Women benefit greatly when they take charge of their finances.
This applies to women from every walk of life, whether they are a recent college graduate, a working professional, a homemaker, or even a retiree.
As a certified financial planner practitioner, I’ve found that the advice I give my clients often sounds like the spiel given to you on an airplane before it takes off: “If the oxygen masks drop on the airplane, you must help yourself before helping others.”
The same is true with your finances. If you can prioritize helping yourself and taking charge of your own finances, you will be better able to serve your loved ones throughout your life.
After all, women statistically live longer than men. At some point in her life, a woman will likely be the manager of her finances.
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I am a firm believer that the decision to be proactive with your finances, rather than reactive, will prove to be beneficial.
Women are best served when they can do the following three things:
Know where you stand today
Ask yourself the following questions: What is my cash flow? What is my net worth? How much am I saving? How much am I spending? Is my emergency fund sufficient?
Knowing where you are today will help you take control of your money and be purposeful with your current and future financial resources.
Make and achieve goals
Consider what you’d like to achieve with your money: Is your goal to buy a new car or a new home? Is it to retire at a certain age? Or to save for your children’s’ college education?
Regardless of your goal, the ability to reach it requires planning. The sooner you are able to identify your goals, the faster you can work toward them.
Prioritize financial independence
Whether you are single, married, divorced, or widowed, education and knowledge will always be powerful.
The ability to make your own financial decisions confidently as a woman is important — so, put a priority on filling in any gaps that you may have regarding money to help build that confidence. The only constant in life is change; financial independence means being financially stable no matter the situation.
Taking charge of your finances is an important part of living a balanced and fulfilling life.
I invite you to empower yourself and learn more about your financial picture today.
If you’re unsure of where to start, consider working with a financial advisor who can help to guide you on a life of financial purpose.
Jenny D’Ambrosio, a financial adviser at Warbuton Capital in Tulsa, is a certified financial planner practitioner and a financial paraplanner qualified through Kaplan Financial Education. She is focused on working with wealth accumulators, retirees, women and young professionals.
Are you feeling some pressure when it comes to your holiday shopping this year? If you plan to use or open a store credit card account, there are some good and bad cards — and things to know — before you decide to swipe it as your payment. Host Teri Barr is talking with Melissa Lambarena, a credit card expert with NerdWallet, to learn why it’s important to slow down and think about financing your purchases with a store credit card. Lambarena also breaks down the pros and cons about using these types of cards during the Holidays, or anytime.
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