Are you Wonder Woman or Cinderella?
Women are beautiful, multi-taskers, problem solvers, and great caregivers to everyone but themselves. In the past, many women did not earn the same income as men, used their funds to care for their families, did not have retirement plans and generally did not plan for their own future.
In many instances, the combination of lower earning power and fewer years in the workforce translated into lower retirement savings for women which could result in lower social security payments later on.
However, perhaps the biggest problem is that women do not quite know how to get started, who to ask for advice (other than friends, family and their hairdresser) and what they personally need to set on a course of financial independence. Yet women are intimately involved with money daily. In today’s world, the woman may actually be the breadwinner for the entire family: therefore, their decisions affect their loved ones.
Can you identify with these six fictional characters?
Cinderella knows that Prince Charming will take care of her. If he has not come along yet, she is still looking.
Alice in Wonderland literally fell into a financial hole. When she asks the Cheshire cat for advice, he only smirks. She does not know where to turn or how to get out of the hole!
Belle likes to share financial responsibility with her spouse but does not have an overall sense of whether their goals and objectives are on track. In fact, she does not clearly know how much they have, where it is, or how much they will need. She is not certain that her spouse knows either.
Goldilocks is independent. She goes off on her own. Without thinking, she wanders into something that looks good to her. She buys investments in oatmeal and beds. She impulsively takes charge, but is surprised when the three bears bring her to task.
Little Red Riding Hood is on the straight and narrow path to financial independence but gets way laid by the wolf. His advice sounds good but then there is her grand-mother’s advice to avoid the wolf at all costs. All she wants to do is be a caregiver to her Grandmother.
Wonder Woman is confident, empowered, and extremely knowledgeable about money and investing. She is probably working on an overall plan for her future. She reads and graphs investments and tries to project into the future. Slowly but surely she is working towards a goal.
These fictional characters are allegories of many of the thoughts that we actually have. Women are capable of completing great tasks. By helping themselves, they help their loved ones. To get started, you need to take some time to set your personal goals and objectives. Then, organize your finances. Have courage! Take that baby step on the road to financial freedom.
Suzanne H. Christian, CFP®
419 Yale Ave. Claremont, CA 91711
***The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Securities offered through LPL Financial, member FINRA/SIPC.