Information is power. As hard as it is to sit down and focus on your finances (especially when you know the news will be depressing), there is no easy way towards financial power. Isolating your basic living expenses, and then factoring in debt pay-down, savings rate, and luxury spending will empower you to live below your means, thereby creating true financial security.
Do you want to help lower your taxes and increase your retirement savings? A Roth IRA, with its tax-free growth potential and tax-free withdrawals for you and your heirs, is a way you may be able to do just that (as long as certain requirements are met). And those are just a few of the benefits of a Roth IRA.
Women are becoming more educated about personal finance then ever before. We are climbing the ladder to the top of all professions, caring for elderly parents, sending our children to college and managing investments and real estate. However, there is still a gender divide in personal finance; many women feel nervous about managing their own money, defer to their husbands on all investment decisions or feel uncomfortable asking what they think will be “dumb” questions about investing. There is an enormous need for financial education that is accessible to women, as they are hungry for the knowledge they need to manage the issues that are arising in their lives. Our natural instinct to protect our families and ourselves needs to be applied to our own financial life. We are in charge of our own future, and the same concern we have for our loved ones we must have for ourselves.
In sum, when considering a Financial Advisor: BUYER BEWARE! I have worked side by side with some of the most successful Financial Advisors in the Industry, and I can assure you that not all of them (in fact not even most of them) have their client’s best interest in mind when making recommendations. Financial Advisors are generally paid through some form of commission, either a straight commission on a particular trade. Remember, the financial services industry is an “eat what you kill” environment. Read more to get the facts!