Financial Education
As we listen to your concerns and answer your questions, we will arm you with the knowledge you need to have as a woman dealing with your own, often more complicated, finances.
Talking about money, numbers and stock market results may not always be exciting, but it is a reality of life. It may even become enjoyable when talked about in terms of your future and Goals.
We want to learn more about your personal situation, identify your dreams and Goals, and understand your tolerance for risk.
Family Responsibility
Many women take more time off from work to raise children or care for parents. This can mean time off from a career, slowing their progress in advancements, raises and promotions. It can mean prioritizing flexible schedules over high-paying positions. Many women only weigh the loss of a paycheck when deciding to take time to care for family, but there are other costs, such as the loss in income to save and invest, as well as a decrease in Social Security benefits.
If woman are not eligible to participate in a retirement plan through work or do not have one, they have to be more proactive in setting up and saving for their retirement. There may be other financial benefits missing, like HSAs, financial wellness education programs, and employer subsidized health insurance.
Financial planning for women is of critical importance – proper planning can be done to account for time off from formal work. Through savings and budgeting strategies, you can make wiser decisions when money is less than it usually is.
Gender Investment Gap
Markets rise and fall, seasons come and go, but one thing that seems to remain a constant is the gender investment gap. For years, it has been clear that women generally are more likely to save and less likely to invest than men.
Investing helps us grow our savings, build wealth, and support projects we believe in. But the gender wage gap and other barriers often put women at an investing disadvantage compared to their male counterparts.
Whether you’re just getting started or want to build on what you’ve begun, investing isn’t as tough as you might think - especially with the right team on your side.
Divorce
Divorce can be a hard financial pill for a woman to swallow.
In many divorce settlements, women tend to bear the larger part of raising children. This can mean deciding to take the house instead of the 401(k) in a settlement so that the children can stay in their schools and home. Unfortunately this results in many women having a less robust financial portfolio down the road. Add the fact that being the caregiver can result in lower income and less career advancement, and women can potentially wind up with much lower retirement savings down the road.
Divorce is a time of transition, and when it is appropriate, there is the opportunity to create something new and redefine your Goals. During times of transition such as these, creating a strong financial plan is an important part of recreating and building your new life.
Death of a Spouse
Losing someone close to you may be one of the most difficult seasons of life that you will ever face.
Timpanogos Financial Advisors can help you navigate this confusing and difficult time by taking financial concerns off your plate, allowing you to process your grief without added stress.
Remember that you don't have to decide anything until you are ready, and most financial matters are not as pressing as they seem. We have you covered.
Women and Financial Strategies
Budgeting After a Divorce
