In the last year there, has been one dominant theme in the news – women.
People are listening and noticing what women have to offer the working world, the family care they provide, and to life, in general. They invest in their futures, as well as the futures of their families.
I believe there has always been the perception that they are the backbone of the family and do the lion’s share of the household work. However, in the past, women were more silent on the importance of the role they played and the contributions they made to society.
Today, we have women leaders as CEOs, philanthropists, doctors and lawyers… and the list doesn’t stop there. We have women leaders in the military, high-ranking women politicians and women news anchors. We even have women sports commentators, coaches and officials.
While women are balancing their careers and families, they also need to focus on their financial goals. According to a survey that PIMCO conducted, “50% of women say it’s difficult to think about their financial goals due to the day-to-day demands.”
Women are often also “sandwiched” between taking care of their aging parents and their own families, which can put stress on what they contribute to their retirement plans. Some have even had to leave the workforce altogether for a period of time and lose those few years of savings.
One of the biggest concerns today for women regarding their finances is they are not being heard when trying to express their financial goals to advisors. While the fundamentals of investing may carry over client to client, many women have specific short-term and long-term financial goals and may need those managed simultaneously.
Perhaps the author Margaret Bonnano said it best when she said, “Being rich is having money; being wealthy is having time.” The constant balance of “living for today” while also planning ahead can prove challenging if a client-specific plan is not developed. Many women want to be financially secure but not ultra-wealthy if that comes at the expense of giving up some of their lifestyle to include work-life balance.
Here are five tips for women and investing:
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