“Wisdom for Wealth. For Life.” Episode 20: Divorced, Widowed, Single or Married: Financial Planning for Women
Women’s History Month
Each year in March, we celebrate Women’s History Month as a special opportunity to honor the numerous contributions and accomplishments of women throughout history.
Countless women have impacted our society by lobbying for the rights of women. One of the biggest milestones was women gaining the right to vote and therefore having a voice in the direction of our country. On May 21, 1919, the Susan Anthony Amendment granting women the right to vote was put before the House of Representatives. The measure passed the House and Senate quickly but wasn’t approved by enough states for ratification until August 18, 1920. It wasn’t until the Voting Rights Act of 1965 that all women gained the right to vote.
Recently, women have made huge strides when it comes to money and finances. Although, it wasn’t until 1974 that women were allowed to apply for a credit card on their own, today there are nearly 13 million women-owned businesses in the U.S., representing 42% of all businesses in America.
Women and Financial Independence
Although women control an estimated 51% of personal wealth in the United States, they may not always feel equipped to make important financial decisions. For example, 68% of women feel empowered to manage a household budget, but only about 14% of women say they fully understand financial planning and investing.
At Blue Trust we are striving to change that narrative by encouraging women to occupy an equal seat at the financial table. We believe women have a critical voice in the financial world. For over 40 years, we have served and championed women—intentionally including them in the planning process and equipping them with financial knowledge. We value the wisdom, discernment, and experiences that women bring to the table and believe they have an important and equal role to play.
In this podcast, Blue Trust financial advisor, Carol Jackovich, hosts a panel of women who have embraced financial planning as an essential tool for their stability and wellbeing. Our guests each found themselves on a solo financial journey due to various circumstances, and they share the lessons they learned as they navigated tough life transitions such as widowhood and divorce.
Women’s Unique Needs and Attitudes About Money
Our podcast panelists offered the following advice for women.
- Become an engaged partner in family finances. Regardless of your marital status or what level of involvement you previously had in your family’s finances, one guest shared, “It’s important to stay involved in your finances. Don’t go on automatic pilot. Know your priorities and have a voice.”
- Understand the value of delayed gratification. It is important to recognize the dangers of taking on debt and instead make prudent spending decisions today that will yield benefits for the future.
- Include stewardship in financial decisions. “Give first, save second, and use the rest,” said one panelist. Studying what the Bible says about money can help us resist making money the master of our hearts. Using money to help others and practicing financial stewardship can reap immeasurable eternal rewards.
- Find a financial advisor you trust. It’s important to recognize when it’s time to seek professional assistance in many areas of life, especially your finances. It is wise to ask friends and family you trust for referrals. You can also benefit from finding an advisor who shares your same values and worldview. Our panelists agreed that they appreciate having an advisor whose advice is rooted in Christian foundational principles and who offers accountability and a tested track record.
Finances are a very personal matter, so it’s important to find a trusted advisor with whom you feel comfortable sharing confidential details. Financial and investment decisions can be overwhelming and cause a lot of anxiety, but as you become more involved in the process and partner with a trusted advisor, you can begin the journey to financial peace of mind.
Blue Trust advisors understand the unique challenges that women face and are proud to walk alongside them on their financial journeys with everything from financial literacy resources to complex financial planning.
If you would like to learn more about our services tailored specifically to women, please visit bluetrust.com/women or speak with your Blue Trust advisor.
“Most people are really afraid to deal with their finances. Until you conquer that fear and until you lay it all open before the Lord, you are not going to have peace. ”
– Fran LaMattina
In our “Wisdom for Wealth. For Life.” podcast series, we share financial advice and wisdom from our network of wealth advisors and thought leaders in the industry, and from around our community of over 9,500 financially blessed families who apply biblical wisdom to their financial planning and giving.
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