Why the Right Financial Planning is so Important for Women, PART 1

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  • 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

    article series.

    Thanks for Reading