The Informed Investor
5 Tips To Gain Financial Security As A Female Executive
December 13, 2021
As a female executive, you’ve worked hard to get where you are today, and you deserve the financial security to live the way you want tomorrow. Smart decisions now can give you the financial security you need to take care of yourself and lay the foundation for a comfortable retirement. Our advisors provide financial tips for women in the upper echelons of business leadership; below, we share some general recommendations to help you achieve financial security.
Plan for Income Fluctuations
While the career trajectory for most men can be accurately described as climbing the corporate ladder, the experience for women is often more like a roller coaster, with ups and downs in income and levels of responsibility. Some female executives may take a step back from their careers when their children are young, and they may need to do the same if they have to take on a caretaker role with elderly parents.
Leaving the workforce for only five years to raise children can cause a 20 percent drop in lifetime earnings. Working a reduced schedule or passing up promotions for the sake of work-life balance can have a similar, albeit less dramatic, effect. A skilled wealth management services firm will ensure that you proactively plan for your financial security to comfortably step back from the workforce when necessary.
The Later You Start Saving, the More Aggressive You Need to Be
When it comes to saving for retirement, we like to say that it’s never too late to get started—but when you start makes a difference in your retirement planning strategy. Younger executives have a longer time horizon to save for retirement, so a slow-and-steady approach is ideal. If you’re closer to retirement age, you’ll need to be more aggressive; this doesn’t have to mean taking investment risks you’re not comfortable with, but it means developing a strategy designed for your retirement timeline.
Take Care of Your Needs First
Financial security for women often means learning to put your own needs first. Only after you’ve taken care of what you and your family need now and incorporated saving for your future should you start taking care of the needs of others. If you’ve worked hard for your success and have family members who are struggling, it can be difficult not to be generous with them, but doing so can drain your savings and jeopardize your retirement plans.
Don’t Live Paycheck to Paycheck
It’s not uncommon for people who earn sizable incomes to spend everything they make, and even go into debt. When you work hard, it can be difficult not to reward yourself—these tangible items are often how we remind ourselves that we’re successful. We want to enjoy the money we’ve worked so hard for, but sometimes we enjoy it so much that we don’t have room for savings and investments. If you struggle with this, make savings and investments a permanent part of your budget, and view these items the same way you view paying your utility bills or your mortgage—they are not optional, they are a must.
Find a Fiduciary Financial Advisor Who Understands Your Goals
Financial security means different things for different people. You have unique goals, which means one-size-fits-all investment strategies are not well-suited to your lifestyle or to achieving your objectives. At ICC, we take the time to understand what you need now for financial security and what you need in the future for a secure and comfortable retirement.
Learn More About Our Financial Services
If you have $3 million or more in investable assets and would like to learn more about our breadth of financial services, our investment advisors are here to help. For over 30 years ICC has provided clear and unbiased guidance for its clients, backed by a team of experienced fiduciary, financial experts. Contact us today at 702-871-8510 to learn how our team can help you.
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