Did you know that 90% of all women will eventually be solely in charge of household finances? Unfortunately, that can also be very scary for some. To me this was very exciting.
I try very hard to empower women around me when it comes to financial planning. One of the reasons I wanted to do the podcast this week is because, based on a recent survey, it was found that only 20% of women feel very well prepared to make wise financial decisions.
If 90% of women are going to be solely in charge of finances, would you agree that you need to be 100% prepared to make financial decisions?
It isn’t uncommon for us to encounter a couple where the man has been the sole person in charge of the finances; this can lead to unforeseen problems if and when the husband makes decisions not planning for what will likely be his death prior to his wife’s.
Think of this: What happens if he was the primary or even sole bread winner? What becomes the financial reality if his wife is left behind and hasn’t been involved in the finances or the financial decisions?
We have seen scenarios where the woman is left without the financial resources that she needs to maintain her lifestyle.
We are not saying women have to control all household finances. What I am saying is you have to be involved. You have to make sure your voice is being heard. It is completely alright if you are married to have a different investment philosophy than your spouse.
Women sometimes more conservative investors than men. What you need to make sure of is the advisor you work with hears both of your voices.
They have to listen to concerns from both of you, because an average women live five years longer than men. Make sure both of your lifetimes are being planned for.
David expands on this further in our podcast this week. Please take a listen.
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