As women, we create, control, and influence an enormous amount of wealth around the globe. We are, increasingly, business owners, senior business leaders, and managers. We are also more likely than our male counterparts to be primary caregivers, face significant retirement income gaps, outlive our spouses and be financially unprepared to do so.
Although we control an estimated 51%, or $22 trillion, of our nation’s wealth, we as women under-engage with our finances. (The Economist: “Women’s Wealth is Rising,” March 2018)
Today, more than ever, you have a vital role in the decision-making process about your family's wealth and finances, whether single or as part of a couple. From investing to financial management to retirement planning, here are five steps you can take to protect and grow your wealth—and better manage your financial future.
- Know your numbers. Get your financial house in order. Gather all documents and take the time to add up your assets and liabilities. Track your spending: is it aligned with your priorities and values? Look closely at what you need now, what you think you’ll need in your lifetime, and what you want to leave behind.
- Get paid what you deserve. It’s all-too-common knowledge that women are paid 77 cents to the dollar of a man doing similar work. Research what you should be paid for the work you are doing and get in there and negotiate. Know your value and expect to be paid what you’re worth.
- Make retirement planning a priority. It’s never too soon or too late to take charge of your financial future. Contribute at least to the limit of the company match to your company retirement plan. Don't have a company plan? Open an IRA. The point is to save as much as you can, as soon as you can. And while you’re looking to the future, make sure you (and your partner, if applicable) each have adequate life insurance, a will and a living trust.
- Don’t just save: invest. While investing is obviously contingent upon your own unique risk tolerance and your overall financial health, not investing in the stock market can mean missing out on long-term gains that can help you achieve your goals. For a long-term goal like retirement, you’ll want a diversified portfolio that has the potential for growth—and gives you time to recover from stock market fluctuations.
- Team up with an advisor—today. Working with a qualified wealth advisor can give you a roadmap and plan of action for your financial future. An experienced wealth advisor will take the time to look holistically at your life and understand your goals so that you can build a comprehensive financial plan and portfolio to match your needs. A good advisor supports you like a personal trainer, guiding you, giving you the tools to work with, and keeping you on track. More than a financial plan, that support can give you real peace of mind.
Rachelle Packard, CTFA, CFP®
Senior Financial Advisor
Senior Vice President
If you are looking for a financial advisor to help grow your wealth and protect your future, the Enterprise Wealth Management team can help.
Investment and Insurance products are not a Deposit, not FDIC Insured, not guaranteed by Enterprise Bank, not Insured by any government agency, and may lose value.