Contributed by Pari Hashemi, Financial Advisor, Financial Planning Associate, The McFadden Group at Morgan Stanley Smith Barney LLC. Member SIPC
Are women conditioned from an early age to not focus as much on money as men? Think of the daily chores a brother and sister in a household might traditionally be expected to take on. As her daily chores the girl is asked to do the dishes, set the table, or clean the house. The boy is asked to take out the trash, mow the lawn, or perhaps rake the leaves.
This may seem ordinary, but there is a hidden meaning: the boy gets the chores that are traditionally paid!
This early division of labor suggests that women are not predisposed to money. And it may be why I have seen that even affluent women do not prepare as well as they should, financially. But there’s no need to be overwhelmed! Here are a few steps that can help make the process a bit easier.
Involve a Professional
When looking for the right advisor for you it is important to take a few things into consideration. Do you trust that person? Do you have a good relationship with them? Are they looking out for your best interest? It should be the advisor’s job, just like a doctor, to make sure you are diagnosed and treated properly. You work too hard to make your money for that to be taken for granted. Unlike your doctor though, this checkup should be free and not even have any co-pay!
Yes, your financial advisor will likely want to be paid in one way or another, but some advisors are moving away from charging commissions on every trade to fee-based platform. This way you sit on the same side of the table and they want your investments to grow just as much as you do, because they get a percentage.