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What All Women Should Know About Personal Finance

What All Women Should Know About Personal Finance

By Wealth Management Solutions 

Today women are taking charge of their lives and breaking the traditional mold of being financially dependent on men—yet many still feel underserved or overlooked. Despite strides in recent years, they continue to face unique financial challenges, like longer life expectancy and added financial responsibilities of caregiving.

It’s important to understand these challenges and give women the support to establish financial stability, for themselves and their families. Let’s talk more about why personal finance for women matters, four essential tips every woman should know, and how a financial partner like Wealth Management Solutions helps you take control of your finances.

1. Increase Your Earning Potential

Women face unique challenges when it comes to increasing their earning potential. Around the world, women account for only 38 percent of wealth versus 62 percent for men. In low- and lower-middle income countries, women account for a third or less. But with the right strategies in place, women can still make wise moves to increase their income and build a solid financial future. 

Consider investing in your education and skills development. Maybe it’s going back to school to earn an advanced degree or certification, or taking on additional training or professional development opportunities to expand your skill set. Investing in yourself offers the chance to become more competitive in the job market and earn higher pay.

Another strategy to boost income is negotiating your salary and benefits. Many women avoid negotiation, but it’s a critical skill to have in today’s workforce. Research industry norms and salary ranges for your job title and experience level, and come prepared to negotiate with specific examples of your achievements and contributions to the company. Sure, your employer could say no—but if you don’t ask, you’ll never know.

2. Proactively Invest

Women have a longer life span than men, so they need to save more for retirement. Taking a proactive approach to investing (in stocks, bonds, and other assets) allows women to earn higher returns and build a steady foundation of wealth over time.

One way to start investing is by opening a brokerage account and researching different stocks and mutual funds. Do your own research and invest in companies and funds that line up with your personal values and financial goals. It’s also smart to diversify your portfolio by investing in a mix of stocks, bonds, and mutual funds.

To take control of your finances, consider working with a financial advisor who specializes in helping women manage their money. You need a trusted financial advisor to create a personalized investment plan that accounts for your current financial situation, future goals, and risk tolerance. They can also offer valuable guidance and support as you navigate money challenges. A Wealth Management Solutions advisor can be the perfect partner!

3. Build a Strong Community

A strong community is essential for financial stability, creating a safety net for you to fall back on in hard times. Women have faced systemic financial challenges for years, but working together, sharing resources and knowledge, and supporting each other helps break down these barriers and reach financial independence

A community of like-minded women focused on personal finance can be a valuable support system that encourages growth, accountability, and learning opportunities. With a strong network, women can amplify their financial power, creating a brighter financial future for themselves and their families.

4. Don’t Go at it Alone

Do you get overwhelmed when thinking about the future? As a woman, you have unique issues to consider: What if I live longer than my spouse? What if I have to care for my mom after my dad passes away? Even putting aside the emotional effects, the financial implications alone can definitely cause a great deal of stress! And the time demands for caring for others limits your time to generate income and limits the ability to take on higher-paying, riskier jobs.

So what do you do? You don’t have to walk this journey alone. Wealth Management Solutions can design a personal plan that takes into account more variables in life, less risk in investments, and more goals to address the unique issues women often face.

With Wealth Management Solutions as your partner, we’ll prepare you—financially, emotionally, and psychologically. Don’t let fear or lack of knowledge hold you back. Take the first step toward financial empowerment today by scheduling a complimentary consultation at (949) 475-9700 or info@wms-llc.com

About Wealth Management Solutions

The story of origin: Wealth Management Solutions was created in 2003, following the personal family tragedies felt by both partners of the firm. First, Richard Riva, the founding partner, lost his father unexpectedly and before any legacy planning was done that could have extended his family’s legacy beyond the fourth generation. Secondly, Martin Lombrano lost his father before plans and strategies were designed to protect his family’s wealth and legacy. Our partners and team members all share similar experiences due to a lack of planning for their families and are committed to our clients not experiencing the loss of their legacies due to a lack of planning. This is why we say: Our Planning; Your Future. 

All investing involves risk, including loss of principal. No strategy assures success or protects against loss.

The opinions voiced in this material are for general information only and are not intended to provide specific investment advice or recommendations for any individual. 

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