{"id":10739,"date":"2021-05-04T03:43:56","date_gmt":"2021-05-04T07:43:56","guid":{"rendered":"http:\/\/staging-prblog.paladinregistry.com\/blog\/?p=10739"},"modified":"2025-05-08T02:52:10","modified_gmt":"2025-05-08T06:52:10","slug":"5-financial-planning-steps-women-can-take-to-build-wealth","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/investing\/5-financial-planning-steps-women-can-take-to-build-wealth\/","title":{"rendered":"5 Financial Planning Steps Women Can Take to Build Wealth"},"content":{"rendered":"\n<p>It&#8217;s 2021, and a lot has changed over the\nyears for the better in the movement towards gender equality. Women\nincreasingly feel empowered and ready to break the glass ceiling across\nindustries. From CEOs to heads of state and from world-class athletes to influencers,\nwomen are at the forefront of change. They are joining the workforce in\nincreasing numbers and taking up higher and more reputable positions on the\ncorporate ladder. <\/p>\n\n\n\n<p>However, despite women acquiring positions of\npower, there is still scope for progress when it comes to financial literacy\nand financial independence. Most money decisions, including investments, are\nstill taken by the men in the family, irrespective of who the breadwinner is.\nAdditionally, according to a 2018 study by the Pew Research Center, women earn\njust about 85% on average of what their male counterparts earn in the United\nStates. Not only do they earn less, but, as per the same study, they also save\nless, live longer, and have more long-term health care expenses in retirement. <\/p>\n\n\n\n<p>These statistics indicate the importance of\nfinancial planning for women. Careful, organized, and timely financial planning\nhelps build wealth gradually. With a few simple financial planning tips, women\nmay find it easier to manage their money and save for retirement.<\/p>\n\n\n\n<p>In this article, we will explore five such\ntips women must implement to build their wealth, as well as how they can\nimplement them. <\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_68_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d578f1d45c6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d578f1d45c6\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/5-financial-planning-steps-women-can-take-to-build-wealth\/#Five_Financial_Tips_for_Women_to_Build_Wealth\" title=\"Five Financial Tips for Women to Build Wealth\">Five Financial Tips for Women to Build Wealth<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/5-financial-planning-steps-women-can-take-to-build-wealth\/#1_Get_actively_involved_in_your_financial_planning\" title=\"1. Get actively involved in your financial\nplanning\">1. Get actively involved in your financial\nplanning<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/5-financial-planning-steps-women-can-take-to-build-wealth\/#2_Establish_short_and_long-term_financial_goals\" title=\"2.&nbsp;\nEstablish short and long-term financial goals\">2.&nbsp;\nEstablish short and long-term financial goals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/5-financial-planning-steps-women-can-take-to-build-wealth\/#3_Assess_your_risk_tolerance\" title=\"3. Assess your risk tolerance\">3. Assess your risk tolerance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/5-financial-planning-steps-women-can-take-to-build-wealth\/#4_Avoid_falling_into_the_consumer_debt_trap\" title=\"4. Avoid falling into the consumer debt trap\">4. Avoid falling into the consumer debt trap<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/5-financial-planning-steps-women-can-take-to-build-wealth\/#How_to_avoid_falling_into_credit_card_debt\" title=\"How to avoid falling into credit card debt\">How to avoid falling into credit card debt<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/5-financial-planning-steps-women-can-take-to-build-wealth\/#5_Build_an_emergency_fund\" title=\"5. Build an emergency fund\">5. Build an emergency fund<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/5-financial-planning-steps-women-can-take-to-build-wealth\/#To_sum_it_up\" title=\"To sum it up\">To sum it up<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/5-financial-planning-steps-women-can-take-to-build-wealth\/#About_Dash_Investments\" title=\"About Dash Investments\">About Dash Investments<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Five_Financial_Tips_for_Women_to_Build_Wealth\"><\/span><strong>Five Financial Tips for Women to Build Wealth<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Get_actively_involved_in_your_financial_planning\"><\/span><strong>1. Get actively involved in your financial\nplanning<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Irrespective of whether you are a breadwinner\nin your family or not, it is highly recommended that women get involved in\ntheir family\u2019s financial planning and decision-making process, as it is always\nbetter to be aware of the circumstances determining your family members\u2019\noverall financial habits. Step out of your comfort zone and be at the forefront\nof planning for your budgets, savings, and investments. For some of you, your\nspending habits will help you understand why your savings are small; for\nothers, you may find out that you&#8217;ve been paying hefty hidden charges on\nfinancial planning and mutual funds, a cost that you could have easily done\naway with. Hence, knowing the state of your family\u2019s finances will help you\nmake informed decisions when creating and achieving your financial goals.<\/p>\n\n\n\n<p>It is also good to take some time out to get\nup to speed with the developments in the financial space in investing.\nAccording to a 2018 Federal Reserve survey, women, on average, are not very\ncomfortable making retirement investment decisions and show lower levels of\nfinancial literacy compared to men. Only 32% of women with a bachelor&#8217;s degree\nare comfortable managing their investments. If you are a woman who finds\ninvolvement in financial matters discomforting, the first step you can take\ntowards being involved is reading up on investments. If you are not confident\nin educating yourself, <a href=\"https:\/\/www.paladinregistry.com\/landing\/find-financial-advisors?cta=match\">we highly recommend enlisting the services of a financial\nadvisor.<\/a> Asking for professional help can be the\ndifference between making a change to better your financial health and\nstruggling to build funds and create wealth.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Establish_short_and_long-term_financial_goals\"><\/span><strong>2.&nbsp;\nEstablish short and long-term financial goals<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>To achieve financial freedom, an executable\nfinancial plan needs to be put in place that includes both short-term goals and\nlong-term goals. Short-term goals are those which you can achieve within a year\nor two, such as funding a large electronic appliance purchase or saving for a\nfamily vacation. Long-term goals like saving for your retirement or putting\nchildren through college can take several years to achieve, which requires a\nmore meticulous approach. <\/p>\n\n\n\n<p>Don&#8217;t forget to consider the rising future\ncosts when making executable plans. Factor in your healthcare costs, your\nfamily&#8217;s expenses, rising inflation costs that can make regular daily living\nmore expensive, and so on. If you are offered a 401(k) or 403(b) plan where you\nwork, it is highly recommended that you enroll in them, as it is an excellent\nplace to start saving for the future. These plans are set up so that money is\ndeducted directly out of your paycheck even before you get to see it. You can&#8217;t\nspend an amount you don&#8217;t have!<\/p>\n\n\n\n<p>Here is a checklist of a few things that you\ncould use as a guide to set up a saving plan for yourself:<\/p>\n\n\n\n<p>\u2022 <strong><em>Gain an understanding of your household&#8217;s\noverall finances: <\/em><\/strong>Gather all your bills, and write down everyone&#8217;s\nmonthly income and expenditure. Break down these expenses into needs and wants,\nand assess if you can cut back on certain expenses. <\/p>\n\n\n\n<p><a href=\"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/20-tips-to-spend-less-and-save-money\/\"><em>Read our article on 20 Tips to\nSpend Less and Save Money for some actionable tips on how to maximize your\nsavings and limit your everyday spending habits. <\/em><\/a><br>\n<br>\n\u2022 <strong><em>Plan\nperiodic budgeting discussions with your family<\/em><\/strong>: Budgeting can be a\nfamily activity! It is beneficial to make your kids aware of and to involve\nthem in certain financial planning fundamentals so that they too learn fiscal\nprudence as a way of life. Budgets provide a realistic picture of your\nfinances. Once you know your monthly statement of earnings and expenditures,\nyou can look for ways to improve your savings. It is also a good opportunity to\nautomate deductions so that you can save before you spend. Aim to save at least\n10% of your income.<\/p>\n\n\n\n<p>\u2022 <strong><em>Take control of and manage your debt<\/em><\/strong><em>: <\/em>Understand how debt works and\nunderstand repayments. Many debt counselors say that people often take on loans\nwithout realizing that they have to pay a lot more than they borrow because of\nthe interest. While it is rarely a good idea to have loans, certain circumstances\nare unavoidable. Hence, it is good to keep an eye out for opportunities to pay\noff your loans at the earliest. <\/p>\n\n\n\n<p>\u2022 <strong><em>Identify an appropriate investment policy\nfor your financial needs<\/em><\/strong><em>: <\/em>The\nkind of investments that are best for you at your level of income, lifestyle,\nand risk capacity will differ from someone else&#8217;s. Find out what works for you.\n<a href=\"https:\/\/www.paladinregistry.com\/landing\/find-financial-advisors?cta=match\">If needed, you may speak to a financial advisor to assess your\ninvestment options.<\/a> Some investments work for everyone &#8211; such as\nemployer-sponsored plans. If your workplace offers the benefits, it is highly\nrecommended to sign up for them. If not, consider enrolling in a retirement\nplan.<\/p>\n\n\n\n<p>\u2022 <strong><em>Invest with care and monitor your progress\nregularly:<\/em><\/strong>Monitoring your\ninvestments at regular intervals is key to a good investment plan. Many\nmillionaires vouch for this as the secret to their wealth. It is simply not\nenough to invest and forget about it. You need to check in once in a while to see\nhow your investments are performing. Having a good investment strategy is key.\nBuying a group of the top global companies in the world and holding them for\nthe long term is my strategy. Your aim should be to increase the value of your\ninvestments as time goes by. Note here that the value of money decreases with\ntime. Therefore, it is crucial to invest wisely so that your portfolio can beat\ninflation and cross tax hurdles to create wealth for you in the long term. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Assess_your_risk_tolerance\"><\/span><strong>3. Assess your risk tolerance <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Risk tolerance refers to the level of risk an\nindividual can withstand. This level varies from person to person, depending on\nfactors such as age, income, number of dependents, their lifestyle, etc. A\nwoman in her late 20s who does not have dependents may take higher risk with\nher earnings and invest in &#8216;risky&#8217; assets such as private equity. However, a\nmompreneur (a mother who is an entrepreneur) will need to consider how much\nmoney she can afford to set aside and risk losing in a worst-case scenario.\nThis is where risk management comes into the picture. Risk management will help\nyou make calculated investments that buffer your portfolio from risks. Your\ninvestment decisions, nonetheless, should be tied to your financial goals.\nGauge your capacity to take risks. If you are closer to retirement, it is\ngenerally not a good idea to be involved in high-risk investments. Note that\nthere is a difference between how much risk you&#8217;re willing to take and how much\nrisk you can afford.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Avoid_falling_into_the_consumer_debt_trap\"><\/span><strong>4. Avoid falling into the consumer debt trap<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Certain debts such as a home mortgage or\ncollege loans might be unavoidable in the path to achieving the goals you have\nset for yourself; in such cases, it is possible to manage your debt with a plan\nto budget for them. These debts are considered good debts because they are seen\nas investments. <\/p>\n\n\n\n<p>However, there are also bad debts that you\nmust avoid as much as possible. Credit card debt is one such bad debt. In\nJanuary 2021, revolving debt that was mostly credit card debt was a staggering\n$965 billion in the US. This, however, is a continuation of a downtrend in\ncredit card debts. It has dropped from over $1.1 trillion, a record set in\nFebruary 2020. <\/p>\n\n\n\n<p>Carrying credit card debt can be expensive. As\ninterest rates go higher, the cost of carrying credit card debt also increases.\nA majority of credit cards have a variable annual percentage rate (APR) that\nchanges based on an underlying rate that is indirectly related to the Federal\nfunds rate. Many credit cards use the prime rate as the index rate. Every time\nthe Fed raises interest rates, credit card interest rates soon follow,\ntypically rising by the same amount as the Federal funds rate increase. As\nsuch, the interest quickly adds up, and you end up paying or owing a lot more\non credit.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_avoid_falling_into_credit_card_debt\"><\/span><strong>How to avoid falling into credit card debt <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p><strong>\u2022 Avoid purchasing things you can&#8217;t afford. <\/strong>Once you carry a credit card, it is easier to buy things you don&#8217;t\nneed or can&#8217;t afford. It is essentially spending before you even have the\nmoney, which can add up to a lot of debt in the long run. Hence, it is\nrecommended that you avoid going beyond your current means as much as possible.\n<br>\n<br>\n<strong>\u2022 Always pay on time. <\/strong>Staying on\ntrack saves you a lot of money. Once you miss one payment cycle, the next\npayment will be much higher &#8211; a two-month payment plus late fees. It can get\ntougher and more challenging to catch up with your pending payments. If you\nnotice a pattern in your inability to pay off your credit card bills, it is a\ngood time to pause and budget accordingly before taking on more expenditures.<br>\n<br>\n<strong>\u2022 Limit the number of cards you own.<\/strong>\nOwning several credit cards can impact your purchase decisions and might\ninfluence you to spend more than you can earn. Hence, it is good to limit the\nnumber of credit cards you own to prevent yourself from getting into a\ndifficult situation beforehand, rather than having to deal with future worries.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Build_an_emergency_fund\"><\/span><strong>5. Build an emergency fund<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A 2020 MetLife survey states that more women\nthan men say they live paycheck to paycheck (55% of women versus 44% of men).\nAlso, according to the Federal Reserve, American women are more likely to\nreport that they cannot bear an emergency expenditure of $400 and would have to\nemploy some form of borrowing. This highlights the importance of setting up an\nemergency fund.<\/p>\n\n\n\n<p>An emergency fund is a rainy day fund, also called a contingency fund. It is recommended to have at least 12-18 months of pay set aside as easily accessible money to pay for large and unexpected expenses, such as an unforeseen medical expenditure or even an unprecedented layoff from work. <\/p>\n\n\n\n<p>Every time you receive your salary, it is a good practice to take some money out and transfer it to a separate bank account that you will not dip into unless a situation demands of you. Consistency is the key to creating a good emergency fund. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"To_sum_it_up\"><\/span><strong>To sum it up<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>When it comes to financial planning today,\nwomen are often found having to balance ensuring a comfortable lifestyle for\ntheir family while also planning for a secure financial future. It is never too\nlate to educate yourself on the potential to grow your finances, how best to\nsave and invest your income, and to build towards your financial independence.\nKeep a tab on your income and expenditure, save for a rainy day, and invest in\nthe right opportunities. Sometimes, it can be overwhelming to assess your\nfinancial state and build a good financial plan for the future. However, with\nsteps in the right direction and with the right kind of guidance, you can certainly build wealth over time. Do not\nhesitate to reach out to a financial advisor for help. <\/p>\n\n\n\n<p><a href=\"https:\/\/www.paladinregistry.com\/landing\/find-financial-advisors?cta=match\"><em>To find the most suitable\nadvisor for your needs, answer a few questions and get matched to 1-3 vetted\nfinancial fiduciaries using Paladin Registry&#8217;s free match service. You may set\nup a free initial consultation with your matched advisors and also assess their\nqualifications and credentials before making your decision to hire one.<\/em><\/a><em><\/em><\/p>\n\n\n\n<p>To learn more about the most suitable tax-saving strategies for your specific financial requirements, visit&nbsp;Dash Investments&nbsp;or email me directly at&nbsp;<a href=\"mailto:dash@dashinvestments.com\"><strong>dash@dashinvestments.com<\/strong><\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"About_Dash_Investments\"><\/span><strong>About Dash Investments<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/www.dashinvestments.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Dash Investments<\/strong><\/a>&nbsp;is privately owned by&nbsp;<a href=\"https:\/\/www.paladinregistry.com\/blog\/author\/jonathan-dash-founder-cio-dash-investments\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Jonathan Dash<\/strong><\/a>&nbsp;and is an independent investment advisory firm, managing private client accounts for individuals and families across America. As a Registered Investment Advisor (RIA) firm with the SEC, they are fiduciaries who put clients\u2019 interests ahead of everything else.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.paladinregistry.com\/financial-advisory-firm\/woodland-hills\/california\/dash-investments\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Dash Investments<\/strong><\/a>&nbsp;offers a full range of investment advisory and financial services, which are tailored to each client\u2019s unique needs providing institutional-caliber money management services that are based upon a solid, proven research approach. Additionally, each client receives comprehensive financial planning to ensure they are moving toward their financial goals. CEO &amp; Chief Investment Officer&nbsp;Jonathan Dash&nbsp;has been covered in major business publications such as Barron\u2019s, The Wall Street Journal, and The New York Times as a leader in the investment industry with a track record of creating value for his firm\u2019s clients.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s 2021, and a lot has changed over the years for the better in the movement towards gender equality. Women increasingly feel empowered and ready to break the glass ceiling across industries. From CEOs to heads of state and from world-class athletes to influencers, women are at the forefront of change. They are joining the workforce in increasing numbers and taking up higher and more reputable positions on the corporate<\/p>\n","protected":false},"author":125,"featured_media":10749,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[395],"tags":[],"class_list":["post-10739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 Financial Planning Steps Women Can Take to Build Wealth<\/title>\n<meta name=\"description\" content=\"When it comes to financial planning today, women are often found having to balance ensuring a comfortable lifestyle for their family while also planning for a secure financial future.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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