Show #246 Airing: Sunday, 3/7/04
“The sun will come out tomorrow.” But the financial outlook for women may not be so sunny tomorrow if they’re not involved in the family’s finances today. Do you know what your assets are? Where they’re located? The amount of your debts? Elisabeth Plax will explain why you’d better know the answers. Elisabeth is founder of Plax and Associates Financial Services.
Women feel differently about money and women behave differently with money than men. They are more concerned about the “potential” lack of resources.
Generally women are more at risk financially than men, or at least feel that they are.
Women, on average, earn about 73 cents for every dollar earned by men. Because, as a group, they earn less, they also have smaller retirement plans and they will probably receive less from Social Security.
At some point in their lives, 9 out of 10 women will be solely responsible for their finances!
Women and Marriage:
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Divorce rate has tripled in last decade
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Average age at widowhood is 56
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Live 7 yrs. longer than men
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80% will die single
What these statistics suggest is that every woman should plan as if she will spend a substantial portion of her life living alone. What that means:
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Know what your assets are. That includes the assets in your name, your husband’s name, or jointly held assets.
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Know where your assets are. (Banks, Brokerage firms, real estate)
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Know what your debts are. (Credit cards, bank loans, other debts)
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Educate yourself - It does not have to be overwhelming
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Engage your spouse in discussions about money - Ask questions – whether you work or stay at home, it’s the family’s finances. Take responsibility for your family’s finances.
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Find the right financial advisor - If you like the one your husband uses, great! But if that person is not willing to give you equal attention or you don’t feel comfortable with them, go find someone you are comfortable with. It’s worth it!!!!!
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Develop a spending plan
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Evaluate your expenses
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Determine future financial needs
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Plan for your retirement
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Invest specifically for retirement needs
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Invest your money carefully and efficiently
I started by singing from “Tomorrow.” I’ll probably get calls about that! But don’t just “bet your bottom dollar” that your husband will always take care of the finances. Take steps today to ensure a financially sound tomorrow. To talk to Elisabeth Plax, or to get a free fact sheet, call the following number. And you don’t have to wait until tomorrow for more Golden Opportunities.
Source: State Street Research, Oppenheimer Research, Collegeboard.com, Federal LTC Insurance Program 2002, various journals and newspapers
Securities offered through LINSCO/Private Ledger (Member NASD, SIPC)
