Did you know that women influence 83% of consumer spending1 in the U.S.? Yet, when it comes to talking about money, 61% of us would rather talk about death?2 Say, what? Why the taboo? The sooner you lean into your finances the better. Here are 10 questions to help you get started.
1. Do you have a support network to help you plan for your future?
Having a network of family, friends, colleagues and professionals you can rely on and learn from can be valuable.
2. Do you know your worth?
Be sure to get all of your financial information together in one place to get a holistic picture of where you stand when it comes to your:
- Retirement accounts
- Savings and investments
3. Are your financial goals and lifestyle in sync?
Once you know where you are financially, start to envision what you need for tomorrow.
- What do you want your future to look like?
- Calculate your net worth—figure out your current cash flow to see if you can support your vision for the future. If not, start planning now to fill the gap.
4. Are you honest about your relationship with money?
Are you a saver, or do you get a thrill from a new purchase? Do you seek predictability and plan for the future, or do you live for today? It is crucial to be honest about your money habits when working toward your goals.
5. Do you know your risk tolerance?
It’s important to know how much risk you are willing to take to meet your goals. Keep in mind, your risk tolerance can change over time. Use this calculator to help you understand your risk tolerance.
6. Have you planned for the unexpected?
Life can change overnight, have you protected your assets and your family for the unexpected? Be sure to review all of your life insurance options and how much may be right for you.
7. What financial behaviors are you modeling?
Do you have children or young people who look up to you? What are you teaching them about money and what do you want to teach them?
8. Are you getting the respect you deserve?
Your time is valuable, if you decide to work with a financial professional, make sure you work with someone who listens to you, focuses on your goals and respects your time.
9. What and who are you protecting?
When planning for your insurance needs, it is important to identify exactly what is being protected. Is it lifestyle? Income? Family or business? Knowing this can help you focus your financial plan.
10. What are you afraid of?
Ask yourself this question. Having a realistic step-by-step plan can help you conquer your financial fears over time.
Everyone has their own definition of success. No matter how you define it, having a good handle on your finances can help you own your journey.
Start the conversation today with a friend, family member, and ultimately with a trusted financial professional in your community. Take the first step today toward the future you deserve.
1Inclusionary Leadership Group, February 2017
2Women & Financial Wellness: Beyond the Bottom Line, 2018