Women’s Responisibility

Women will admit to reading this article. Men will read over it with very little comment.

I had to pick this up from LinkedIn for all women. Interested? I am not going to be popular for this comment and this is going to ‘hurt’ but having said that, Women can be very naïve to the point of being STUPID. I am all for Trust in a meaningful relationship but go to point 2…. Some Men think we are an easy mark. Which brings me to Sallie Krawcheck’s  points 3, 4, 9 & 10. Maybe keep this article handy for reviewing and for those days that doubt creeps into your mind.

Sallie is a formidable career women and I am yet to find much of or any personal information about her. I disagree strongly with Sallie noting only professional women’s financial mistakes. I would include all working women, employed, or running the family home and those who choose to work from home.

I am a Wife and Mother with years of life changing experiences. I am a financial adviser/planner too. One thing I ask is for Women to please take responsibility for your own destiny.

We all make mistakes. I’ve made more than my share, it is called Life…we live and learn. If I had an approachable person/financial planner with empathy way back then…….the stress would have been less as we lived with a mix of bad and good luck and survived. Times have changed and relationships fragment. Women please get advice and financial direction for your own dignity and life choices.

Women all over the world have the opportunity to express themselves and comment on IT devices and we have access to valuable information via each other. Use it and explore.

Marcia Walsh Financial Planner Adelaide Insurance & Asset Protection Specialist Make your move:
 

Here are the top 10 financial mistakes professional women make:

1) Letting your husband or partner manage the money without your involvement. Very 1968… and not in the cool, mod way. Few of us think we’ll get divorced or that tragedy will strike, but look around. It does. You don’t want to be learning about your financial situation while you’re in shock.

2) Signing your joint income tax return without reading it. This is the mistake that divorce specialists often cite. If tax returns are handed to you at the last minute with a “Don’t worry. Just sign it, honey,” don’t. You’re on the hook.

3) Using your husband’s financial advisor, even if you don’t really like him / know him / can’t stand him. (And he is usually a “him.”) Here’s a test: at your next joint meeting, how much does the advisor engage you / speak to you / look at you? If “he” spends most of his time talking to “him,” find your own.

4) Not asking for jargon to be explained. Don’t let politeness or not wanting to look dumb get in the way of understanding your finances. Research shows that both men and women are shy of asking for explanations of financial terms; even so, men still invest while women more typically won’t. (I agree: it’s hard to know which is the worse outcome. So please just ask the questions. It’s your right.)

5) Not taking into account your greater longevity in your investing plan. If you’re married, you’re likely to live 6 – 8 years longer than he does. Does your financial plan take this into account, and your years without him? Even if both of you are “moderate risk” kind of investors, that means different things if you’re living longer.

6) Not buying long-term care insurance. Here’s a shocker: 70% of 65-year-olds will need some form of long-term care. And, again, we’re around for 6 – 8 years longer than he is.

7) Not taking enough risk. We women tend to be more risk averse in our investing. While this may sound counter-intuitive, our longer lives – and the fact that we retire with 2/3s the retirement savings of men – can call for somewhat greater (but still prudent) risk taking, to earn a higher return. This is something that many women have to push themselves to do.

8) Making the “keep working / stay at home” decision based on today’s salary. How often do you hear this: “If I leave the workforce, I’ll be giving up $x in salary, which barely covers the babysitter’s cost”? Rather than analyzing this based on a static point-in-time, it is more accurately thought of as a net present value calculation. That’s because once we women step out of the workforce, we average 84% of our prior compensation if we return after one year and just 50% (!) after three years. This earnings stream should be compared to the (admittedly tough-to-forecast) salary raises one is likely to receive if one stays in the workforce. This very personal decision may not be one based solely on the dollars; but we should at least make sure we are looking at the right numbers.[1]

9) Don’t necessarily judge a product by your old impression of it. People often tell me they simply want to ensure a steady income during retirement. When I say ‘How about an annuity?”, they most often say, “Oooh, no, not an annuity!!” The reputation of the product – driven in part by its complexity – turns them off. But it can be worth spending the time to understand and relook at a product, if it can accomplish an important goal.

10) Not seeing your money as a means to express your values. Many of us express our values through the products we buy, the non-profits we support, the way we spend our time, and the companies we work for. But few of us view our investments as just such a tool. And, indeed, back in the day, values-based investing had a fringe-tree-hugging reputation. The industry has matured, and today can represent a way for individuals to have their money work at more than just earning a financial return for them.

These are the ten that I have seen. What did I miss?

(1) In The Investing Mistake Almost All of Us Make, I wrote that almost everyone fails to recognize that, for many of us, our most significant asset is the net present value of our future earnings. Thus, many of us do not take steps to protect it or hedge it. Instead we ignore it.

Sallie Krawcheck is the Business Leader of the global professional woman’s network, 85 Broads. The network is 30,000+ women strong, with members from across industries and around the world.

 

 

 

Take a Chance and Talk

People TalkingTalk to me!

Life passes by every second, minute, hour day, and all the things that rattle around on our heads keep popping up because they have not been dealt with yet. Women are good at this ‘list’stuff especially at night. How do I know? All my friends admit to this and my clients and we know that this is par for the course.

When it comes to organising the family, work, sport, play, functions and then the groceries, cooking, house cleaning and everything else it is no wonder the thought process only happens at night. It is the only time the mind has time to reflect on the day. The days turn into weeks and then another month has passed.

Do you get the picture?

Do you get the picture?

 

If in your thoughts and concerns is the mortgage.  That usually comes first to mind.  Then the other debts, the car lease, credit card, store card, the next due utilities bill. Then someone in the family needs braces or has a dental appointment that you know will cost big time. Plus a special birthday! Ah! Not getting quality sleep?

The car registration and insurance is due and coincides with the house and contents insurance. What next? The household income has increased each year and a new increase is due next month.

The bills are always paid on time and there is money for a holiday each year, if we could organise one that would be great. The money is not the issue. It is time and security.

This is typical of family life stories.

Have you noticed anything missing? ??? What is going to happen to this family of 2 adults and 2 children if there is a loss of one income or a serious health problem causes loss of income?

Why I say, “talk to me” is that it is a responsibility to protect and look after what is precious to you.

Worst case scenario is relying on Government benefits and maybe you do not qualify! Do you really want to be waiting for Centrelink to help out?

Let’s return to the ‘list’ stuff and this time you have talked to me and valued my advice taking protection for you and the family. It is quit a different scenario……sleep at night…….and move on with your  Life. Children deserve your responsibility

No more arguements over worries of insecurity. Money being the main factor…………………….Wouldn’t it make life soooo much easier?

Happy Life! Happy Family!

Make a Plan                       Safe Guard It                      Live It