American women will control the lion’s share of $30 trillion in financial assets owned by baby boomers by 2030. As more women embrace their economic power, they’re increasingly tackling the fundamentals of personal finance. Here are five things savvy female investors need to know. Despite setbacks during the pandemic, the financial influence of women in the U.S. only stands to…
So, whether you're already part of this growing movement, or taking the first steps towards educating yourself financially, here's a handy list of five things you need to know.To really gain control over your finances, have several figures at your fingertips. The most important by far is spending.
Lastly, know your asset values across all your accounts — not just retirement, checking, and savings — and how you're currently invested. Ideally, keep all this information in one place where you can check in regularly . There are a host of online tools and financial aggregators that can help you keep track.No one likes to think about worst-case scenarios like job loss or illness but protecting against them is key. Build a cash reserve to cover six months of expenses .
Even those two policies aren't enough. You might also consider long-term care insurance, and an umbrella policy for property and casualty. And if you purchased insurance more than five years ago, revisit your policies — pricing and product features change.Tidying took off during the pandemic as many women"Marie Kondo'ed" their living space.
Even if only one of you participates in meetings with external advisors, make sure the advisor team resonates with both. In BCG's study, many women expressed dissatisfaction with their current wealth advice, with nearly one-third reporting that their relationship manager addressed them differently because of their gender.
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