Here are some of the hard facts:
- Women are more confident at meeting short-term financial goals. (prudential.com)
- 52% of women expect to work past retirement age
- 50% of women anticipate a lower standard of living in retirement (Paradigmlife.net)
- 3 out of 5 women over 65 cannot afford to cover their basic needs (Women & Money Magazine)
Paradigm Life recently hosted two webinars titled, A Woman’s Worth: Financially Empowering Women. After doing some research on women and finance, we recognized that more often than not, many females exhibit some sort of disparity toward financial matters.
Nearly half of women—44%—are the primary breadwinners in their households, and 27% of married women now say they “take control” of their financial and retirement planning. These facts helped us at Paradigm Life recognize that more financial education needs to be provided to all women.
Avoiding Financial Loss & Finding Financial Alternatives
Many statistics tend to indicate, most women are inclined to make financial decisions with a person they trust – like a spouse or significant other. Ironically though, more women today are relying only on themselves for financial security. Though a lot of women may be with a partner that contributes to the bank roll, most women have an untapped financial aptitude – whether it be a natural inclination or learned.
For women, there are two primary factors that need to be considered when looking at a financial picture. One, how to avoid financial loss, and two, finding financial alternatives.
- Avoiding Financial Loss
It’s important to understand that any cash assets you have, like a checking or savings account, is worth more to you today than it will be in the future. Because of inflation and taxes, dollars sitting stagnant in an account will go to waste.
- Finding Financial Alternatives
It’s time to take advantage of the many financial alternatives that promote wealth. You don’t have to be a “rich woman” to be financially secure, you just have to be smart with your money.
A lot of financial advisors or pundits talk about the need to diversify – which diversification is important, but still needs to be done with prudence and in the proper order. If order is not established when investing, it’s easy to “lose your shirt”.
A Privatized Banking Policy
One significant stride, and financial alternative, you can make with your money is owning a Whole Life Insurance Policy, or Banking Policy.
A Banking Policy is an asset that can act as an inflation hedge, give you tax-benefits, an ample retirement, a steady rate of return, and liquidity. When you own a banking policy, essentially you are both the banker and the borrower. By wearing both hats, you are able to capture your money’s opportunity cost and maximize how hard your dollars work for you.
Traditional banks capture profit with depositor’s dollars every day; as they loan their money to people in need of a house, education, or a car. As the owner of a banking policy, you can borrow against your policy for high-priced items, yet still earn a rate of return on the initial amount.
Being Successful with Your Money
At Paradigm Life, we strive to teach everyone about the power of Whole Life Insurance for women and men and how it can bring financial abundance and sincere wealth.
To learn more about women and finance, stay tuned for podcasts hosted by Wealth Strategist Jennie Steed.
Read: A Woman’s Worth: Financially Empowering Women
Watch: Life Insurance: The “AND” Asset
Listen: Wealth as a Whole – Not Just Money
