How We See It

Charlotte Anderson

Charlotte Anderson

March 16, 2012

Women: Get Involved in Your Financial Life
By: Charlotte Anderson, Financial Advisor - TBT Financial Services

Many women investors feel ignored or intimidated by the financial planning process, but that shouldn’t keep you sidelined, especially since the stakes are so high. These decisions could have an impact on your quality of life for decades. In fact, 90% of all women will have sole control of their finances at some point in their lives. You need to be intimately involved in any decisions that affect your money, and that starts with taking a proactive role.

  1. Work with a financial advisor who can address the unique needs of female investors. For example, you may need to save more because women tend to live longer and are more likely to have careers interrupted by caring for children or aging parents.
  2. Get and stay organized. Take inventory of all existing accounts and benefits, including current and future income. Get a true handle on how much money you have in various places, then develop a will and keep it up to date.
  3. Become literate about long-term financial planning. Your advisor will be an excellent resource to help you understand risk, diversification, asset allocation and other terms that will put financial planning into context.
  4. Participate and plan. Be honest with your financial advisor about what your goals are for yourself and your family. Be open to new investment ideas and ask questions until you’re satisfied with the answers.
  5. Keep up with your portfolio. Know what you own and monitor its growth to maintain an asset allocation designed to help reach your goals. That will put you in a position to make changes or ask relevant questions in a
    timely manner.

I have heard so many times, “my husband takes care of all that.”  Don’t you think you should know what “all that” is so you can be prepared should something happen to him?  Whether it be divorce or death, face it ladies, most of us are going to be in charge of our own finances at some point in our lives!!  Don’t wait until a time of sorrow and stress to educate yourself.


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