Preparing for your future, What you need to know!
Does a financial plan stress you out? We are breaking down important steps to creating financial security. So often as women, we get wrapped up in raising our children and running the home, and forget to understand our financial profile. If you have multiple bank accounts, own a property, have children, are married, or wondering if you need life insurance. THIS podcast is for you.
In todays episode, we talk to CFP. John Martindale and have him advise us on different aspects of making sure we have a solid financial plan in place. He has been advising clients for over 30 years. Retirement is something we will all face at some point. The sooner we contribute to a savings plan, the more we will have to enjoy in those later years, without worry or stress. We all have an estate, big or small. There are steps we can take to secure our future, and be informed.
If you are facing divorce, or death of a spouse, you are entering into a very stressful time. Having the basics covered, and being informed is the biggest gift you can give yourself. We never know what life will ask us to endure, if we can understand our finances, life insurance, wills, trusts, separate properties, bank accounts, and investments, we can navigate those curve balls with a little bit more ease. Having medical and financial powers of attorney and designating custodial rights are things that will give you peace of mind when faced with hard times. Below we are sharing links to resources that will get you started. If you have any questions you can email
firstname.lastname@example.org they will be happy to assist you!
Financial empowerment checklist (link to article)
• Basic numbers: Be sure women know their household’s income, expenses, assets, and liabilities. They should have access to all online account information including bank accounts, credit cards, loans, and life insurance policies.
• Investments: Women must know where all their investment accounts are, what investment strategy is being used, and what asset allocation has been implemented.
• Documents: Women must know where all their household’s key financial documents are, including wills, durable powers of attorney, healthcare directives, home/car titles, and so on. Know the location of the safe deposit box and how to access its contents.
• Advisors: Women should meet all of their family’s advisors: financial advisor, estate attorney, accountant, insurance agent or broker. And be sure to understand at a big picture level the game plan each have set for your household.
• Retirement analysis: Women should work with a financial advisor or use online free programs such as the government’s “Ball Park Estimator” to understand clearly how much they will need to have saved to maintain their standard of living in retirement. If already retired, work with an advisor to understand how much you can comfortably afford to spend without running out of money.
• Insurance: With the expectation of living longer, women should consider if they have the proper insurance (such as longevity and long-term care) in place to minimize the risk of outliving their assets.
• Self-educate: Take financial education classes through local adult continuing education, use free online resources such as The Kahn Academy, or read basic primers on personal finance to start the self-education process.
• Negotiate: Take an online course in how to negotiate salary such as those taught by “She Negotiates” or “Take the Lead.”
For a free financial planning form click this link
This is a fabulous article sharing issues facing women and finance. We want to provide information that will help you navigate this important issue. Below is a link to a comprehensive guide.