Did you know that women age 50 and older control a net worth of $19 trillion and own more than 3/4 of the nation’s financial wealth? That’s no small number. And it’s growing every day. In today’s world, many women are holding the power positions in their family. More and more women are working full time, and making more money than their male counterparts. These statistics go to show you how powerful women are in the American workforce, homes, and consumerism. With women controlling as much wealth as they are, it’s important to have a clear understanding of how to manage it. Empower yourself with these quick tips:
Get involved: Don’t be in the dark when it comes to the state of your finances. How much are you paying monthly for car insurance? Bills? Mortgage? Student loans? Do you have disability income insurance? Do you know how much you are contributing to your employer's retirement plan? Is your company matching that at all? What about life insurance? This is just the beginning of the many questions that you need to know the answers to.
Learn the basics: Once you have a clear picture of where all of your money is going, take the next step to learn how to use products and strategies that give you more benefits, protection and wealth. You should work with a professional that is equipped to help you analyze your financial picture as a whole. If you have financial professionals consider using a Macro Manager™ so you don’t lose wealth and opportunities.
Take action: Get started by first insuring yourself for your full replacement value, increase your savings to equal at least 15% of your income, and secure 6 months worth of living expenses in liquid accounts. If you don’t have protection, you are vulnerable to loss. In addition, access to capital is also important to stay consistent and persistent with your plans. Once you have done these three steps, you can consider putting money towards retirement and growth.
And find the professional who fits your life: This is so important. Just because one of your friends really likes their financial professional doesn’t mean they’re the right fit for you. Find someone who understands your lifestyle and can help you make the right decisions at the right time. When working with a Leap Professional, you’re able to see your entire financial picture. This way, you’re always sure that your money is working together to produce optimum results for you and your family.
With women holding such power over wealth, it’s important that we empower ourselves to take control. Like I always say, own your financial journey.