Why the Right Financial Planning is so Important for
Women, PART 1
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.
To say that women have special financial needs and can benefit
enormously from careful planning is no sexist statement. There are
many reasons that it is absolutely essential for us, frequently more
so than for men, to make smart financial plans, provisions and
In this three-part article series, I will be presenting what a panel of
experienced Rancho Santa Fe asset management professionals had
to say about this. So, if youve convinced yourself that you dont need an estate plan because your husband is the one who takes care
of all your familys financial affairs, or you dont need a solid financial plan because youre a high flying business executive who makes a killing each year, think again!
Its time to sit down and start making those plans irrespective of your relationship status or income bracket because you never know when tragedy might leave you and/or your family without financial security.
1. Women Tend To Outlive Men
According to statistics, the average Rancho Santa Fe female lives approximately five years
longer than the average male. This means that women need to feed, clothe and support
themselves for five extra years and presumably non-working years if they are retired.
If they are married, it also means that women are likely to outlive their husband and so
may come into quite a bit of wealth when he passes away. This is when the right financial
planning becomes so important, because its now up to them to make the last arrangements with regards to their estate and the distribution of wealth amongst their heirs.
Timely estate and financial planning well before a spouse passes can save you a lot of
trouble and a lot of financial strife, according to Rancho Santa Fe asset management
professionals. With a solid plan in place, the proceedings can commence and run
unhindered, giving you and/or your heirs faster and less complicated access to funds.
2. Women Tend To Be Lower Income Earners
Its a terrible shame, yet in spite of how far weve come as far as gender equality is concerned, women still earn
approximately 20% less than men. In 2010, for every dollar
men earned, women earned 81.2 cents. While this has
absolutely nothing to do with capability, many business firms
still prefer to hire men because they tend to be more career-
focused and dont get side-tracked by having families.
Women on the other hand, not only tend to earn less, they also
work less than men and this is almost always because they
need to take time off to have children and raise a family. With
a lower life-long income, Rancho Santa Fes female residents can find it harder to save than men, and yet it is incredibly
important considering they are likely to outlive their
husbands. A good investment plan can help you build your
financial nest egg.
Stay Tuned for Part 2
To read more reasons why financial advisors and wealth managers urge women to make
smarter financial plans for life, stay tuned for the second installment of this three-part
Thanks for Reading