Need a Money Makeover? September 7, 2010My MoneyOff

As a professional woman, you’re one step ahead when it comes to being financially independent. Why? Because you make your own money! But this independence comes with great responsibility – and unfortunately some women put managing finances last on their to-do list.

“Wealth management is my business,” says Brittain Prigge, partner with Balentine. “I’m an investment counselor and I’m very good at it, but even I need to be reminded of my own advice.”

Here are Britain’s top tips for all women:

First on the list? Develop a budget. Budget templates, trackers and tools are a great place to start.

Think of your assets as four distinct “buckets” of wealth – liquidity (what do I need to live today?), lifetime needs (how much do I need so I don’t outlive my money?), legacy (how much can I leave my heirs?) and philanthropy (how much can I give?).

Eliminating risk is impossible, but diversifying your savings into stocks, bonds, and cash equivalents, the three main asset categories, can help protect your savings.

Need more? Do the basics – bring in a team that understands your goals, set enough cash aside for 18 months of spending, invest in a 529 Plan for your children’s education, fully invest your 401K (get the highest match possible from your employer) and make a will.

Bonus PINK Link: It’s never too early – or too late – to get serious about your financial future and retirement. Here’s how to get started.

“There are people who have money and people who are rich.” Coco Chanel

Share this Article

Recommended

See all
CLICK TO SUBSCRIBE to Your PINK eNewsletter.

What’s Hot
See all

Little Pink Book