Money Management and working moms – many women aren’t where they need to be
Many women know nothing about their pension funds, savings for retirement, or even the general savings. This can be a result of their husband managing the finances while the other; often the woman, deals with the day to day issues involved with raising a child. However, it is actually essential for all women to understand their finances, talking to an expert financial advisor can be exceptionally useful:
Knowledge and experience
Unless you are already involved in the world of finance it is highly likely that you do not know much about your options. A professional financial planner should have knowledge concerning all the latest schemes, savings options, risk management software programs, and tax benefits available. They will be able to guide you through choosing the right investment vehicles for your needs. You can also use their experience and knowledge to ensure you avoid the common pitfalls and have as much information as possible. This is the only way to make a truly informed decision.
Acknowledge the great importance of a financial planner
A financial planner will make it clear to both sides of a partnership where they stand financially. This will make it much easier for both parts to understand where they are at and what they need to do to get to where they want to be. A lack of understanding is often the reason that many people do not reach their investment goals!
It’s Never too soon to get an advisor (or too late)
The general perception of financial planners is that they are someone you turn to when you have lots of money and you want to make it work for you. However, this is actually not true! The best time to seek out a financial planner is when you have little money. Through their intervention you will be able to build a pot of funds and end up being one of the ones with lots of money! The sooner you utilize their services the better it will be for your finances.
The most obvious way to choose a financial planner is to seek the advice of your friends and colleagues. They will probably be able to recommend one they are comfortable with. However, you should also consider the sex of the planner. Women often respond better and find it easier to talk to other women. It may be better for you to locate a good female financial planner near you. A female financial planner may also be better at understanding the unique pressures placed on working moms and will be able to assist in a calm, yet positive way.
The effects of children
Working moms can benefit from the services of a financial planner to assist in getting their investments back on track. It is often the case that it is the mom who gives up work to care for the children. In doing so, you will reduce the amount of funds you are able to invest and save. This can have a serious impact on your retirement fund and good financial advice can help to rebuild this valuable savings pot before it is too late.
Get as much support as possible
A good financial planner will ensure that they remain up to date with all potential benefits and tax rules which can assist anyone investing money. This can be of particular benefit to a working mom as they may not be aware of the full range of benefits which are available to them. There are a variety of benefits which are available while on maternity leave, however, there are just as many which can be accessed once you return to work. A financial planner can advise and assist you in claiming the benefits you are entitled to. This will help to ensure you and your children retain a good standard of living; while saving for the future.
Today’s modern business women should know how to manage their money. It’s tough to stay organized though; which is why you are advised to seek professional guidance. Experts in finances are experienced at assessing people’s finances. They use predictions and have risk management software that can prove to be incredibly helpful. It’s always a good idea to plan ahead, and be confident that your money is well taken care of and properly invested for your kids to benefit in the future.
By Charles Goodwin and Synaptic.co.uk!