Female and male executives both need wealth management for a financially secure future. However, their outlook can be very different. It is important for financial advisors to use a personalized approach when planning to help each individual achieve their personal goals.
While everyone’s timeline and strategy is going to look different, here are some general wealth management tips for female executives in 2022.
Account for Income Fluctuations
It is a basic assumption that income grows as time passes. Rarely will individuals take a step back and reduce their income, but rather move forward into higher paying positions. With women, there are frequently income fluctuations. They are often caregivers for the family, whether that means raising children or caring for ailing parents.
Leaving the workforce for a short time can put a large dent in their lifetime earnings. Work and life priorities need to be taken into consideration when creating a plan for the future.
Always Ask Questions
Women naturally have more questions and concerns about their financial planning than their male counterparts for any number of reasons. This is why it is important to seek out a wealth management firm that works collaboratively with their clients, educating them along the way.
Not everyone fully grasps the ins and outs of financial planning, but it is very important to your future so it is something you should understand. Always ask questions, discuss your goals, and know your options.
Prioritize Yourself
Women are nurturing, always looking out for others before themselves. But, the truth is, if you don’t take care of your own financial future, how will you be in any shape to help others?
If you are more successful financially than your sibling, your adult children, parents, your best friend – it can make you want to help them out if they struggle through hard times. This is a great way to quickly deplete your wealth. Before you let that happen, take steps to have your own wealth management plan in place first.
Budget for Investments
A prudent investment strategy is vital to your future wealth. It is important that you put money aside to invest in any way you and your financial planner see fit. It should be an essential task on your budget list, just like your electric bill or insurance premium.
Many people live paycheck to paycheck. Even those who make sizable incomes. But spending all your earnings on monthly expenses and indulgences leaves no room for future financial stability or peace of mind.
Set aside savings regularly and invest according to your plan.
ICC provides clear, unbiased guidance for female executives and it is backed by a team of experienced fiduciary financial advisors. To learn more about the services they offer, visit www.ICCNV.com.
