Previous generations of women may not have always had the opportunity to learn how to manage their finances. I still encounter women who have little knowledge of their financial situation. This is concerning because by 2030, women are set to inherit over $30 trillion, according to a 2020 report from McKinsey & Company‡. The first step to taking ownership of your financial future is to find the right advisors.
Watch my conversation below, which touches on how women can take control of their finances and find an advisor that’s right for them.
The first step in taking control of your finances? Meet with an advisor.
Sometimes the biggest obstacle to getting started is a lack of confidence. Because of that, in the beginning, the focus should be on education so women can feel confident in understanding their finances.
The planning process is personal, so put your trust in someone you’re comfortable with. I recommend clients meet with a few financial advisors to find the right fit.
“Don’t feel like you have to do it all on your own. There are great advisors out there that can just be a guide.”
Start your financial plan now and adapt it as your life changes.
According to recent research from the Centers for Disease Control and Prevention‡, American women are outliving men by about six years, , so it’s important to plan for all scenarios related to your family, income and goals.
What is your plan this year? What about your five-year plan? Ten years? What is your plan in case of an emergency? These are critical timelines for women to consider, not to mention earning potential over time, changing family dynamics and health needs.
It is important to have a plan — but also important to know that you may need to adapt it when conditions change in your life.
“The plan isn’t a piece of paper that you write, put on a shelf and you never think about again. Keep modifying it and evolving it as your life evolves.”
Interested in learning more about Private Wealth Management? With UMB, you have a guiding partner from financial advising and wealth-building strategies, to retirement and legacy preservation plans.
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