Why Women Should Take Control of Their Finances
Every March we recognize the contributions of women to events in history and contemporary society with both Women’s History Month and International Women’s Day on March 8th.
In honor of these special occasions, the esteemed female members of our team came together to give their input on a matter that is especially near and dear to us in financial planning—taking control of your finances!
Historically, women haven’t always been granted the same financial opportunities as their male counterparts. And in fact, even though women have made great strides, the gender wage gap and expected gender roles are still omnipresent today.
In order to shed some light on the subject, we asked our team, “What are the top reasons American women need to take control of their own finances?”
Here’s what they had to say:
Erin Eliason: Director of Operations
As Hellen Keller, the personification of independence herself, once said “Women have discovered that they cannot rely on men’s chivalry to give them justice.” Women have overcome many obstacles to become major players on the world stage. The key to their success is independence, not just financial, but in all aspects of life. This applies not only to American women, but holds true globally.
Taking control of your finances gives you a skeleton key to unlock the door of independence. It gives you the freedom to pursue whatever interests appeal to you – whether that be furthering your education or planning for early retirement! A financial plan gives you the freedom and independence to achieve whatever goals you wish to accomplish in your life without having to struggle with finding the means to achieve it.
Brooke Kuhlman: Marketing Coordinator
Controlling your finances gives you power, gives you independence, gives you security. Power to freely do and spend what you want, independence to not have to rely on someone else, and security for you and your family in the present or the future. In a society where finances are usually controlled by the male society, a woman taking control sets standards and creates mentors for the younger population.
Amira Adams – Director of Retirement Planning Services:
In 1963, President John F. Kennedy signed into law the Equal Pay Act. This law was passed to end wage disparity for women workers. Still, 50 years later, challenges remain, but the fight continues to ensure equality in the workforce for women. President Biden spearheaded the passing of the Paycheck Fairness Act. He stated, “It is not only an economic imperative but also a moral one.” With women historically receiving lower wages than our male colleagues, it is clear to see why we lack confidence in our finances. Considerable efforts by our leaders and activists have been made to give us a voice and equality in the workforce. Sadly, too many of us keep most of our money in cash for fear of losing it if we invest it. The world is changing, and we have come a long way. According to statistical data, women investors earn better returns than men. So, if you need a confidence booster, perhaps knowing you are good at it can help! We should educate ourselves about our finances and teach each other so that the struggles we face today are no longer a struggle for our future. I end this with a quote by Susan B. Anthony: “I declare to you that woman must not depend upon the protection of man but must be taught to protect herself, and there I take my stand.”
Amy Solano: Associate Financial Planner
Women take control in other areas of their lives such as their education, career, and managing their household. Taking control of finances is a natural extension of those things. Once you gain confidence with all those areas you are on the path to financial independence.
Meet Our Team
We are especially proud of everyone we have here on our RiversEdge team and would be delighted to introduce them to you here. We each bring a unique talent and skillset to RiversEdge that’s worth experiencing. Together, we are growing and helping more individuals, families, and business owners that benefit from our expertise. We serve clients locally here in Wilmington, DE and virtually across the country. Schedule a call with one of our advisors today to learn about how our team can support you and your business for a financially successful future.