Need a Money Makeover?
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
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