How to Conquer the World: 5 Strategies for Savvy Single Women
Melissa Osika, MBA
If you're a woman making all of the financial decisions for your household, you're in the majority. Sixty-nine percent of American women are living without a spouse or partner. Whether you're just starting out, have a well established financial strategy, or are already enjoying retirement, here are some things to keep in mind.1
Build an Emergency Fund
Sometime, when it reains, it pours. Saving up for a rainy day (like a sudden job loss, major medical expenditure, or natural disaster) is one of the smartest places to start. While a credit card can help in some emergencies, using cash means you can avoid fees and interest. Six months salary can be an ideal goal.
Protect Your Assets
It's not all about saving: the right insurance coverage may also play a role in your financial strategy. Even if you're offered some coverage through your workplace, you may find there are additional angles you'd be wise to consider. Being well insurance can save you major headaches down the road.
Never Stop Learning
Even if your working with a financial professional (like us) to help you build your strategy, it's important to stay engaged and aware. The more you educate yourself on the financial issues you may face as a woman (like wage gaps, time out of the workforce, longer lifespans), the better prepared you'll be when life throws you a curve ball.
Consider Investing Differently
On average, women live longer than men, meaning you'll have more years ahead that you'll need to finance. Given women's unique financial need and challenges, it makes sense to talk to us abut your long-term investment strategies that might be particularly advantageous to you.
Prepare Your Legacy
"Getting your affairs in order" needn't be a morbid exercise that your delay until the end of your life. Ideally, it's something you're already thinking about now. Your estate decisions matter, whether that means keeping your beneficiaries updated, making extended care decisions, or preparing a legacy to leave your loved ones.
When women win, everybody wins. We want to see you conquer the world. With a savvy strategy and a knowledgeable team of advisors that has your back, you can be more confident about the future you're creating for yourself - and those you love.
Have questions? Contact Us.
1 Kiplinger.com November 16, 2020
This content is developed from sources believed to be providing accurate information. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security or financial planning advice.