During my recent presentation, Women, Wealth, and Wellbeing, as part of the Edina Senior Center’s Lunch & Learn series, many heads were nodding with relatedness when I shared my passion for building financial confidence with women of all ages. What especially struck a chord was speaking about the need to do so sooner in women’s lives so they never cede, or otherwise don’t delay in reclaiming, their seat at the financial table.
I loved how these older women held their daughters, granddaughters, nieces, and other younger women in mind as we covered multiple planning and investing topics. It was certainly energizing for me, and underscored again how being part of supporting women’s financial health and confidence is one of the most rewarding elements of my work.
What I have found, is that underlying principles help provide the foundation for increased confidence:
- a clear, values-based planning framework and methodology,
- an understanding of the roles of your financial professionals and what coordinated, integrated service looks like, and
- an appreciation for investing fundamentals.
If you are not feeling as confident as you would like to be, you are not alone. More and more women are taking the financial reins for the first time due to divorce or death (women live longer on average) - a very difficult time to begin navigating their complete financial landscape. Also, women have shared a variety of reasons why they are not more fully involved financially. For instance, because they work in the home so their partner "handles all that," or "he enjoys finances and investing more," or "this is just how we divided household responsibilities." Then there are those who have been managing their finances on their own, yet still feel they don't have their arms adequately wrapped around the whole picture.
A holistic and individualized planning and investing approach results in informed and balanced decision-making in service to your financial priorities. It behooves you to have - or share as a couple - complete clarity around your financial plan and how your investments support that plan. Whatever your circumstance, seek out those who will meet you where you are and support your financial growth. Begin the conversation and claim your seat at the financial table with greater confidence.