Are you prepared? The statistics vary, but the majority of women are eventually responsible for family assets, whether through divorce, death, disability or choice. Unfortunately, many women discover they are not ready.
Lack of investing confidence may be because, traditionally, investing was the role of the father or spouse. Making investment choices on their own, fear of the unknown often results in financial decisions that can be too conservative and not properly diversified to keep up with inflation, further frustrating investment attempts.
The Long-Term View
Once women make the decision to seek investment advice and educate themselves, they can become more confident, often taking a long-term view, which is appropriate for their longer lifespans. For the most part, women also avoid trying to beat the market with short-term trading, saving them from potential losses.
Before deciding on an investment plan women must understand their own financial situation. What do you need to live on? What other needs do you want to plan for—education, children or grandchildren, retirement, vacations? When you have gathered this information, you then need to set goals.
Biondo Investment Advisors has a planning document to help you through this process. After determining your risk tolerance, it will be time to decide on an appropriate diversified asset allocation.
This process may seem intimidating, but you don’t have to go through it alone. Please call a member of The Biondo Group team to help you navigate the steps. Don’t wait for an emergency to strike! Participate now so you have a foundation for the future.
Chief Compliance Officer
Sources: Statistics – National Center for Women and Retirement Research & Oppenheimer Funds