six things women need to know about money 513-481-8555
TRANSCRIPT
Six Things Women Need to Know about Money
www.kehoe-financial.com 513-481-8555
Women Have Come a Long Way
Women Account for 64% of the $20 Trillion Spent
Annually on Consumer Goods Worldwide1
Women Control 51.3% of the Nation’s Private Wealth2
Women Will Be Responsible for Roughly $5 Trillion
of Additional Earned Income Globally over the
Next Five Years3
1 CNNMoney.com: “The Female Economy: What Women Want.” August 20, 2009
2 CNNMoney.com: “The Female Economy: What Women Want.” August 20, 20093 “Woman Power: The Rise of the Sheconomy.” Time. November 22, 2010
Facts About Women & Money The average age a woman becomes a
widow is 56.4
Nine of ten women will eventually become solely responsible for their financial affairs.5
Women tend to live longer, earn less, and save less for retirement.6
4 CBSnews.com; Financial Tips for Widows. 20035 Women’s Institute for a Secure Retirement, National Center for Women’s Retirement Research6Plamer, Kimberly, “Why Women Should Manage Their Own Money”. October 18, 2011 http://www.money.usnews/com/personal-financie/articles/2011/10/18/why-women-should-manage -their-own-money
What it Takes to Save Money:
Good
Records
Frugality
Discipline
1. Save and Reduce Debt
How to Deal with …
Wants
Cell Phone
Netflix
Hotels
Restaurants
Car
Needs
Landline
Cable TV
Camping
Cooking at Home
Bike
1.Long-Term Health Care
Women represent 87% of the recipients of long-term care7
2. Living Alone
88% of women age 75 or older are living alone8
3. Financial Security
45% of older women living alone are living in or near poverty9
2. Create a Financial Plan that Addresses Women’s Financial Concerns
7 COWL.com
8 Seniors-site.com: Women going it alone; AARP Public Policy Institute
9 Seniors-site.com: Women going it alone; AARP Public Policy Institute
Three Important Steps to Take Control of Your Financial
Future1. Develop a Financial Plan
2. Grow Knowledge of Investing Fundamentals
3. Talk to your Financial Advisor
Five Attributes of a Good Financial Advisor Credentials
Referrals
Personal
Interview
Disclosure
Due Diligence
Identify Your Financial Goals
1.Children or
Grandchildren’s
Education
2.Financial Security –
Now and in Retirement
3.Lifestyle
Review Your Current Financial Situation
Income and Expenses
Net Worth
Retirement Programs – Employer and Personal
Insurance
Beneficiary Designations
Ingredients of a Good
Financial Plan Set financial goals—
For purchases such as cars, retirement planning, insurance
Discipline— Stay the course
Outsource— Build relationships with people who can help you
Benefits of a Good Financial Plan1.Increased
intimacy with your life partner
2.Learn along with your spouse or mate
3.Build a solid financial future
Types of Investments:
Home, Real Estate
Art, Collectibles
Stocks and Bonds
Insurance Policies
3. Investing
Will or Trust, Executor
Custodial Plan for
Children
Investment Statements
Employee Benefits
Insurance Policies
4. Create Personal Documents
4 Kinds of People In the World
1. Those that have been caregivers.
2. Those that currently are caregivers.
3. Those that will be caregivers.
4. Those that will need caregivers.
Rosalynn Carter, 1997
5. Build a Long-Term Health Care Plan
Senior Care in the ‘70s
Senior Care-Giving Now
Changing Realities
THEN NOW
Pension
Hardening of the
Arteries
Senility
Live with Family
Rest Home
401(k) IRA
Dementia
Alzheimer's
Home Health Care
Nursing Home
6. Plan for Retirement
LIVING LIFESTYLE LEGACY
Rent/Mortgage Family Utilities Vacations Gas/Car Dining Out
Charity Clothing Entertainment
Healthcare Second Home Government Food
Gifts
Remember: Women Influence Today’s Economy,
Businesses and Workplace
Women Earn Less, Save Less, Live Longer
Women Should Develop a Financial Plan with a Financial Professional
Women Should Grow Their Knowledge of Investing Fundamentals
Summary: Six Things Women Need to Know About Money
1. Save and Reduce Debt
2. Create a Financial Plan
3. Invest for Your Future
4. Generate Personal Documents
5. Build a Long-Term Health Care Plan
6. Envision Retirement
Questions?
www.kehoe-financial.com 513-481-8555
The information presented is not intended to constitute tax or legal advice. Please consult with your attorney or accountant for advice specific to your situation.
Securities and Investment Advisory Services offered through NFP Securities, Inc., member FINRA/SIPC , Kehoe Financial Advisors, LLC is not affiliated with NFP Securities, Inc.