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Invest in Yourself

Invest in Yourself

April 05, 2024

When we think of investing, we often forget about investing in one of our most important assets; ourselves. Not only from a health and wellbeing perspective, but we also neglect to invest in our financial wellness to ensure we have the freedom to live life on our own terms, especially when we retire.

There is a savings shortfall across the country and the stakes are high for everyone, but is the financial deck stacked against women? We certainly face unique challenges when it comes to retirement planning.

  • On average women are living 6 years longer than men and must save to fund more retirement years as well as elderly care costs.
  • The gender pay gap is still a primary challenge. In 2022, women earned 17% less than men on average1.
  • Career interruptions for family and relative care can affect pay raises and Social Security savings and leave fewer years to fund your personal retirement accounts.
  • The time crunch women face every day between careers, childcare, managing a household and personal relationships leaves little time to think about investing or saving for retirement.

Sounds daunting, but these are not insurmountable challenges for a gender that controls over $31.8 billion in worldwide spending! It would be foolish to underestimate the role women play in the economy. Our buying power and influence in the marketplace are extraordinary.

  • U.S. women control over $11 trillion in assets. That number is expected to grow to $30 trillion by 2030.
  • About 70% of U.S. moms can expect to be primary financial providers before their children turn 182.
  • The number of women investors is surging, and a study done by Fidelity over a span of 10 years found that female investors outperformed male investors by .4%.
  • That same study showed that, if they had a financial advisor to help them invest, 77% would feel more confident about their financial future and 71% felt more confident once they had set up a financial plan.

Financial wellness and independence are healthy goals for everyone, especially women who tend to pay their good fortune forward and align their investments with their values.

5 Tips to Invest in Your Financial Wellness

  1. Don’t be afraid to negotiate higher pay. All too often women fail to push back on low salary offers. Know your worth and ask for it.
  2. Ignore the naysayers. Create that dream board (the KGF team loves a good dream board!), set your goals, live within your means, and surround yourself with “can do” people.
  3. Stay informed. It’s all about having the knowledge to make informed financial decisions. There are many resources to stay current on various financial topics; articles, podcasts, blogs, webinars, and of course the KGF website! If you belong to a book club, suggest a finance book for your next read.
  4. Be confident. Trust that you deserve every penny you make and that your investments decisions are based on the knowledge you have acquired.
  5. Get the support you need. Work with a financial advisor who understands and respects your values. Look for transparency, integrity and someone who can deliver an investment strategy that aligns with your objectives.

We are dedicated to empowering women and helping them understand their finances, build their wealth, and enjoy the freedom that comes from being financially secure. The Knox Grove team has a diverse set of skills and will provide the guidance and support you deserve on “Your Path Forward.”  Take your financial journey to the next level – call the KGF team at 609-216-7440.

 

1 Harvard Business Review
2.Council of Contemporary Families