In the last few months, two separate clients asked me if we could sit down and discuss the basic principles of investing and financial planning. Suddenly, I realized that for many women, mastering financial planning and investment concepts can be like learning an unfamiliar language.
The fact is that 90% of women will be solely responsible for their finances at some point in their lives.1 Most women are taken aback by this sobering statistic, but it’s true. Whether the result of the death of a spouse, divorce, or changing circumstances, the vast majority of women will not escape the likelihood that they’ll need to take greater control of their finances.
But women should be encouraged. Studies have repeatedly shown that women are actually more patient investors than men. According to a 2017 Fidelity survey, women’s portfolios outperformed men’s similar portfolios by 0.40% per year.2 This might not sound like much of a difference, but over 30 years that little bit extra really adds up!
Learning what you need to know to feel confident in financial decisions can seem daunting. As much as women recognize the importance of getting their financial lives on track, they sometimes lack the time to learn how financial assets work, what they cost, or where to acquire them (think investment accounts, houses, retirement accounts, or insurance policies).
For the past several months, we at North American Management have been working hard to address this knowledge gap. Earlier this month we introduced Financially Fit: Money Workouts for Women, a series of eight one-hour live webinars that I’ll host during 2018. Informative, interactive, and designed with women’s specific needs in mind, each Money Workout presents a broad financial topic, and then ties in foundational planning ideas and tools that may help lead you to broader understanding and action.
If you haven’t tried a webinar before, now may be the time. You can join the webinar from the comfort of your home, just by logging in with your computer, your tablet or even your phone. No one will ever know if you are still in your pajamas! Better yet, you can ask me questions in real time, anonymously, although answers will be shared with all participants.
I’ve included the schedule of the entire series below. We’ve already held the first one on deciphering your investments earlier this month, but a recording will be up on our website soon for those that missed it. Our May webinar, “Designing the No-budget Budget,” will be on creative ways to track and monitor your spending. This particular topic might be a good one to share with those millennials in your life.
2018 Financially Fit: Money Workouts for Women
|Deciphering Your Investments||April 18, 2018||Eavesdropping at Your Funeral||September 19, 2018|
|Designing the “No-budget” Budget||May 16, 2018||Having Better Money Conversations||October 17, 2018|
|Avoiding Financial Catastrophe||June 13, 2018||Preparing for Longevity||November 21, 2018|
|Managing a Non-Linear Career||July 25, 2018||Is There Such a Thing as Good Debt?||December 19, 2018|
I hope you are available to join us for this exciting and educational series of Money Workouts. If you are not already subscribed to our newsletter, you can sign up to receive upcoming Workout alerts by clicking or tapping here.
We hope you get lots of value from the Financially Fit: Money Workouts for Women series. As always, we welcome your thoughts, ideas, and feedback.
Lea Ann Knight, CFP®
1“Women in the Labor Force: A Databook,” U.S. Bureau of Labor Statistics, 2012.
2“Who’s the Better Investor: Men or Women?” Fidelity Investments, 2017.