Women have unique needs when it comes to money. In this three-part series on women and money, black enterprise will tell you what you need to know when it comes to money management (part 1), investing (part 2), and tax and estate planning (part 3).
In this series, we’re driving home the point that gaining control of your finances means you’re laying a foundation for a stable future. The choices you make with your money today will determine the quality of life you live tomorrow. “It’s about equating savvy money management with expanding life choices. This is how women get empowered. Women need to see the connection between money and choices in their lives. And being on top of your money gives you the power to have choices,â€ says Manisha Thakor, chartered financial analyst and personal finance expert for women.
From learning about women who developed a money management plan or made tough financial choices while dealing with life challenges and life stages, to learning about the top five rules of investing for women, this series will feature resources and a list of next steps that will encourage you to develop your own financial action plan and build wealth that will last for generations to come.
Creating a financial plan should be on everyone’s to-do list. Financial planning is not solely for the rich, nor should it be left up to your significant other. It is important for everyone–especially women–to develop a financial plan. According to a recent study conducted by Prudential Financial, less than a quarter of women feel “very wellâ€ prepared to make important decisions about their financial futures. The Shriver Report, a study conducted by Maria Shriver and the Center of American Progress, found that in 2008, nearly 4 in 10 mothers, or 39.3%, were the primary wage earners in their family due to being single, a working parent, or because they earned as much or more as their spouse or partner. Don’t rely on the help of a spouse or wait until you make a certain amount of money to develop a financial plan. Starting this process wherever you are in life helps to prepare and secure you financially for whatever is to come. Whether you’re trying to pursue homeownership, build wealth, start a business, manage your household finances, or send kids to college, it is vital to have a plan of action in place.