5 Steps to Financial Empowerment for Women

Empowering women requires empowering financial independence, too. Here are 5 steps to financial empowerment from Leisl L. Cording, CFP® CDFA® .

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Transcript

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Welcome to You and Your Money. Empowering you to reach your goals with tips to help you Plan Well, Invest Well, and Live Well. Today's episode features Leisl Cording, senior vice president and financial advisor at Weiss, Hale and Zahansky Strategic Wealth Advisors. Now on to today's topic.(wooshing sound) Let's get to our topic today, starting with why is it important for women in particular to be empowered and confident about their financial knowledge? Well, Gary, I mean, the reality is the path to building wealth and to live now and also into retirement can seem daunting for many people, and especially that's true for women. That's really thanks to a long history of women being left out of financial decision making. So there's still sort of that gender gap in financial literacy. But I will say times have changed and it still persists. But honestly, it has to do more with a lack in confidence. So hopefully we can instill some of that today. So do you see that dynamic in play at your work as a financial advisor? I do, and when I'm working with female clients, I often hear things like, well, I don't know much about investing or I'm not sure I'll ever be able to achieve that financial goal. And honestly, I can relate. It was also one of the biggest challenges I faced when I was only one of a few women studying finance in college. So I can completely understand where they're coming from. And it's honestly, until I got into the industry is really when I was able to fully grasp the concept. But I'll say, never be afraid to ask a financial advisor to further explain something. That's one of the biggest things that I always focus on, is educating my clients, especially females, so that they can understand it a bit better. So let's get into what are some steps women can take to get on track to build and manage wealth? Well that first step, Gary, is really to develop a financial plan. That's setting clear goals and prioritizing them and then implementing strategies to help work towards achieving those goals. And sometimes this might feel overwhelming, but it really doesn't have to be. You could start with something simple like I want to retire at a certain age, or I have some debt that I'd like to pay off. Setting those clear goals really helps you get started. So once you've fully developed your strategy, how do you get started with putting those strategies and ideas into action? Well, this is the next step. So step two is this is where we say the rubber meets the road. But regardless of your financial situations, the first thing you can do is really get started. So for example, if you're starting to save or want to save for retirement and say, I'd like to retire at a certain age, you may start saving in a 401k or you might set up a non retirement investment account if you have some other financial goal that you're trying to achieve. Or if you have, like, a shorter term goal, like saving for a home in less than 3 years, you might consider a separate savings account. Another goal that we often see is debt pay down. So you might review your budget and understand where you can cut costs to apply that extra cash towards the debt. And then we always say, in terms of keeping these on track, it's always good to pay yourself first, set these payments up automatically. All right. What about managing investments once they are made? Do you find women's face challenges when it comes to actually investing the money and managing the money? Actually, this is where women come out ahead, typically. And we say, if you invest like a woman, they tend to take the appropriate levels of risk. And generally they're very good at sticking to their financial strategy. Whereas there's research that shows that men tend to be less consistent with sticking to investment strategies during market volatility, and they trade 45% more than women, and that could be pretty costly. That's a good one to remember. That's interesting. So investing like a woman means having the gumption to ride out the tough market periods then. Is that what you're saying? That's exactly right. And it all has to do with making sure you're taking the right amount of risk and then investing regularly for the long term, but also working closely with a financial professional to help you through that. And this is where step four comes into, and I mentioned it earlier in the show, but that desire to keep learning. So always, if you have questions, don't be afraid to ask your financial advisor and just adopt that mindset of being a learner and staying curious and having those good conversations with your financial advisor. So if a consistent strategy is best, how do you know which investments to make and when it really is a good idea to sell? I would imagine it takes a decent amount of financial knowledge and time for most people. And most people don't have that, men or women. That's very true, Gary. But investors are only as strong as the support around them. And that's why step five of this process is really to surround yourself with professionals who are dedicated to helping clients make the most of their money and build their wealth. And that team might include somebody like a CPA or a tax professional, a lawyer for estate planning and other legal needs. And then, of course, a financial advisor that acts in a fiduciary capacity. And fiduciary means? Well, fiduciary is an advisor that's required by law to manage your money in the best interest as opposed to their own financial interest. And so, that of course, increases trust in the relationship. But that's why at WHZ we act as a fiduciary when managing assets for our clients. Well, that was pretty good, great information. Good advice too today Leisl. If there's anyone listening that could use more of that advice, particularly women who might prefer working with another woman on their financial goals. How do we get in touch? What do we do? Well, absolutely. You can learn more about our firm, myself and our Plan well, Invest Well, Live Well strategic financial planning process on our website. We just updated it, it looks great. It's www.whzwealth.com. And then you can also request a complimentary consultation right on our website. And also you could email us at -info@whzwealth.com or call us 860-928-2341. That is great. Good show today, Leisl Thank you very much. Absolutely.(wooshing sound) That brings us to the end of this episode. As always, thanks for listening to You and Your Money. If you enjoy our show, please rate and review us on Apple Podcasts, Spotify or your other favorite podcast platform. And find even more episodes, videos and other resources at our website, whzwealth.com Be sure to come back next week for more tips to help you live fearlessly and pursue your financial and life goals. Until then, live well. Weiss, Hale and Zahansky Strategic Wealth Advisors offer securities and advisory services through Commonwealth Financial Network. Member, FINRA/SIPC, a registered investment advisor. Fixed insurance products and services offered through CES Insurance Agency They practice at 697 Pomfret Street, Pomfret Center, Connecticut, 06259 and can be reached at 860-928-2341. Weiss Hale and Zahansky Strategic Wealth Advisors do not provide legal or tax advice. The Tenured Financial Services team strives to support clients in achieving their financial life goals. For more information regarding wealth management and customized financial planning with Weiss, Hale and Zahansky Strategic Wealth Advisors, please visit www.whzwealth.com