Most women will be single at some point throughout their lives. They will either be single out of college, divorced, widowed or choose to stay single. I never presume a woman is married.
What makes this more challenging are the statistics that women face.
This is why more, not fewer women, should focus on protecting themselves and their financial future. They need to save, invest and grow their wealth to fund their lifetime, which is great. For example, if you work from ages 22-62, that’s 40 years in the workforce. If you live until 100 and beyond, which is becoming more and more common these days, that’s 38 years plus. You could retire longer than than you worked. When you are single, you don’t always have another person’s income to share bills and combine assets, so it makes it vital to plan.
Here is what I want you to know about saving and investing!
Investing should be about putting your money to work for you. It involves different levels of risk. This is your long-term money. For example, if you invested in stocks you could lose money with a short-time horizon. But if you construct a healthily diversified portfolio and hold it longer than 10 years, chances are you may have experienced growth. If you don’t need this money until retirement, it is prudent to remove emotion from investment decisions. You need this money to last 40 plus years. Consider stocks in your portfolio and be comfortable with them. Working with a trusted adviser who is your advocate can help you make sound decisions and keep you from using emotions. They are here to help you achieve your long term goals and advise you the best way to get there
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