Tools for the Financially Empowered Woman By C. Michael Unterreiner
Women hold quite a bit of financial power. Using that power wisely does wonders for women individually as well as for the entire economy. According to marketing firm Interpublic Group, women make about 85 percent of household purchasing decisions, which makes a significant impact on the economy. Women can spend their money with businesses that align with their values, and avoid ones that don’t. Women can be as effective with their portfolios as they are with their spending. Compared to men, women are more likely to have an investment plan and stick with it, which can lead to better results. Still, despite their ability to invest well, women invest less than men. According to a Harris survey, men have saved an average of $115,000 for retirement, while women have saved just $34,000. In general, women contribute less to their 401(k) plans, and are less likely to be confident about their retirement plans. What can you do to feel more financially empowered? You can set concrete goals, not just about how much money you want to have, but what you want to do later in your life (travel, hobbies, etc.). You can then tie your saving and investment planning to those goals. Work with a financial planner, or reliable planning software, to see how you are approaching your goals over time. Our clients have access to the eMoney Advisor online financial organizer. This tool allows women (and men) to set budgets and then track their spending, and to set long-term goals and then track their investments. Clients can view all their accounts on one website, see if they have enough insurance, store important financial documents, and even view educational videos and articles. This powerful online tool allows our clients to see concrete steps towards their long-term goals, which can lead to a sense of empowerment and a commitment to continue that progress. C. Michael Unterreiner, ChFC, founded Financial Legacy Associates to create an environment where financial professionals could serve their clients better by sharing their experiences and ideas. He has served his clients by recommending investment and insurance solutions to their financial planning, retirement planning and college funding challenges. 16020 Swingley Ridge Road, Suite 100 Chesterfield, MO 63017 | 636-777-7099, mikeu@financiallegacy.com www.financiallegacy.com/michael-unterreiner. YogaandSpaMagazine.com |SEPTEMBER/OCTOBER 2017
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