While there are some general financial planning practices that are universal, women may need to approach financial planning in a different way than men. The Pittsburgh Courier offered “Five key financial planning questions for working women” and these queries may surprise you.
- “Do you have confidence in your investment decisions?”
Yes, the question assumes you are making some investments (and we hope that you are) but beyond that, it is important to feel good about how you invest for your future. The publication states:
“While you should always respect your own risk tolerance in making an investment, keep in mind that women tend to be more conservative with their money, and perhaps less confident.”
Readers are advised to do more research; that way, they can feel confirmed that their current investment are sound or they can opt to make other choices.
And if you are working with a professional that is not willing to answer your questions about your investments or pressures you into an investment you don’t think is sound, you can reevaluate the value of that relationship.
If you are in the in the Washington DC Metro Area, Claire Emory of Clarity Financial Planning is a Fee-Only financial advisor trusted by savvy women, men, and families to guide them along the path to financial independence.
- “Do you monitor your investments?”
Sometimes after deciding to invest, we just leave money in investment accounts and hope things turn out okay. If only it were that simple.
It is good to have investments but if you are not paying any attention to them, you are doing yourself a disservice. If you keep up with your regular expenses or look at your bank accounts, why not also monitor your investments? It is difficult to know if you have invested wisely if you do not look.