5 Ways Moms (and All Women) Can Take Charge of Their Financial Futures
While all five recommendations listed here are good, the first one is a great way to kick off the financial planning process.
Set Financial Goals: For many of us, getting started on a financial plan can be the hardest part. To get you moving, start by writing down three financial goals you want to accomplish. For example, you might want to purchase a home, start a business, or fund a child’s college education. Goal-setting and goal-attainment tend to go hand in hand. Setting your own goals, and setting a timeline for these goals, also helps put you in the financial driver’s seat.
Create the Four Most Loving Documents in Existence: One of the most tragic disconnects I see is when someone tells me she loves her family to pieces but hasn’t set up these four must-have documents: a revocable living trust, a will, a durable power of attorney for finances, and a durable power of attorney for healthcare.
6 Female Entrepreneurs Share Their Best Business Advice.
Amanda Luu, Co-owner of Studio Mondine: Before you file for anything, talk with an accountant and see if it’s humanly possible to hit the revenue goals before you start investing the time. The relationship you have with your accountant is very important, so find someone with the right experience and whom you trust.My other piece of advice is to forge genuine connections with people inside and outside your industry. So much of our business is referral-based, one relationship can make or break your year. Be truly interested in them and try to cast a wide net.
Prenups, Postnups, and Everything in Between.
What is a sunset clause? This clause in a prenuptial agreement acknowledges that things can change. “It states that a married couple will only honor the prenuptial agreement for a certain number of years. What sounds fair when you’re first married may not seem so after a few years together, and a sunset clause states that, after being together for a given amount of time, you can either have your prenup terminated or create a new agreement or new terms that make more sense for both parties.”
Can’t Do It All? Your Top 5 Financial Priorities..
#1 Pay your bills – preferably on time. Make sure they don’t exceed your income, and if they do, make it your very first priority to cut your spending and/or boost your income. When your accounts payables and accounts receivables match, and you are no longer struggling to make ends meet, take a breather and give yourself a pat on the shoulder.
Achieve your goals, from early retirement to selling a business
Everyone’s situation is different; what it takes for you to be financially independent is unique to you. If you’d like to discuss any questions or concerns you have your financial life, please contact us for a no obligation consultation to see how we can help.