Financial Advisors in Rancho Santa Fe Explain Why the Right Financial Planning Is So Important for Women, PART 3

This three-part article series takes a look at the special financial needs of women and just why it is so important for us to make provision for our family and ourselves through smart planning and investments.

Welcome to the final installment of this three-part article series on women and finances. It has been the aim of this series to explain just why it is so important for women to be especially rigorous about making lifelong financial plans and investments.

In Part 1 and Part 2, I spoke to some financial advisors in Rancho Santa Fe who explained that it’s a consequence of the additional pressures women face as a gender that may require them to be especially careful with regards to financial planning, lest they are left without the security and stability they need to look after their families and themselves. These pressures include:

1.    Women tend to outlive men,

2.    Women tend to earn a lower lifelong income than men,

3.    More and more women are becoming business owners, and

4.    Women are almost always chosen as custodial parents.

So, typically speaking, not only do women need to survive for longer with less money, but also they are almost always responsible for the wellbeing of more than just one person. Let’s take a look at two more important reasons women should be financially careful and crafty and make a solid plan that will see them through.

5.    Women Are Working Professionals

According to San Diego financial advisors, more than half of the working population (57.5%) in professional occupations is female: think lawyers, doctors and real estate agents. These are typically financially empowered roles and with financial power comes much responsibility. It’s one thing to earn a decent amount of money, but if it isn’t managed carefully, you won’t enjoy much financial security should the unforeseen happen, for example: divorce, the death of a spouse or litigation. Asset protection planning can prove especially useful for female professionals, so speak to your financial advisor in Rancho Santa Fe.

6.    Women Have Wealth!

It’s true! Women may earn less than men over a lifetime on average, but three quarters of America’s financial wealth is owned by women, which holds an approximate value of $14 trillion worth of assets. Because of this, is it essential for women to get the right tax planning and investment advice. This wealth needs to be managed carefully throughout your lifetime and it needs to be distributed after you’re gone so that you can ensure the financial security and wellbeing of the family you leave behind.

Women are also compassionate beings. If you’re in a position of wealth, you might want to consider getting involved in some kind of charity by making monthly donations. It’s tax deductible!

In Conclusion

Women are special in an infinite number of ways and it’s because of their unique circumstances – emotional, personal, professional and financial – that it’s so important for them to become educated about finances. Whether you’re a powerful business executive, a respected medical specialist, a waitress or a stay-at-home mom, financial planning stands to benefit you and our children enormously. Consult with an experienced San Diego financial advisor about your estate, investments and finances so that you can plan the most secure, stable and successful future for yourself.