Many women still internalize the harmful notion that men are better at money management, but we typically know more than we think we do. Financial fitness, like interest, compounds over time.
Holding a life insurance policy is a key step toward improving your financial health and building generational wealth. It’s something everyone should have, but men still outpace women in terms of purchasing life insurance. Life Insurance Marketing and Research Association data indicates that while 78% of women consider personal finances very important, only 31% have plans to purchase life insurance coverage.
As a young woman, I set out to take control of my financial future and booked an appointment at a financial advisory firm. Little did I know, I had booked an appointment with one of the firm’s leading principals — someone unaccustomed to providing guidance to clients with a net worth under $500,000. As you can probably imagine, our meeting to discuss managing my student-loan debt was brief and awkward.
For example, an empowering achievement of mine was to pay off my student loans in my early thirties. When we identify clear goals and achieve those milestones, even small ones, we establish a virtuous cycle that builds confidence and leads to even greater outcomes over time. Technology is helping women gain a full picture of their financial health, which can help them overcome societal, cultural and family expectations that they put money management on the back burner. Online services can help close the financial literacy gap and help women benefit from professional grade counsel at a time, place and price point that works for them.
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