Women are speaking up more and more these days. Speaking up for what they believe in….equal opportunities, equal pay, a safe work environment, having their voices heard in political matters, and their overall right to be happy.
As a Financial Advisor, I meet many women who have never had a meaningful role in their family’s financial decisions. These women, many of whom are recently widowed or divorced, were never part of the process of managing their investment portfolio or an annual financial review. Due to their immediate circumstances, they are now obligated to begin learning how to manage their finances at the most inopportune time.
As a working mom, I understand the need for division of household duties. However, that doesn’t mean we need to fully relinquish our involvement in our family’s financial future. I believe that women should hold on to that responsibility, even if on a limited basis. Your and your family’s financial well-being is too important to let entirely go. There are many ways to be on top of your finances without assuming 100% of the responsibility.
Take That First Step
My message to all women not previously involved in their finances is this: Take that first step. Ask the questions you need to ask. Sit down with your spouse/partner or call your financial advisor directly; your questions and overall discussion will likely be well-received. It is your responsibility to make it happen.
Some things you should find out (if you don’t already know) include:
What is your current net worth?
How much debt do you have?
What is your household income?
What are you spending/saving annually?
How is your portfolio currently invested?
Do you understand the information included on your income tax return when you sign it?
Do you know your current estate plan and what the new tax law means for your family?
Additionally, when it comes to your investments, are you losing sleep at night after the strong 2017 market returns? Do you feel anxious when you hear news regarding the financial markets? Does your current investment portfolio allocation take into consideration your feelings towards risk? These are issues that you and your spouse should address with your financial advisor.
Building Empowerment with Our Finances
I’m glad to see the increasing movement toward women’s empowerment. It is long overdue! While some issues are not yet within our control, some certainly are. Finance is not an easy topic to learn, but it can be done! Round Table Wealth Management is excited to launch our new Women at the Table quarterly newsletter to help you get started. Your future self will thank you for spending a few minutes with the salient articles. Trust me.
If you would like a review of your investment portfolio or need help in getting answers to these questions, contact a Round Table Wealth Manager today. Visit us at www.roundtablewealth.com.
Mariella Foley is a Wealth Manager with Round Table Wealth Management since 2000. Her focus is working with women to help them gain greater control of their finances. Mariella’s responsibilities include all aspects of wealth management such as investments, income taxes, cash flow management and overall financial decision making for her clients. She is a Certified Financial Planner TM (CFP®) and a Certified Divorce Financial Analyst (CDFA®). She can be reached at Mariella@roundtablewealth.com or 908-374-2570.