Statistically, women feel less confident in investing compared to men. Therefore, many women avoid starting to save money at the same rates as men, even though surveys show that when women do invest, they actually outperform men. In this episode of Your Money. Your Mission. Kelly sits down with Merissa Slowik, a Wealth Advisor and Financial Planner at Johnson Financial Group, to discuss the pivotal role of financial literacy in empowering women.
Breaking Stereotypes: Women and Financial Confidence
Merissa emphasizes that a person's relationship with money isn't dictated by gender but rather shaped by individual experiences and backgrounds. While historically excluded from financial conversations, women are increasingly taking charge of their finances. However, Merissa acknowledges the lack of confidence among women in managing money, attributing it to societal conditioning and limited exposure to financial education.
Overcoming Hesitation: Investing and Planning for the Future
Many women, especially those juggling familial responsibilities and living paycheck to paycheck, may hesitate to invest or plan for the future. Merissa dispels the notion that it's ever too late to start investing, urging women to take control of their finances. She emphasizes the importance of budgeting and adapting saving strategies to life's changing demands.
Seeking Guidance: Navigating Investment Options
Navigating investment options like 401(k)s and IRAs can be intimidating, especially for those unfamiliar with financial jargon. Merissa encourages individuals to seek guidance from financial professionals or leverage resources provided by banking institutions. Building relationships with financial advisors fosters personalized financial strategies aligned with individual goals and circumstances.
Financial Literacy: The Importance of a Good Credit Score
Understanding credit scores is important in securing favorable loan terms. Merissa shares practical tips for maintaining and improving credit scores, empowering women to make informed financial decisions for larger purchases like home purchases or car loans.
Building an Emergency Fund
Establishing emergency funds provides a safety net during unforeseen circumstances, offering individuals the freedom to navigate crises and pursue opportunities. Merissa stresses the importance of starting small and gradually building a financial cushion for three to six months depending on the individual’s lifestyle
Using Financial Planning to Achieve Long Term Goals
Financial planning isn't just about retirement; it's about setting achievable goals and adapting strategies to life's evolving circumstances. Merissa emphasizes the importance of annual financial check-ups and building dynamic plans that empower individuals to make informed choices.
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