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Six Things Women Need to Know about Money 513-481-8555.

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Presentation on theme: "Six Things Women Need to Know about Money 513-481-8555."— Presentation transcript:

1 Six Things Women Need to Know about Money 513-481-8555

2 Women Have Come a Long Way  Women Account for 64% of the $20 Trillion Spent Annually on Consumer Goods Worldwide 1  Women Control 51.3% of the Nation’s Private Wealth 2  Women Will Be Responsible for Roughly $5 Trillion of Additional Earned Income Globally over the Next Five Years 3 1 “The Female Economy: What Women Want.” August 20, 2009 2 “The Female Economy: What Women Want.” August 20, 2009 3 “ Woman Power: The Rise of the Sheconomy.” Time. November 22, 2010

3 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; Financial Tips for Widows. 2003 5 Women’s Institute for a Secure Retirement, National Center for Women’s Retirement Research 6 Plamer, Kimberly, “Why Women Should Manage Their Own Money”. October 18, 2011 women-should-manage -their-own-money

4 What it Takes to Save Money:  Good Records  Frugality  Discipline 1. Save and Reduce Debt

5 How to Deal with … Wants  Cell Phone  Netflix  Hotels  Restaurants  Car Needs  Landline  Cable TV  Camping  Cooking at Home  Bike

6 1.Long-Term Health Care  Women represent 87% of the recipients of long-term care 7 2. Living Alone  88% of women age 75 or older are living alone 8 3. Financial Security  45% of older women living alone are living in or near poverty 9 2. Create a Financial Plan that Addresses Women’s Financial Concerns 7 8 Women going it alone; AARP Public Policy Institute 9 Women going it alone; AARP Public Policy Institute

7 Three Important Steps to Take Control of Your Financial Future 1.Develop a Financial Plan 2.Grow Knowledge of Investing Fundamentals 3. Talk to your Financial Advisor

8 Five Attributes of a Good Financial Advisor  Credentials  Referrals  Personal Interview  Disclosure  Due Diligence

9 Identify Your Financial Goals 1.Children or Grandchildren’s Education 2.Financial Security – Now and in Retirement 3.Lifestyle

10 Review Your Current Financial Situation  Income and Expenses  Net Worth  Retirement Programs – Employer and Personal  Insurance  Beneficiary Designations

11 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

12 Benefits of a Good Financial Plan 1.Increased intimacy with your life partner 2.Learn along with your spouse or mate 3.Build a solid financial future

13 Types of Investments:  Home, Real Estate  Art, Collectibles  Stocks and Bonds  Insurance Policies 3. Investing

14  Will or Trust, Executor  Custodial Plan for Children  Investment Statements  Employee Benefits  Insurance Policies 4. Create Personal Documents

15 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

16 Senior Care in the ‘70s

17 Senior Care-Giving Now

18 Changing Realities THENNOW  Pension  Hardening of the Arteries  Senility  Live with Family  Rest Home  401(k) IRA  Dementia  Alzheimer's  Home Health Care  Nursing Home

19 6. Plan for Retirement

20 LIVING LIFESTYLELEGACY Rent/Mortgage Family Utilities Vacations Gas/Car Dining Out Charity Clothing Entertainment Healthcare Second Home G overnment Food Gifts

21 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

22 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

23 Questions? 513-481-8555

24 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.

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