By Angela Dorsey
There’s no legitimate reason why women invest less frequently than men.
And yet time and time again, I consistently witness women’s apprehension to take an active role in their financial future. There’s a myriad of explanations I hear: lack of knowledge, fear of failure, embarrassment, lack of time, it’s too late, and challenges stemming from traditional gender-based roles.
Let’s change that. Our goal at Dorsey Wealth Management is to help women maintain financial strength and invest with confidence by taking an active interest in their finances. We put together six practical tips for helping women overcome the challenges they’ve faced in the past.
Tips for Women to Get Involved in Their Financial Future
Although there’s no one-size-fits-all approach to investing, the suggestions below should help you get started. The tips are tailored to all women; the key is finding an individual approach that works for you.
- Educate yourself. Educating yourself is the first step to building financial confidence. The internet has made it incredibly easy to learn about any subject at your own pace. There are countless apps, podcasts, video tutorials, and blog articles that can help. And they’re all free! A simple internet search for “financial literacy for women” is a good place to start.
- Know your financial goals. Decide what you want to accomplish with your money. What are your short-term and long-term goals? It could be a vacation, paying off debt, buying a home, retirement, or countless other dreams (big and small). Once you know your goals, you can prioritize them by importance.
- Create a budget and track your spending. This is a great way to improve your understanding of your own money guidelines. Creating and sticking to a monthly budget helps you avoid spending too much of the money you earn, and helps you save enough money for your goals.
- Make learning about money part of your daily routine. Unfortunately, it’s fairly common that most women aren’t likely to talk about money with friends, use finance-tracking apps, read books about finances, or watch money-related television shows. It’s beyond time to change that. Look for simple resources that offer helpful financial advice; it will make the subject seem much less daunting. Even basic things like having a conversation with friends or family can help raise your comfort level.
- Learn about your workplace retirement plan. If you work outside the home and your employer offers a 401(k) or 403(b) retirement plan, take advantage of it. Learn about how retirement plans work, what your company offers, and how it can promote your financial growth. Retirement plans are a great way to learn about and maximize your financial future.
- Don’t be afraid to ask for help. If you’re unsure about anything related to your finances, including the tips above, talk to a financial advisor. A financial advisor listens to your needs, helps you choose appropriate investments, and develops a suitable financial plan. Seek out a trusted financial advisor and work with them to develop a plan that fits your financial objectives.
Women need to give their financial life the personal attention it deserves. The tips above are meant to help you get more engaged in planning your financial future. It’s never too late to do better.
Get Started Embracing Your Financial Future
At Dorsey Wealth Management, we have a steadfast commitment to empowering women on their financial journeys. As a female-owned firm, we’re here for women who want to be actively engaged in managing their wealth.
Our objective is to help women reach their financial goals, especially those nearing retirement or recently retired. One of the most significant parts of our job is to help women change their money mindset and adapt their financial dealings. No judgment. No lectures. No shame.
Angela Dorsey is the founder and financial advisor at Dorsey Wealth Management, a fee-only financial planning firm based in Torrance, California, helping women prepare for retirement. Angela earned a BS in computer science from Loyola Marymount University, an MBA from UCLA Anderson School of Management, and spent 20 years as a Senior Compensation Specialist in large corporations before becoming a CERTIFIED FINANCIAL PLANNER™ professional and a Registered Investment Advisor (RIA). That background gave her the tools to couple with her passion for empowering women to make the best financial decisions possible. Angela lives in Torrance, California, with her husband. She enjoys spending time at the beach or surrounded by nature. To learn more about Angela, connect with her on LinkedIn.