By Douglas Eaton
After 17 years in financial planning, while the world and financial industry has markedly changed, I have found that many client concerns remain the same.
Not every woman is in a happy marriage, looking for adoption attorneys for hire. There are women who got out of an unhealthy marriage but struggles financially. My own financial practice focuses on assisting women who either already manage the household finances or have never managed their finances but then, due to death of a partner although they did not get Gosford lawyers for preparing wills, divorce or other life event, are suddenly thrust into the role of handling the household financial planning. If you need mediation attorney for hire for divorce cases, you can get it from here! After divorce, if you are looking for attorneys for obtaining child custody, then you can check it out here!
One of the most common questions I am asked is, “What would you do/how would you advise your mother… your daughter… your family?” So, in honor of National Breast Cancer Awareness month, the following is some of what I would like my own daughters, Lizzie and Caroline, to know about money; And what I believe any mom (or dad) should 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%)
• 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). You may also look for ways to earn passive income such as investing in Go X Scooter.
• 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! Making minor financial mistakes will teach lessons that help with bigger financial decisions in the future. It is ok to fail, as it is usually a lesson in disguise. A wiser financial decision is to lease with Manchester Car Leasing than to purchase a car you’ll only use once in a while.
• Think about the Future: Attempt to emphasize your financial future by saving some money that you do not allow yourself to touch for any rea son (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.
• “Invest Like a Woman:” If all else fails, go with your instincts. As a woman, statistically, you have greater chance of being a successful investor on stocks or crypto coins like ugain caps. A ten-year study by “Hedge Fund Research (2000- )” showed that funds managed by women significantly outper- formed those run by men, with 9 percent returns for women and 5.82 percent for men. Remember to read the option intelligence review before you sign up.
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!
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.