It’s important for everyone, including women, to make smart financial decisions that steer them toward financial success. When women thrive financially, they may feel less financial stress leading to independence and the ability to accomplish various short and long-term goals. Here are several tips to make better financial decisions for yourself:
Develop a Financial Plan
A solid financial plan is essential to create a roadmap for you to follow. A financial plan addresses factors that work together, such as your income, expenses, investments, and personal taxes. Once you have your plan in place, decide which strategies enable you to meet your goals. Unsure of how to design a financial plan? Contact your financial professional to get your plan underway.
The sooner you prioritize retirement, the greater the potential to increase your nest egg before you’re ready to leave the workforce. If you work for an employer that offers a retirement savings plan, be sure to contribute up to the company match or more if possible. If you don’t have an employer-sponsored retirement savings plan or work for yourself, consider meeting with your financial professional or tax professional to determine which type of plan is best for your situation.
Advocate for Yourself
No matter your gender or marital status, it’s vital that you’re actively involved in your finances. If you have a financial-related question or need professional assistance with your finances, seek it. Remember that you are ultimately the one in charge of how you spend, save, and manage your money.
Don’t Forget to Invest
Participate in the open markets by saving for retirement and seek advice from a financial professional with questions you may have. Remember that failing to invest as soon as possible can make it more difficult for you to retire, pay for college, and meet your other financial goals. While investing may sound overwhelming and risky, it can do wonders for your financial future. If you need assistance with investing for your retirement, ask a professional to help you.
Work with a Financial Professional
A financial professional supports you and your financial goals. Rely on them as a trusted partner who will take the time to understand your needs and guide you toward the right plan. They may also provide you with guidance to help you get out of debt, save more money, and invest wisely. Do your research and find a financial professional who has experience in working with women similar to you.
Investment advice offered through Stratos Wealth Advisors, Ltd. a Registered Investment Advisor. DBA Freitas Wealth Management Group.
Stratos Wealth Advisors and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.