I am often asked to describe my ideal client. Two demographics that I truly enjoy working with are mid-career professional women and couples. What I like about this stage of life are the multitude of financial priorities these individuals and family’s face and the clarity financial planning can bring to their lives. Common goals include maintaining financial organization, understanding their day-to- day finances, and analyzing financial risks and opportunities. Ultimately, they are seeking a financial coach to help them protect their financial assets, communicate about money matters and keep them accountable to a personalized financial plan. I have found a common trait of my clients is that a smart woman decides to purse financial planning. I emphasize the term “smart” because intelligence can be a big hurdle in hiring a financial planner. I often hear from individuals, “I have a Law degree, a Master’s degree – I should be able to handle finances on my own”. To those who make it a priority and have the time to follow through, fully comprehend taxes, estate planning, investing and other financial topics, I encourage them to go for it! However, managing finances often takes a back seat to daily life and is not made a priority. If you find that managing your finances has been on your to-do list for several years without any movement, it may be time to take the next step. Reading a book is a great start. Formulating a plan and scheduling an initial meeting with a financial planner, meeting with your existing financial planner or attending a workshop can motivate you to take some actionable steps and get you on the right track.
The 2013 ProLiteracy Study shared that although women want to learn more about their financial lives, the top three reasons preventing women from having more control of their finances are:
- Lack of Time (41%)
- Work, children, household tasks (38%)
- Lack of confidence with financial management (23%)
While I can't magically create more hours in a day or decrease the demands of your work, family and home, a good financial planner can educate you in a clear, simple and sometimes humorous manner to increase your Money Intelligence. Your Money Intelligence is defined by wealth psychology expert, Kathleen Burns Kingsbury as "one's overall money know-how and is made-up of three components: knowledge, skills and insights regarding money”. And increasing your Money Intelligence is one of the best ways to overcome #3 above, lack of financial confidence and join the ranks of “smart” women who plan.
If you have an interest in learning more about financial planning for women email firstname.lastname@example.org. We will invite you to a future Women & Wealth workshop during which we will explore your money mindset and reasons to take action and then walk through what financial planning entails. Invest time in your financial life with the potential pay-off of Money Intelligence, financial confidence and some fun amongst a smart group of women!