This three-part article series takes a look at the special financial needs of women and just why it is so important for them to make provision for their family and themselves through smart planning and investments.
Welcome to the second installment of this three-part article series on the importance of women making smart lifelong financial plans, provisions and investments. In our previous article installment - Part 1 - I talked about what some San Diego investment advisors had to say, which was that this can be the case because women tend to outlive men and earn a lower life long income. This means that women typically face the need to survive for longer with less money.
Let's take a look at the next two reasons that Rancho Santa Fe's female residents, from stay-at-home moms to affluent business executives, should be smart about their financial planning, irrespective of relationship status and income bracket.
3. Women Are Also Business Owners
Women are increasingly overstepping all historic convention and becoming entrepreneurs, ruthless executives and incredibly successful business owners, which is fantastic to see. Between the years of 2002 and 2007 alone, the percentage of female business owners in the United States increased by a staggering 20.1%. And so, in addition to the typical responsibilities of many women, which include raising a family, they are also managing and running their own enterprises.
To ensure professional and personal success, the right asset management and planning is essential as this will help to protect the long term financial security and success of their businesses and their families. You absolutely can't do it all on your own and so employing the services of experienced financial planners is really advised for San Diego residents: both men and women.
4. Women Tend To Be Chosen As Custodial Parents
When divorce happens, as it so frequently does, the children go home with the mother 84% of the time. And so, if you are a mother, whether you continue to work or have quit your job to provide your kids with full-time care, you need to have some kind of financial plan in place. A savings account, some carefully managed investments and accumulated assets can provide you with the financial pillow you and your family might need in the event of divorce or some other unforeseen circumstances.
You should also sit down and think about what instructions you would like to leave behind should tragedy befall you or your husband. How would you like your estate managed and divided between your children? If they aren't of age yet, who will look after their inheritance until they are old enough? What can you do to ensure that your children have access to everything they will need to become successful, even if you or their father isn't in the picture anymore?
If you don't know the answers to these questions, it is essential that you start thinking about it and maybe even speak to your investment advisor about it. Accidents are called accidents for a reason.
Stay Tuned for Part 3
To read more reasons why wealth managers and financial planners in Rancho Santa Fe urge women to make smarter financial plans for life, stay tuned for the final installment of this three-part article series.
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