Despite the fact that the great majority of women will be in control of their household finances at one point in their lives, some may lack the confidence or knowledge to make wise financial decisions alone.
Although patterns are changing, a woman will generally spend more time out of the workplace, earn less and live longer than her male counterpart. With less money needing to last longer, women need to be prepared to handle all of their own financial decision-making.
Getting Started
It’s never too late—or too early—to start taking an active role in your finances. If you haven’t been involved in your family’s finances to this point, becoming organized is a good place to start. Everyone, both men and women, should keep an organized, updated record of all assets owned in their name, their spouse or partner’s name and their minor children’s name. This record should contain account numbers, institutions where accounts are held, approximate value and legal ownership. This information will be helpful should an unexpected event occur, such as the death of a spouse or divorce.
In addition to keeping an organized record of assets, you should begin reading financial publications and meeting with your Financial Advisor. Your Financial Advisor can help answer any questions you might have about your individual circumstances.
When Things Do Not Work Out
A sad fact of American life is that the majority of married co
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