Podcasts Business Retirement Answer Man Women, Money, and Retirement: Whats Different About Us?

Women, Money, and Retirement: Whats Different About Us?

Published: Aug. 4, 2021, 10 a.m.

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With the financial industry being dominated by men, it makes sense to dedicate time to focus solely on financial issues related to women. Since I am not a woman and can\\u2019t speak personally about these issues, I have invited my good friend, Tanya Nichols from\\xa0Align Financial, to help me tackle this month-long series on Women, Money, and Retirement. Tanya is one of Investopedia\\u2019s Top 100 financial advisors and she and her firm work mainly with women.\\xa0

I\\u2019m excited to have Tanya help me explore this area further. We can tackle your questions and you can gain the confidence you need to live the life you want in retirement. With a bit of education, anyone can learn how to manage their finances in retirement.

3 financial power moves women can take now

Women often have their own set of issues surrounding money due to traditional gender roles and a misogynistic financial services industry. But once women face these issues head-on they can trample these hurdles and take control of their own financial situation. Learning these 3 power moves can help you take charge of your financial life.

  1. Anyone can learn about money.\\xa0In years past, finances were often left to the husband to control, so the financial industry has typically been dominated by men. The financial services industry likes to make money sound much more complicated than it is, but financial planning is actually a lot like project management. Learning about money is just like learning about anything else and you can learn about money just as well as you can learn about fitness, nutrition, or child-rearing. You can learn to plan your finances regardless of your background. So if you have an interest in your money, then dig in and start learning.\\xa0
  2. Think of yourself first.\\xa0Do you often put your family\\u2019s needs ahead of your own? Women often sacrifice their entire lives for the ones they love. If you can acknowledge that you should consider yourself first when it comes to finances then you can begin to plan a life that is true to yourself. Before making financial decisions think to yourself: is this at the expense of something that is important to me?
  3. You have a rightful seat at the financial advisor\\u2019s table and an equal seat at the financial table of your marriage.\\xa0It is no secret that the finance industry is dominated by men and even has a history of misogyny. You should never have to earn your seat at the table to talk about\\xa0your\\xa0money. That seat is already yours. Don\\u2019t put up with anyone diminishing you or dismissing your concerns.\\xa0

What to do if someone diminishes your questions or concerns

Unfortunately, women\\u2019s questions and concerns are often dismissed in financial settings. If this happens to you make sure to address the situation immediately and clearly state how and why you feel diminished or dismissed.\\xa0

If the professional you\\u2019re working with doesn\\u2019t respond in a satisfactory manner then go somewhere else. It is important to find a financial professional that you can trust. They need to be able to listen to you and hear what your priorities are. Have you ever felt slighted by a financial professional?

If you can\\u2019t find the right person to work with, don\'t be afraid to DIY your finances. With a bit of education, managing your own finances is totally doable. Own your awesomeness. You can plan your retirement just as well as the next person.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [3:30] A disclaimer
  • [6:33] 3 power moves for women
  • [14:50] A 3 step process if someone diminishes your role

LISTENER QUESTIONS

  • [19:45] How do bond funds work?
  • [23:22] What to do if almost all your cash is in a 401K
  • [29:30] Should she consider putting her dad in a nursing home?
  • [32:47] Decisions that couples make in their 50s and 60s will affect the women later
  • [35:37] How will I be cared for if my husband dies first?

TODAY\\u2019S SMART SPRINT SEGMENT

  • [39:11] Plan your seat at the table

Resources Mentioned In This Episode

Align Financial

My Fitness Pal

Rock Retirement Club

Roger\\u2019s YouTube Channel -\\xa0Roger That

BOOK -\\xa0Rock Retirement\\xa0\\xa0by Roger Whitney

Work with Roger

Roger\\u2019s\\xa0Retirement Learning Center

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