International Women’s Day is March 8th. The theme is #EmbraceEquity. For more information on this global event, visit https://www.internationalwomensday.com/.
SWMG believes in supporting women and families by empowering women through financial literacy. Some women manage household cashflow / balance the checkbook, some serve as the lead in financial decision making, and others have little to no involvement in the family’s finances. We are proud to partner with women clients and have helped many bridge the divide. If you haven’t been involved in your finances to date, we offer the following tips to provide peace of mind if you had to take a lead role financially for you and/or your family.
- Know your key contact people and how to reach them – within your family/friend group and professionally (i.e., financial advisor, estate planning attorney, CPA, etc.)
- Know where to find important documents and ensure you have username/password combinations for anything managed online. If possible, develop a list of accounts including where the account is held and the account number.
- Ensure you are named on accounts and have access to make payments, use credit cards, etc.
- Ensure you have designated beneficiary(s) for all accounts (e.g., investment, checking/saving, retirement, etc.).
If you have already accomplished the tasks above, then consider the following:
- Track your spending. Compare your spending amount to your income each month to determine if you have a shortfall, surplus, or a mixed bag and then discuss with your advisor.
- Work with an estate planning attorney to draft a will, estate plan, and/or trust based on your needs. This will likely include designating a Power of Attorney (POA), healthcare POA, etc.
Our advisors are happy to serve as your guide towards increased financial literacy. Let us know how we can help.
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