Life events can spin you upside down and inside out. As women, we have come so far in breaking down gender differences, except when it comes to money. The reality is this is still a "man's frontier". 86% of the advisors are men, yet women make up 51% of the population. Why does that matter? Because chances are many of us will be finding ourselves single, divorced or widowed at some point later in life. Who is talking to you about that TODAY, to plan and avoid the catastrophe tomorrow?
Scenarios I hear all the time... "My husband has that all taken care of”, “we’re all set", "I don't make enough money to save". Here's the reality, ask yourself what would your life look like if yesterday your husband suddenly died? Or sad to say, with statistics, if after years of marriage it ends with a divorce? What then? Would you know what to do? Would you know the assets you have? Would you be able to pay your mortgage, bills, etc.? That is not the time you want to start devising a plan.
It's time to get involved with your finances. If your husband does your finances, great. Take the time to sit down with him, and go through ALL of the different accounts (checking, savings, IRA, 401K, etc.) that you both have, know the financial institution it is with, the value of the account, the beneficiary of the account and who to call if something should happen. Create a Financial Life Book, a place where this information is stored, so in the event of the emergency, you know where to go.
The other crisis we are going to face as women.... financial longevity. Women live longer, but save and invest less than men. Working until you die is NOT a plan. Expecting your children to take care of you, is NOT a plan.
Women take care of everyone else..... Let’s make sure to take care of ourselves. Don't underestimate your worth or what you will need when you are no longer generating an income.
Financial planning is not a DIY project, seek the help of a professional who can educate and create a plan that suits you and your family.
*Sallie Krawcheck, "It's 2017. Why are we still telling women to act like men at work?" linkedin.com, last modified January 14, 2017, author, https://www.linkedin.com/pulse/its-2017-why-we-still-telling-women-act-like-men-work-krawcheck/