By The Cinder Girls
Roughly 90 percent of all women will be in charge of their family finances at some point in their lives.
Since women are living longer, female investors face unique opportunities and challenges when it comes to growing and maintaining wealth. Managing money after a divorce or the death of a spouse is very stressful because our emotions are on high alert.
Take a deep breath!
Many challenges and fears exist. Often, women are already juggling their families and parents. They are emotionally exhausted and would rather not take on one more responsibility. They fear that they will miss something or worry that they may take on too much risk.
Most couples split the duties of marriage and a lot of times, the man takes on the role of the investor. Women who were not initially involved in the investment process, are afraid they won’t understand how to jump in and manage accounts.
Here are eight powerful ways to eliminate your fears and help maintain financial control:
- Know your financial picture. Make a list of everything you own and a list of everything you owe. Also, write down all your login Id’s and passwords so you know how to access your information.
- Build your own credit. Put money in your own name and make sure credit cards are in your name to build credit.
- Understand your sources of income. Salary, business income, social security or retirement accounts.
- Go through your insurance. From health, disability, life, to long-term care.
- Set clear, defined goals: short and long-term. Retirement, education second home, travel, philanthropy, etc.
- Identify your money issues so you can take control.
- Get advice. Interview several advisors and do some learning on your own. The more you read and learn, the easier it will be.
- Set your path, revisit and update plans on a regular basis.
Just dig in…and start. Be as passionate about managing your money as you are with your relationships, career and family. The more you know, the more confidence you’ll achieve to pursue your goals.
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