Being a high-earning female executive isn’t always a walk in the park.
Work pressures can be all-consuming, stress-filled days are common, and personal time is often severely lacking. People may assume they world is at your feet but the reality is that wealthy women have their share of concerns, too. The fact is, everyone worries about something. For wealthy women, the key to reducing the greatest sources of anxiety lies in proper financial planning.
Children are the most common source of concern.
In all economic brackets, women with kids worry perpetually about their health and happiness. That level of concern is simply part of motherhood. For affluent women, keeping their children grounded is a priority. Many children in affluent families confuse self-worth with net worth. Wealthy parents don’t want their kids to grow up thinking that expensive name-brand clothes and fancy cars equate to their value as people. Many female executives are also concerned that their kids don’t understand the value of money, how to properly manage it, and/or the importance of hard work. They may worry about providing for them adequately while not indulging them too much. Balancing their children’s needs with their own is a fine line that many wealthy women find themselves walking. Teaching children proper financial management skills from an early age can establish a strong foundation for a lifelong healthy relationship with money. Your financial advisor can provide valuable guidance and tools to help you have the most effective money conversations with your children.
Health worries loom large.
Everyone tends to become more concerned about their health as they grow older, and career women are no exception. You may wonder how long you’ll remain healthy enough to enjoy the financial freedom that you’ve worked so hard to achieve. And because women live longer than men do, there may also be concerns about your quality of life in later years and fears of being a burden to your kids one day. While you can’t entirely control your health, you can plan for health-related issues and associated expenses. For example, access to excellent medical care, including preventative measures, can contribute heavily to a longer, healthier lifespan. Having good health insurance and a disability policy in place are smart choices during working years. Choosing the best Medicare supplemental insurance can provide superior care later in life, and purchasing quality long-term care insurance can keep you from losing significant amounts of money to nursing home or other care facility.
Concerns about aging parents mount.
People are living longer, and in most cases, women are the primary caregivers to their elderly loved ones. As your parents require more and more of your time, the resulting emotional turmoil can be profound. At FAI Wealth Management, we have particular expertise in navigating the transitions that come with caring for aging parents. We offer sound proactive financial guidance and estate planning, as well as assistance in locating reputable in-home care solutions, retirement communities, assisted living facilities, or skilled nursing care as needed. Please download our free e-book series for an array of valuable information.
Retirement is on the horizon.
You may have amassed more money than you ever imagined, but still may worry, “Do I have enough if I live longer than I thought I would?" A survey by Lincoln Financial Group found that nearly half of all millionaires admit that they worry about having enough money to live out their rest of their years comfortably. As people earn more, the quality of their lifestyle tends to increase, too. That often means larger homes, nicer cars, better food and more lavish vacations. While it’s easy to increase these lifestyle choices, decreasing them can be dispiriting. With the proper financial strategies in place, you can protect your assets and fully enjoy the rewards that come with your well-deserved retirement.
Philanthropy matters, too.
Many wealthy women consider community or charitable giving as a responsibility of their good fortune. Serving on boards, chairing capital campaigns, and gifting are common ways of contributing. But how much is appropriate? And which causes align the most with your values? Legacy planning, estate planning, lifetime giving, and a smart encore career choice can provide personal fulfillment and funding for what matters most to you. Your financial advisor can help you put a plan in place that satisfies your personal needs and suits your finances, too. You may be surprised by how much you are able to contribute.
There’s often unease about investing.
Today’s uncertain economic climate and the volatile stock market are taking center stage, causing concern for investors at all levels. Many people find it difficult to remain calm while facing a potential market downturn. Although market declines may make you nervous, they’re actually not so uncommon. Over the last 40 years, the average intra-year decline was 14%, but at the end of the year, the market still showed positive returns 84% of the time. With a proper investment and distribution strategy in place, the stock market’s unavoidable ups and downs can be used to their advantage.
The ever-changing tax landscape can be a source of anxiety.
It goes without saying that no one enjoys paying taxes. In general, women tend to be less tax-savvy than men, so expert guidance is critical to implementing the best tax strategies for your financial situation. A seasoned financial advisor can work with you to create a plan that will allow you to pay the least amount legally possible to Uncle Sam. Because these strategies can take years to reap their full benefits, it’s wise to establish them sooner rather than later.
At the end of the day, affluent women worry about many of the same things that those with less money do.
The good news is that proper financial planning can alleviate most of these concerns. Done right, it offers resilience for life’s inevitable ups and downs. FAI Wealth Management’s team of highly credentialed, compassionate financial planners and investment advisors has the resources of depth of experience to serve as your lifelong advocates.
If you're seeking proactive expertise and individualized guidance regarding your financial strategy, give us a call at 410-715-9200 or email me, Lyn Dippel, at email@example.com.
About FAI Wealth Management, Inc.: Located in Columbia, Maryland, FAI focuses on helping clients create the financial future they desire by protecting their wealth, making the most of their assets, and planning for life's uncertainties. The firm combines fee-only, fiduciary-driven guidance with highly personalized, consultative financial planning and investment services that enable individuals, families, and businesses to navigate complex life transitions. Founded in 1987, FAI currently manages more than $350 million in client assets nationwide. For more information about FAI Wealth Management, please visit the website at https://www.faiwealth.com or call 410.715.9200.