Women control a great deal of wealth in this country. The dilemma is that many women earn, manage and receive wealth with no clear expectations or strategy about its future.
This problem is especially characteristic of two circumstances:
Divorce. A split may bring about a financially “equal” settlement, but there can be a big difference between “equal” and “equitable.” A woman may divorce only to find she has less earning potential than her former spouse, and an individual or family’s lifestyle may suffer as a result of the income reduction. This is a familiar scenario for women who have helped their spouses build a business or professional practice. Without strong wealth management and budgeting, there may be a money problem.
Retirement. The tendency is to protect the nest egg; in these times, who wouldn’t want to? Being risk-averse does have its downside, however. Some women adopt an extremely conservative investment approach, and their portfolios earn so little that their retirement incomes can’t keep up with even moderate inflation. Without a growth investment strategy, the risk of outliving your money may increase.
Don’t risk losing what you have. How is your skill set when it comes to managing money and investing? Do you wish you knew more?
Loretta Hutchinson CFP®, CDFA™, NCC is a Certified Financial Advisor with Harvest Group Financial Services and President of Financial Divorce Plan, LLC in Langhorne, PA and Naples, FL. She can be reached at [email protected] , or 215-860-6056.
Registered representative offering securities and advisory services through Centaurus Financial Inc., Member FINRA and SIPC, a registered investment advisor. Supervisory Branch: 3902 State Street, Suite 101, Santa Barbara, CA 93105, 1-888-569-1982. Harvest Group Financial Services and Centaurus Financial are not affiliated.
Loretta Hutchinson is a member of the DailyWorth Connect program. Read more about the program here.