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    Women Business Leaders: 4 Life Stages to Consider When Building Your Financial Strategy

    4 Life Stages to Consider When Building Your Financial Strategy

    According to financial coach Matt Sapaula, women currently control about 60 percent of the wealth in the US, and 90 percent of women will be solely responsible for their personal finances at some point in their lives. For these reasons, it’s more important than ever before for women business leaders to craft an effective personal financial strategy.

    Financial needs change over time, so it’s crucial to think ahead. In his Money Smart Guy blog, Sapaula outlines four basic life changes that should trigger a review of your personal financial strategy:

    1. Career changes: Many events happen over the course of a career – new jobs, promotions, the launch of a second career, a return to school to enhance career prospects, a decision to start a business. All of these changes should prompt a review of your financial strategy.
    2. Family events: Financial needs can vary considerably due to family status. Events like marriage, divorce, the birth of a child, children leaving the nest – all of these events have significant financial impact and should be factored into your strategy.
    3. Housing status: Your housing choices can dramatically affect your financial needs, whether you’re purchasing a home, moving to a smaller dwelling to accommodate financial or lifestyle changes or choosing to rent. All changes should prompt a financial review.
    4. Retirement: To maintain their current lifestyles, most Americans will need savings to supplement Social Security income. It’s common knowledge that as you approach retirement, your investments should reflect a shorter time horizon. But it’s important to make sure your financial strategy supports your long-term goals throughout your career.

    Reviewing finances in response to big changes in your career, family status, housing choices and retirement planning options seems like common sense. But according to Sapaula, many women avoid doing so because they may find the process confusing, intimidating or time-consuming.

    However, as Sapaula notes, making the right decisions now can have a major impact on your financial security down the road. By reviewing financial strategy in response to major life events such as changes in your career, family, housing and retirement choices, women business leaders can build a better financial future.

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