How involved are you in the family finances? Investments? College funds? Retirement? Taxes? Historically the man in a relationship took care of the money and often the woman wasn’t even aware of what bills were due and how much was saved for the future until an unexpected tragedy occurs.
There is a financial expert, Carina Diamond who specialises in educating women to understand their personal finances and investment. I’m sure she is just one of many specialists, but she also happens to be a columnist for Worth magazine and the founder of Flourish a women’s organization involved in helping women network and become more comfortable with their financial future.
From a recent article in Worth’s Carina says:
Women’s longevity requires their money last even longer than men’s. Remember that it is the recurring income stream your investments can generate when you are no longer working that will determine your lifestyle and comfort level.
Married or single, all women need confidence in making sound financial decisions. The time is now to educate yourself on the basics of savings, investing and budgeting. Consult a financial advisor who really listens and is an educator, not a salesperson.
In her article the 5 Life Events Women Should Plan For, she talks about the importance of planning for the unexpected.
WIFE.org is an online resource that offers advice, training, articles and resources to help you plan and save for the future. Wife stands for Women’s Institute for Financial Education. There is a section offering advice for divorced women, taxes and retirement, family and investing but I’d recommend you check out the articles under Savvy Women. I’m sure you’ll find something that strikes a chord. Like the article If I had a Million Dollars.
The author asks the question – what would you do if you won the lottery and received a million dollars:
The answer depends on your gender: Buy everything in the world, say most men (not exactly those words, but close). Use the money to take care of my family, say most women. Isn’t it interesting that on the popular TV show Survivor, when the last two contestants were asked what they would do with the million dollars if they won, the man said he’d buy himself a new truck and a plasma TV and lots of other toys, whereas the woman said she’d use the money to pay off her mortgage, pay off her best friend’s mortgage, and send her kids to college.
How involved are you with your financial planning? Do you have a plan? Are you prepared for the unexpected? What would YOU do if you had a million dollars? Tell us on Facebook. In the meantime, enjoy this version of the Barenaked Ladies’ classic “If I had a million dollars.”