By Elizabeth Winter
Senior Vice President & Area Business Manager
Regions Private Wealth Management
Tuscaloosa, Ala.
Be proactive, be present, and be prepared.
Women are taking an ever-larger role in managing finances for their family these days, and that’s something everyone can celebrate. Despite outmoded stereotypes to the contrary, I think women are often less emotional than men when making financial decisions, and better able to avoid rash decisions and stick to a solid financial strategy.
All of this suggests that the women of today are adding real value when it comes to molding the financial future for themselves and their families. At Regions, we want to educate, equip and empower women to have the confidence to take control of their financial situation, even if they have previously sat on the sidelines. It is crucial that women take an active role in their financial planning baby boomer wives can expect to outlive their husbands, inherit the couple’s assets, and often live another 15 to 20 years, according to the U.S. Administration on Aging.
In the event that the unthinkable happens, it can be overwhelming trying to catch up at a difficult emotional time. My mom, a kindergarten teacher, taught me the wisdom of keeping things simple. I suggest women get up to speed financially by following The Three Ps: Be proactive, be present, and be prepared®.
- Be Proactive. Become informed before things happen. Educate yourself on the basic elements of personal finance — retirement plans, budgets, types of investments. It’s not hard to learn; the important thing is to dive in. Visit regions.com/womenandwealth, where you’ll find easy-to-read articles, videos and infographics on topics ranging from saving for retirement to combining finances. Seek out women you know and trust and ask them, “What are you doing to invest in yourself?” If they’re comfortable talking about it, learn from one another.
- Be Present. It’s important to stay actively involved in and be aware of your family’s finances and long-term plans. That means having honest family financial discussions in which you talk about where things stand right now and where you want to go. Participate in conversations and meetings with your Private Wealth Advisor, and don’t be afraid to ask questions.
- Be Prepared. When you’re dealing with a crisis, the last thing you need to do is search for documents. Assemble a binder with important paperwork, user IDs and passwords. Have a contact list with all of your advisors, such as your Wealth Advisor, insurance agent, lawyer and tax specialist, and the best way to reach them. You can tell a trusted family member where to find this information in an emergency, and keep it in a safe deposit box. The more prepared you are, the less likely you are to make a rash decision that you’ll regret later.
If you find yourself facing a difficult situation, give yourself time before making major decisions. Equipped with more knowledge, you’ll know that you can handle it. How you emerge from tough times — especially when you’re the one in charge — depends on being prepared, taking responsibility and knowing enough to trust yourself.
