you want to spend $50,000 a year as part of your income, you will need to have at least $1 million saved up.
Another fundamental thing to be aware of is your medical costs. Many women (and men) are under the false impression that these costs go down upon retirement, but the exact opposite thing usually happens. As you get older, you are more susceptible to diseases and injuries that will seriously limit your quality of your life. Unless you have the funds to cover these costs, you will quickly find yourself in a deep hole.
Last but certainly not least, seek advice from other women who have successfully gone through the retirement process. You can learn from their mistakes and save a lot of wasted time and money. Plus, you can get some valuable advice that will steer you towards the direction that you want to go with your retirement goals.
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Conclusion – What Can We Take Away from All This?
Financial advice for women seems to be a rarity nowadays, but, luckily, all of that has started to rapidly change in the past few years. With the expansion of the Internet and an increasing number of women who are worried about their finances, there has never been a better time for women with money to use their assets and invest in their goals!
Instead of feeling like there is nobody out there who understands you, you now have access to resources and people who want to genuinely help you. Start acting on your investing goals today, and you will be thanking yourself dearly in the near future.
If you are ever in need of support, don’t forget about the friends that you have right now. There’s a high chance that they are going through the same financial struggles you are, and they could really use a supportive confidant to hear them out. With somebody you know and trust by your side during the investment process, there’s nothing that you cannot achieve if you set your mind and your money to it! Share this article with all of your female colleagues and friends, and have them join in with you on your goals!
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