By Douglas Eaton
The world and financial industry constantly evolves, but after 17 years as a financial adviser, I have found that many client concerns remain constant, as do their planning related questions.
Eaton Financial Group focuses on assisting women who are financial decisions makers – who either already manage their own finances – or have never managed their finances but then, due to death of a partner, uncontested divorce information or other life event, are suddenly thrust into the role of doing their own financial planning.
One of the most consistent concerns my clients have questions I am still asked is, “What would you do/how would you advise your mother… your daughter… your family?”
In honor of Not My Daughter…find a cure now!™ and their upcoming event (details below) on FINANCIAL EMPOWERMENT FOR WOMEN, the following is some of the knowledge I would most want the women in my life to know about their money; And what I believe any mom (or any role model) needs to teach their daughters about managing their finances:
• Know the difference between NEED vs. WANT: Make smart decisions with money, rather than emotional ones. Always ask yourself, “Do I need this, or do I want it?”
• Pay Yourself First: The first bill you should pay every month is to save some percentage of your income (start with 10%). This may even start with kids’ weekly allowance.
• Giving is Essential: Give to those less fortunate than you, even if it hurts a little (just do not go beyond your means) – it will feel great.
• Treat Yourself: Within reason, have some fun every once in awhile. Depriving yourself is not financially productive.
• Financial Instruments: Piggy-banks and allowance for younger daughters and, for teens, a job along with checking account and even a credit card (these will help them establish credit history). If you have an urgent need or require cash quickly and are certain you’ll be able to pay the loan back with your next paycheck, consider taking out san diego payday loans as an option. More loan options can be explored at kreditfinanzcheck.de.
• You will have Longevity: Women live longer than men, so they need to save about 25% more money.
• How to Learn Financially: Failing does NOT make you a failure! Financial missteps may actually teach invaluable lifelong lessons that help with bigger financial decisions in the future. It is ok to fail as it is usually a lesson in disguise!
• Think about the Future: Attempt to emphasize your financial future by saving some money that you do not allow yourself to touch for any reason (unless the most dire of circumstances). This may seem obvious, but we get so caught up in the ‘here and now’ that often the future is forsaken. What is most important is that you diversify your portfolio with valuable assets like precious metals IRA that can withstand the test of time.
• “Invest Like a Woman:” If all else fails, go with your instincts. As a woman, statistically, you have a better chance of success. A new survey by “Hedge Fund Research (2000-2009)” showed that funds managed by women significantly outperformed those run by men, with 9 percent returns for women and 5.82 percent for men.
Many parents have realized that the one universal truth about advice is that it will either be taken or not – there is no guarantee. Financial advice for your daughter will be no exception. Simply give her the tools that best enhance her ODDS of success and you have done her a great favor for life.
“NOT MY DAUGHTER” EVENT”: Financial Empowerment for Women
Featuring: Dr. Quincy Krosby (Currently Chief Market Strategist for
Prudential Annuities)
Date & Time: Thursday April 24, 2014 – 9:30 – 10:45 am
Place: Marriott Heron Bay
Contact for an Invitation: (954) 575-9323;
administrator@eatonfinancialgroup.com.
ADMISSION NO CHARGE AND DONATIONS NOT EXPECTED.
Eaton Financial Group proudly offer pro-bono work to those women who are in distress (such as in the event of a death of a spouse/other family member, abuse, divorce, etc).
Eaton Financial Group is a full service, fee-based financial advisory firm.
They focus on financial planning for the conservative investor.
(954) 575-9323