In a previous article, we've discussed how the fact that women live longer and earn less than men changes the way they address financial planning.
Financial planning requires a little bit of attention and commitment. Here are some valuable tips you can apply in your everyday life.
- Set financial goals
Women's brain is usually hyperactive. We always have something on our minds, and we're trying to complete several tasks at the same time.
This may be a good thing when it comes to doing our jobs, but at the same time it can distract us from setting financial goals. If you are currently paying rent, your goal might be to save money to buy an apartment or a house. If your kids have just started elementary school, maybe it would be a good time to think about saving money for when they'll go to college.
Where you are right now, and what you want to achieve in the future will determine the best way to get there.
- Choosing a financial advisor
You may have found it difficult to pick a financial advisor. This person not only needs to fully understand your needs and provide with the best financial tips, but you also need to feel comfortable sharing certain details with him/her.
A financial advisor needs to be knowledgeable and trustworthy in order to help you achieve the financial goals you've set for the future.
- Plan your retirement
One important rule that women should follow is that they should first think about their own financial security, and then worry about the people in their lives.
On average, women live 5 years longer than men, so you really need to think about your retirement. Some people may think about running out of money. To put those thoughts to rest, you need to figure out what payments you should make and when. Also, learn about retirement plans and Social Security.
You should collaborate with your spouse to see which retirement plan he will choose, because together you can make the most impact on your financial future.
- Prepare for job changes
To help with difficult career changes, you can consult with a financial advisor.
Not only an advisor will help you figure out how you should be handling opportunities at the workplace, but he/she will guide you towards what you can do to be as worthy as possible in the workforce.
- Long-term care insurance
Statistics show that 80% of women will die after their husband, which means that women should think in advance of a proper long-term care insurance.
For this, you need to know what your financial resources are and what family members or friends will be able to help you as you get old. The plan you're going to choose for care insurance will greatly depend on how many people will be able to assist you in this process.
Financial tips are essential for any woman who wants stability
The years I've spent working in corporate planning and sales have taught me that clear communication, being inclined to the client's needs, and keeping in mind a defined set of goals, are crucial when it comes to helping every new client.
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