While women have been doing it for themselves over the years, statistics still however show that women have sometimes been more disadvantaged than men when it comes to finances.
Some important questions to ask are: do you control your finances, or do you shift your financial responsibility to a spouse or significant other? Will a divorce or death plunge you into uncertainty? If you’re among those who answer yes, you can start to take control of your financial future.
Money still remains an emotionally sensitive topic for a majority of women. In some relationships, it may signify power, affection, or control. Ideas about money, as well as emotional relationships, have a major impact on how we spend and manage it. If you aren't where you should be financially, look at what motivates you emotionally when it comes to money and discover the psychological roadblocks that keep you from becoming financially independent.
The most crucial step to take is not to rely on others to drive your financial destiny, instead, be proactive and partner with a Momentum Financial Adviser who can help you manage your money, from saving for a specific goal to retirement.
Also, by playing an active role in your family finances by participating in the day-to-day management helps prepare you for the entire scope of work required should you or your spouse pass away. When assessing your assets and obligations and writing your will, remember to have your financial adviser perform an estate liquidity study to verify that the estate has enough assets to meet the liabilities. After you've done this and filled any gaps in the analysis with proper life insurance, you may be assured that your hard-earned assets will not be sold cheaply to settle liabilities. As a result, your family will have peace of mind.
We all can grow from our financial mistakes, and they should not define us. Momentum Financial Planning is here to support and encourage all women to take control of their finances this #WomensMonth. After all the biggest investment that anyone can ever make is in themselves.
We’re here for every woman’s journey to success.