Five reasons women need a financial plan, even more than men

Everyone should have a financial plan, but, if you ask me, nobody needs a financial plan more than a woman.  Why?  Here are five good reasons:
1. Women live longer than men, so if a woman is part of a couple, she is more likely to be living without a spouse — or a spouse’s income.
2. Since women do have longer life spans, they may require more expensive care in their later years.  This could result in spending those “golden years” at the poverty level.
3. Women are more optimistic than men for the most part about personal finances, so they’re more likely to count on “things working out.”  By the time they do look at their personal finances, perhaps after a divorce or the loss of a spouse who managed their personal finances, it could be too late to hit the “REDO” button.
4. Overall, women earn less than men.  So they need financial planning more than men, to make sure they have enough to support their lifestyles and reach their goals.
5. Many women leave financial matters to the man in their life. This can be very comforting, as long as that man is there. But if and when he is not there, the woman has a lot of catching up to do — intellectually and financially.  Getting a financial plan now, will provide that financial education, and get you ready for any eventuality — especially the eventuality in which you have to manage your money all by yourself.
Of course, not all these five reasons apply to all women, but I hope you see enough good, common sense in these concerns to cause you to take a look at pay attention to your financial situation now.
And, the best way I know how to do that is with a financial plan.
Once a woman has decided that she does want a financial plan, she faces one more hurdle — where to go for that plan?Many people think the only place to get financial planning is through a commissioned sales person at an insurance agency or a stockbroker, or through a “wealth advisor” who demands a minimum amount of “investable assets,” often with a million dollar or more minimum investment threshold.
I think there’s a better way. Use an independent, hourly certified financial planner (CFP®) — someone who does not sell financial products, receive commissions and does not have a minimum.  That’s one way a woman — or a man, or a couple — can get advice that is 100% objective and unbiased.
Piggy Bank
Don’t let a failure to plan rock your boat?   
So don’t fail to plan or plan to fail in your financial life. Call me, an independent hourly certified financial planner at 415 785-3268.

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