In celebration of Women’s Equality Day on August 26th, we asked our advisory teams to itemize some of the top financial planning items they recommend to their female clients, sisters, mothers, daughters and friends. Here are the top 5 that made the cut:
- Take inventory of all your accounts (know where your money is!) – use this to create and maintain a financial snapshot (balance sheet)
- Contribute to an employer sponsored 401k if applicable and/or a Roth IRA (be sure you are educated on the annual income limits and other specifications for these)
- Make sure beneficiary designations are correct and up to date
- Evaluate your insurance coverage(s) and ensure they are adequate for your life style/stage (i.e. P&C, Life, Disability, LTC, Umbrella, etc.)
- Become educated on your comfort levels with financial risk and what types of investments you hold (think growth vs. value, large/mid/small cap stocks, bonds, international, real estate, and other private equity options).
Women’s Equality Day is all about uplifting and empowering women, and marveling at how far women have progressed, defying all odds and oppression. General traditions include men and women expressing gratitude to influential women in their lives, supporting local businesses run by women, and celebrating womanhood with your girl gang and special ladies.
At HoyleCohen, we pay special attention to our female clients and strive to be a collaborative partner to them in their financial and overall life journeys. Headed by two dynamic and passionate wealth advisors, our Women & Wealth practice, offers support and expertise to women in transition, women business owners and entrepreneurs, and partners/pouses who want to learn more about how to manage their financial life. Click here to learn more.
