Successful Financial Strategies with a focus for Women
You may be one of the millions of American women who are the primary breadwinner in their household. If so, you are likely to feel less than entirely confident in your ability to retire comfortably. Although you may provide for your family, preparing for retirement may be left more to chance. One of the reasons may be that many women hesitate to seek out fee- only financial advisors.
There is no longer any significant disparity in education or even independence. In fact, according to NPR, it was back in the 1981-82 academic year when women first received more bachelor’s degrees than men. The same NPR report says that women over the age of 25 now account for over half of the American college-educated workforce at 50.2%. Since the year 2000, college enrollment rates for female students outnumbered males across the country.
So, what makes it less likely that women take charge of their long-term financial future? Many women report that they don’t feel satisfied with their financial knowledge. Yet many hesitate to seek out fee only financial advisors.
Fee Only Financial Advisors Drop the “Investment Jargon”
Wall Street has traditionally been a male-dominated field. So, women with expertise in other areas often feel uneasy with the complex calculations associated with long-term financial projections. The jargon of finance and investment can be unnecessarily intimidating.
Fortunately, a fee only financial advisor works for you. And only for you. They spend whatever time you need, in confidence, explaining whatever you need to know. They help you keep an eye looking toward your retirement.
If your long-term financial strategy has been left to chance until now, start with a meeting with a fee only financial advisor to retake control. Talk about your goals and lifestyle hopes you’re your retirement. Be sure to ask for clarification on any concept that isn’t completely clear. For example, the ins-and-outs of compound interest are important to understand so you can make informed financial decisions. Here’s a sneak peek into the world of compound interest so you can see that you can make informed decisions about your financial future with the right explanation.
The Hype About Compound Interest
Compound interest is no secret, but it is a key to smart investing. Ultimately, time is vital for making the most of compounding. For example, if you invest $250,000 in an account that earns 6% in 20 years, you would have $801,784. However, if you wait 10 years to invest that $250,000, you would only have $447,712 in your account.
So, when it comes to investing, sooner is better! As they say, the best time to plant a tree was 20 years ago, and the second-best time is today. The same is true of investing. Talk with your fee only financial advisor to see how you can start building towards your future today!