After considerable research interviewing successful women about their concerns, ideas, and opinions regarding “women and their money,” I thought I’d give you the benefit of some of those “initially” incredibly important points as I continue my research.
“Most women are not on sound financial footing, they have too much debt. They are too vulnerable!” One lady mentioned in earnest recently. “In your next article in Women’s Journal, you should stress to them to prepare for contingencies.”
So here goes:
• have a credit card in your very own name?
• have your own checking account?
• actually participate in bill paying each month?
• know where all the money is and where it’s going?
• have an “emergency fund?”
• know how much total debt you have and actually monitor it monthly?
• have a plan to reduce and eliminate your debt?
• have a plan to “live within your means?” (It’s called a budget!)
• know what your monthly expenses are?
• know what your monthly income is, net of income taxes?
• know how all the accounts are titled?
• have the ability to access all the accounts via the web?
• you know the passwords and logins?
• have a will; power of attorney, trust, and living will?
• know if those important to you have copies of or access to those documents (children, trustees, etc.)?
• know where your original social security card is?
• know if you are the beneficiary of your husband’s life insurance, retirement plan and IRA’s?
• know what benefits are due you in the event of your spouse’s divorce, death or disability?
• know your credit rating?
• know that all your bills are being paid on time, including income taxes?
• know if you’ll have health insurance if something happens to your spouse?
• always put other’s needs ahead of yours? Why?
• have long term care insurance in case there is no one who will take care of you?
• Are you prepared to go back to work, if you need to?
• Are you prepared to increase your education or job skills if you need to?
• Are you taking good care of your own health?
• Have you faced reality or are you living in denial? (Which is not a river in Egypt!)
• Do you have professional resources to call upon should the need arise (attorney, accountant, wealth advisor, insurance agent)?
• Do you know if your beneficiary designations on your company retirement accounts, IRAs, and life insurance are current?
If you know the answers to most of these, I congratulate you. If you don’t, you have work to do! Get busy and don’t be afraid to ask a professional to help you!
Fred Dawson, ChFC (Chartered Financial Consultant), CLU (Chartered Life Underwriter) has over 30 years of comprehensive wealth management experience. He is Executive Vice President of Bassett, Brosius & Dawson, Inc. and a founding principal partner of the firm. Successful women are prominent among Fred’s diverse domestic and international client base of professionals, retirees, professional musicians and business owners. In 2008 Fred was cited by Delaware Today Magazine as one of Delaware’s Top Financial Advisors. Criteria are not necessarily based on client satisfaction or advisor performance. Fred received a State of Delaware Senate Tribute in 1999 for his “long and distinguished record of service to his community, his country, his state and his region.”
For more information or to schedule a complimentary, no obligation initial consultation contact Fred’s office at 302-999-9330 or firstname.lastname@example.org.
- Bassett, Brosius & Dawson, Inc. is an Independent Registered Investment Advisory Firm with the State of Delaware.
- Securities Offered Through Raymond James Financial Services, Inc. Member FINRA/SIPC
- Any opinions are those of Fred Dawson and not necessarily those of RJFS or Raymond James.
Frederick J. Dawson, ChFC, CLU
Wealth Manager, Raymond James
Financial Services, Inc.
Executive Vice President,
Bassett, Dawson & Foy, Inc.
Bassett, Dawson & Foy, Inc.
E.A. Delle Donne Corporate Center
1011 Centre Road, Suite 110
Wilmington, DE 19805