Female Financial Empowerment

by Carol Caprio

As a female divorcee and now business owner, I completely understand the trials and struggle experienced post-divorce. After taking the time to reflect and discover what direction I wanted my new life to take, I vowed to be the most independent woman I could possibly be. It will take baby steps. It doesn’t matter how long it takes, as long as you are headed in the right direction, you will find your way. Remember ladies, a man is not a financial plan. Even a great-paying job is not a safe plan. You must take steps to empower YOURSELF.

Female Financial Empowerment - Home & Realty Magazine

Let’s face it, the major barrier keeping women from becoming independent and self-sufficient is their finances. Money does not bring total happiness, but it definitely is the catalyst needed to improve your situation.  Difficult situations such as divorce, becoming widowed and job loss have many women scrambling to hold onto their homes or continue to carry the responsibilities they once shared with their spouses. Many women have no idea what to do. Do they find a way to keep the lifestyle they were accustomed to or do they downsize?  Are there children involved? Some women receive an enormous amount of transferred wealth from their loved one’s death. Many will hold on out of fear until there is nothing left. Now is the time to take control of your finances. You need professional guidance. The very first step you should take is to seek out an investment advisor.  They will become your guiding light down your path to financial independence. Many women before you have gone down this path, so getting referrals from other women can be a great idea.  Find an advisor that you feel is a good fit.  One who is ready and willing to hear about your struggles and one who cares about you, your family, and what your financial goals are. A good investment advisor will communicate clearly and explain everything to you in words that you can understand. If you sense that they are condescending or are just trying to sell you something, then walk out the door.

Females, unlike their male counterparts who often lean toward a more risk-taking portfolio, shine when it comes to a “planning” approach. Advisors can help you negotiate a loan to pay off some debt or start a new business of your own. They can refer you to an estate planner, an attorney, a real estate professional and a CPA. If you have children, they can create a plan of action to help you save for college costs or help you continue to pay tuition that has already begun. Ultimately, your main concern should be how to retire well.  Your advisor should know that you are equal partners in all of the decision-making. Improving your financial IQ by doing some self-learning in addition to hearing advice from your advisor is ideal and encouraged.

Nowadays, women are earning more and taking a more active role in their finances. Gathering with a mixed group of women who are also struggling to gain control of their independence and ones who have already been down that road and are now in control and successful is a super idea.  Successful women can share their experiences with other women on how they conquered their financial battle. It is also a fabulous way to network and brainstorm with other women by pooling together ideas for possible business start-ups or income generation as a group. Who knows, you may end up meeting your next business partner who shares the same dream you do.  There is no better feeling than having a circle of women who support, empower, inspire and share your dreams and goals with you.  There is strength in numbers.
Let’s face it, the major barrier keeping women from becoming independent and self-sufficient is their finances. Money does not bring total happiness, but it definitely is the catalyst needed to improve your situation. Difficult situations such as divorce, becoming widowed and job loss have many women scrambling to hold onto their homes or continue to carry the responsibilities they once shared with their spouses. Many women have no idea what to do. Do they find a way to keep the lifestyle they were accustomed to or do they downsize? Are there children involved? Some women receive an enormous amount of transferred wealth from their loved one’s death. Many will hold on out of fear until there is nothing left. Now is the time to take control of your finances. You need professional guidance. The very first step you should take is to seek out an investment advisor. They will become your guiding light down your path to financial independence. Many women before you have gone down this path, so getting referrals from other women can be a great idea. Find an advisor that you feel is a good fit. One who is ready and willing to hear about your struggles and one who cares about you, your family, and what your financial goals are. A good investment advisor will communicate clearly and explain everything to you in words that you can understand. If you sense that they are condescending or are just trying to sell you something, then walk out the door.

Females, unlike their male counterparts who often lean toward a more risk-taking portfolio, shine when it comes to a “planning” approach. Advisors can help you negotiate a loan to pay off some debt or start a new business of your own. They can refer you to an estate planner, an attorney, a real estate professional and a CPA. If you have children, they can create a plan of action to help you save for college costs or help you continue to pay tuition that has already begun. Ultimately, your main concern should be how to retire well. Your advisor should know that you are equal partners in all of the decision-making. Improving your financial IQ by doing some self-learning in addition to hearing advice from your advisor is ideal and encouraged.

Nowadays, women are earning more and taking a more active role in their finances. Gathering with a mixed group of women who are also struggling to gain control of their independence and ones who have already been down that road and are now in control and successful is a super idea. Successful women can share their experiences with other women on how they conquered their financial battle. It is also a fabulous way to network and brainstorm with other women by pooling together ideas for possible business start-ups or income generation as a group. Who knows, you may end up meeting your next business partner who shares the same dream you do. There is no better feeling than having a circle of women who support, empower, inspire and share your dreams and goals with you. There is strength in numbers.

ccaprio@homeandrealtymag.com

 

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