Isn’t it better to learn from someone else’s financial planning missteps than to have to learn through experience?
On our website you can read one woman’s story of how a Commission-Based advisor did not adjust his aggressive approach for her, a widow who needed to manage her money differently.
A longtime friend also had a similar experience: after her husband died suddenly, she went back to graduate school to increase her earning potential because she had been a stay-at-home mom. She gave life insurance proceeds (needed to pay college tuition for the children) to a financial advisor recommended by some of her deceased husband’s colleagues. This friend thought she was getting personalized advice, but eventually came to see that this advisor used the same approach for everyone.
While it has been great to see more in the media about why women make better money managers than men, we know that many women still lack confidence in their money management skills. In an article on women and money, Forbes.com listed some of the reasons women are timid about money:
- Women avoid risk more than men; this can come back to bite them
- Women worry more about the effect of money on relationships
- Women worry more about their financial health but lag in decision-making and self-confidence
- Women may expect different things from advisors than men
If any of that sounds familiar, it is time to shake things up. Start to question just why you are hesitant about your finances and take small steps towards taking better care of your financial health.
And remember you don’t have to manage your money without help: Claire Emory of Clarity Financial Planning, we know about the mistakes some women make when it comes to managing their finances because those women have turned to her after the fact for help and support. She is dedicated to helping people, and women especially, take care of themselves and the people they love.