Women are in the driver’s seat of their financial journeys now more than ever.
Between the great transfer of wealth happening across the country and women succeeding in their careers at a record pace, women are seeing tremendous growth in their personal wealth. For women just starting out in their career and beginning to chart their own financial journey, there are a few tips to consider.
INVEST IN A CAREER.
Take advantage of every chance to network and enlist mentors who can help advance a career and increase a salary. It’s important for people to know about your achievements and skills so that when an opportunity comes up, they’ll think of you.
START INVESTING ASAP.
Experts suggest setting aside at least 10% of income each year for retirement. If you start in your 20s or 30s, putting that amount in a tax-advantaged retirement account will tremendously help when it’s time to retire.
SET REALISTIC FINANCIAL GOALS.
Meeting financial goals is so much easier when there is a saving mentality. Consider creating a monthly budget that factors in ongoing expenses, such as rent or mortgage, food and entertainment. Budgeting is not just about watching expenses; it’s also about consciously setting both short-term and long-term financial goals.
BUILD A CREDIT HISTORY.
Credit history is a track record of how long and how responsibly debt has been managed—and a strong predictor of how it will be managed in the future. Anyone from mortgage lenders to landlords to prospective employers might pull your credit report or score. A strong credit history makes it easier to get approved for loans.
PROVIDE FOR YOUR GROWING FAMILY.
If you plan to have children, consider setting aside money for education, even while paying for diapers and daycare. While education savings are most often for college expenses, consider the potential cost of private K–12 schooling as well. Check out prepaid tuition programs and 529 plans, which can offer tax benefits.
It’s not always easy to pursue financial goals while managing work and family life. For that reason, having an experienced financial advisor when you’re just starting to accumulate savings can be extraordinarily helpful. There is a lot of information available online, but having a conversation with a Wealth advisor is important. A Wealth advisor can provide unique solutions tailored to a specific financial journey.
At Regions Private Wealth Management, we work with women to provide guidance and insights to create a legacy for their money. Recently, we launched Women + Wealth, an innovative program that combines unique events and fresh insights with one-on-one guidance from a team of professionals to further support and empower women as they move forward on their financial journeys. While our team in Private Wealth Management has long served the needs of clients, including women investors, this program allows our advisors to build even deeper relationships with clients, providing more customized information to help people reach long-term goals.
Kristin Smith is the Private Wealth Trust Advisor at Regions Bank. | 334.230.6104 / [email protected]
Trust and investment management services are offered through Regions Wealth Management, a business unit of Regions Bank. Investment advisory services are offered through Regions Investment Management, Inc. “RIM”. In some cases, RIM’s investment management services and/or strategies will be utilized by Regions Wealth Management for its trust and investment management clients. RIM is a Registered Investment Adviser and wholly owned subsidiary of Regions Bank, which in turn, is a wholly owned subsidiary of Regions Financial Corporation. Investments, Insurance and Annuities: • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed • Are Not Deposits • Are Not Insured By Any Federal Government Agency• Are Not A Condition of Any Banking Activity
