Time to Take Some Control
As we’ve been preaching when it comes to finances, we seem to be stuck in the early 1900’s. More and more women are furthering their education and busting through ceilings to positions they weren’t able to achieve before. However, we still see many women who shy away when it comes to taking control of finances. Some feel this is a task left to the men, but for what reason? You may know just as much or more than they do, but it’s because of an old paradigm that we stay on the sidelines.
There’s a variety of reasons women need control over finances. Studies show they can be better investors than men, making less emotional, more rational decisions. They have the ability to stay more patient and understand it’s a long-term game. On top of that, the number one reason they should familiarize themselves is because chances are they are going to have to handle them on their own at some point in their lives.
Although these are things we don’t like to discuss, sometimes a realistic approach can help make things much easier when we cross a bridge we weren’t expecting. Women have a longer life expectancy than men and often times a woman will outlive her husband by quite a few years. We like to think that won’t happen, but it’s smart to have some idea where the finances are and how they’re being handled so you are able to take over if needed. On top of life expectancy is a climbing divorce rate in couples over the age of 50. Since the 1990’s, the number of couples getting a divorce age 50 and over has nearly doubled. A combination of these is said to leave 8 out of 10 women alone with finances at some point in their lives, and if that time comes they must be prepared.
The number one thing that can help is confidence. Many women lack the confidence to take some control over the finances. They feel they don’t understand this big, scary world, but it can be quite simple if they take the time to understand why they have made the investments they’re in. The more they get familiar with everything, the more confidence they will have to make investment decisions. Financial advisors are here to make things simpler, not muddy the waters. We take pride in being as transparent as possible with our clients which is more beneficial on both sides. With a clear understanding of their investments, our clients can walk around peacefully knowing exactly how their money is being handled. Don’t be afraid, talk to your advisor and ask them any questions you may have. The time to take control is now.