Unfortunately, even in the twenty-first century, it’s a man’s world, especially when it comes to financial matters. That’s why as a woman, it’s essential to have an arsenal of financial planning tips and advice at your disposal to call on when you need help. For this reason, the team from Merit Financial Advisors has collected some insight for you here.
Below, you’ll find five key steps to financial empowerment for females, so read on!
1. Find the Right Financial Team
When it comes to finances, speaking with a team of financial experts is one of the best ways to ensure you’re on firm financial footing. This is especially true when it comes to financial advice for widows or divorcees. The right financial planning team will help you plan for the future and help you meet your financial obligations and goals.
2. Educate Yourself Financially
One of the best routes to take toward financial empowerment is educating yourself financially. Being financially literate means having a good understanding of principles like budgeting, borrowing, and investing. It’s also important to do a little research on how interest rates affect borrowing, as well as how compounded growth helps build your assets.
3. Monitor Your Credit Score
Having a clear idea of your credit score is incredibly important, especially if you plan on taking out any loans or purchasing items like a car, house, apartment, etc. This is because your credit score will directly affect your interest rates for various things and gives you a bargaining chip if you have good credit.
4. Plan for Retirement
To make sure you’re on a stable financial footing in the future, planning for retirement is key. Putting money aside to use when you retire will ensure you can meet your financial goals and obligations once you’re no longer working. You can begin making contributions to your 401K or open another retirement account.
5. Social Security
To plan for the future, you can easily determine what you expect to collect from Social Security once you’re no longer working. Although it may not be enough to support you without supplemental savings, you can still have a good idea well ahead of time.
Contact us today for more financial planning services for widows and divorcees!
For more information about our financial services, you can contact Merit Financial Advisors online today or call us at (866) 628-3508. In addition to our financial planning services for divorcees and widows, we also offer estate planning solutions, and other wealth management services.