What Is a 529 Plan? A 529 plan is an investment account that offers tax…
Why Being Financially Independent is Critical for the Women of Today
With greater dissemination of information, women are beginning to understand that financial independence is critical, even though its implementation must be more proactive. In fact, according to a recent survey conducted in the country, women cited financial independence as one of their top three priorities in life! There’s more: about 30% of women find the cost of living a major barrier to being financially independent.
Are there any ways for women to gain financial independence?
Invest to gain financial independence
Women have become more independent than ever before, and while they continue to shatter norms, it is essential they understand how to grow their wealth and ensure they are at par with men. Most women find it hard to manage their money, due to lack of guidance and scattered resources.
Investing is the first step to gaining financial independence for women. What’s also important to understand is that putting your money into the right instruments is as important as other aspects. That’s because there are several events in a women’s life — motherhood, taking care of elders in the family, and more — that may lead her to take a career break. Under such circumstances, having financial security acts as a security blanket.
Also, investing early is a good step. That’s because people have a higher risk appetite in the initial stages of their careers, as compared to the later stages. Moreover, women must start placing themselves first, before taking into consideration others’ needs. It is critical to build a safety corpus that includes a diverse range of investments to secure future needs, especially with greater exposure to risks, including inflation.
A Financial Advisor is an important key professional for anyone. We work with Financial Advisors on a daily basis and understand it can be difficult to find one that best suits you, your individual needs, desires, and general outlook. If you need a Financial Advisor, we can help match you with one who shares your outlook, will understand your financial vision, desires, and needs, and help you get to where you want to be to start helping you preserve your Legacy now. Call us at 904-880-5554 or e-mail us at: [email protected] .
Read more related articles at:
Why a Woman Needs To Be Financially Independent
Financial Independence: Why Money Is Most Important For Married Women…
Also, read one of our previous Blogs at:
Wealthy Women Face Challenges in Estate and Tax Planning
Click here to check out our On Demand Video about Estate Planning.
Click here for a short informative video from our own Attorney Bill O’Leary.