Women And Money: Are You In Control Of Your Finances?

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I hope you had a wonderful weekend! Today is “Encourage a Young Writer Day”.

LRPC’s Monday Morning Minute for this week, “Women And Money: Are You In Control Of Your Finances?” (presented below) comes to you courtesy of Charles Schwab & Co. As an independent, objective Registered Investment Advisory firm, Lawton Retirement Plan Consultants, LLC has access to research from many sources. Be assured that I will share enlightening, useful information with you each week.

As the father of three daughters, I am probably more attuned to women’s issues than most men. However, all of us have a mother, sister or daughter. Think about sharing this Monday Morning Minute with the women in your life who might benefit from some financial guidance.

Have a wonderful week!

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Women And Money: Are You In Control Of Your Finances?

By Carrie Schwab-Pomerantz, Charles Schwab & Co.

Key points

  • For women who haven’t been actively engaged in their finances, it’s time to take action.
  • From retirement planning to investing to developing a comprehensive financial plan, working with an advisor is one of the best ways to get started and stay motivated.
  • By taking charge of your finances, you’re also taking charge of your life.

It’s interesting how a milestone like turning 40 can bring with it new realizations. (For me, turning 50 was a pivotal time!) But whether it’s a new decade, a new job, or a new life stage, realizing that you need to take control of your finances is important for anyone at any age.

To me, it’s particularly important for women — both single and married — for a lot of reasons. For one, statistically, we live longer than men so we need to plan for our money to last longer. Not only that, according to a 2015 Census Bureau study, we’re paid just 80 percent of what men are paid. This means we need to stretch our dollars even further when it comes to saving and investing. Plus, we’re still struggling against some cultural stereotypes that, whether we like it or not, affect how many of us relate to money.

There’s been a lot written about why women don’t engage more directly with their finances: we underestimate our financial ability; we’ve historically relied on men; and, for the most part, we haven’t had strong female financial role models. But whatever the reason — and whatever provides the wakeup call — women need to be actively involved.

While the need for women to engage in their financial lives is urgent, to me, it’s also exciting and empowering. By taking charge of your finances, you’re taking charge of your life. The question, of course, is how. [Read more…]