Women and Financial Planning
Friday, July 14th, 2006
We have posted a new article on Finance News Today titled “Financial Planning For Women” Here is an excerpt from the article.
The gap in earnings between men and women has begun to close. The problem is the gap in responsibility hasn’t. Many women have handed their financial lives to the husbands. This action leaves them completely unprepared on how to handle themselves and their finances in the event they become widowed or divorced. The following steps will help women gain control over their family’s finances and learn a lot along the way for themselves.
Create a Vision for Yourself
How do you see yourself financially? Are you dependent on someone else for income and retirement needs? Are you independent and see yourself on equal footing financially with your spouse. You need to know where every hard earned dollar goes, whether you handle the finances of the family or not. Once you know where every dollar is spent, you can make conscious decisions on how much money is spent and how much is saved.
Know Your Economics
Learn the account numbers of all your family’s savings accounts. Write down the numbers, what institution they are at, and whether or not they are joint or individually titled. Also be sure you know where all your documentation is when it comes to things like living wills, healthcare, life insurance, power of attorneys, etc. Take the time to read and understand them.
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