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Become the CFO of your Life: A Woman’s Guide to Financial Independence

Become the CFO of your Life: A Woman’s Guide to Financial Independence

March 09, 2020

“I always believed that one woman’s success can only help another woman’s success.” – Gloria Vanderbilt.

Boss. Business Owner. Mother. Wife. Partner. Caregiver. No matter your title, all women should feel empowered to make financial choices for their lives with confidence. Women already control more financial matters than what is perceived.

  • The U.S employment rate among employed women with children jumped from 37% to 65% in four decades.
  • 41% of women surveyed are making financial decisions alone.
  • Women are estimated to control 66% of consumer wealth in the U.S. over the next decade.

All of this to say, it’s important to have strong financial literacy. Become the Chief Financial Officer of your life by taking charge of your finances. By understanding your current situation, you plan, protect, and prepare for your future.  

Here are some actionable steps you can take to begin planning or better position yourself for financial freedom:

  • Get Educated & Organized
    • Be Open & Ask questions
      • Take charge of your finances by being an active participant in your financial decision making.
    • Seek guidance from professionals
      • Camille Snyder, Financial Advisor and Managing Director, shared, “The best advice I can give other women is to work with a financial professional who can help you become more organized, educated, and empowered financially. Take your time in selecting the financial professional who is the best fit for you and your family.”
    • Work with someone who can be your Accountability Coach
      • “Initiate money conversations and foster a healthy way of communicating on a regular basis,” encouraged Financial Advisor, Nancy Du, MBA, RICP®. “Focus on aligning values and financial goals, so you can work together to build your financial future.”
  • Understand Your Balance Sheet
    • Where does your money go?
      • It’s essential to have a complete understanding of your cash flow. From when it enters your account, what percentages are allocated to saving and spending, and what you do with what might be left over; there should be an intentional and efficient process.
      • Do you have a good grasp on your expenses? You should generally know your daily and monthly bills, along with lifestyle expenses and how your spending helps or hurts your short and long-term goals.
  • Protect Today
    • Protect your life and income by considering the most appropriate insurance policies for your unique situation.
      • “To truly empower ourselves and achieve financial freedom, we must make sure that we protect our income no matter what life throws at us,” shared Financial Advisor and Director of Brokerage Sales, Shannon Hsu.
    • Ensure your beneficiaries are protected in a comprehensive estate plan.
  • Plan for Tomorrow
    • Budget & Save
      • Have an Emergency Fund
      • “Create a position of strength, both financially and personally, by saving 20-25% of your income,” urged Financial Representative, Anna Kindley. “Time is of the essence. By doing this now, you’ll have more options later in life.”
    • Invest in your future
      • Consider your investment strategy and plans for retirement.

All of this takes planning, and it’s important to understand how to create a balanced financial strategy. A financial professional can be one of your best allies in developing a comprehensive, holistic plan that addresses all of your goals and needs. They can help you:

  • Develop strategies that balance competing financial goals
  • Understand what the numbers really mean
  • Determine when you can retire
  • Tell you what’s realistic or unattainable
  • Find ways to increase your retirement savings
  • Monitor and make adjustments over time

Remember, you’re the CFO; you’re in control of your future, so take the time to understand your finances and become confident you’re on the right path. Work with a financial professional to help you achieve the protection you need and reach the goals you set for your future.

Start by downloading our free Empowering Women for Financial Freedom workbook and get connected with one of our experienced financial professionals today!