Today’s Modern Financial Family…And the Evolving Role of Women
By Nancy Gragg, CWS
Gender roles are evolving quickly in today’s day and age. No longer
are lines drawn in the sand dividing the roles men and women play in a
household. Most notable seems to be the role of women in the household
financial equation. Much of this trend has to do with confidence and education,
so let’s review some important steps you can take…
Don’t wait for a Crisis
Be responsive, not reactionary. No one likes to think about suffering a
crisis or tragedy, but good preparation can make a big difference. Having
an understanding of your household finances will make an unforeseeable
event much easier on you and your family.
A first step is to take inventory of your assets, mortgages, college loans,
insurance, sources of income and any other applicable items. Don’t
wait! Make it a point to do it today and then review it at least once a year.
Take note of what is important to you and make sure it is protected. Risk
management includes various types of insurance and a savings account that
can keep you afloat for at least 3 months if you need it.
What is/are the source(s) of your income? The money you spend during your
working years will have to be replaced. This topic can become complicated
very quickly, so working with a knowledgeable financial advisor can help
build your confidence. Select an advisor you are comfortable working with
and be sure he/she understands your needs and goals. This is imperative
to creating a proper financial plan for you.
Now that you have taken control of your financial life, it’s time
to create goals. What do you want in retirement? Do you want to put your
grandchildren through college? Create a charitable trust? Travel more?
The sky’s the limit, but planning is key!
Taking control of your finances boils down to education, so take the first
step, create your inventory and go from there.
Nancy Gragg, CWS (Certified Wealth Strategist) is founder of Advanced Planning
Solutions, Inc. a wealth management firm in Redondo Beach. She is a member
of the Torrance Memorial Professional Advisory Council.
www.APSAdvisor.com. (310) 792-2424
Securities and advisory services offered through Registered Representatives
of Cetera Advisor Networks LLC (doing insurance business in CA as CFGAN
Insurance Agency), member FINRA/SIPC. CA Ins Lic #0565038. Cetera is under
separate ownership from any other named entity.