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Personal Finance Family Finance
It is imperative that women are informed, educated and clear about how our wealth will fund our future
Women so often react negatively to the concepts of budgeting, investing and planning. Photo by Getty Images/iStockphoto Files
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Previous generations often had the same job and worked their entire career for the same company. They made regular deductions from their pay, and this became their defined benefit plan for life and a secure retirement. For the majority of people, little autonomy or understanding of wealth preservation or planning was required.
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We are most likely the first generation to individually focus on and be responsible for how we save and invest for retirement. “All the rules have changed over the decades and we haven’t let people know about it,” said Dr. Brad Klontz, certified financial planner and financial psychologist, in the documentary $avvy.
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As an investor community, women in particular need to gather information, be part of a safe space to talk about building a secure future, reach out to experts who can talk to us in a way we understand, and connect with trusted and Recognizable advisors to help us get personal about the best approach to our lives and goals.
It’s great to look back on years gone by surrounded by amazing, smart women focused on health and happiness, and not often my community and I had a strategic or personal discussion about our future in terms of financial security. As a group of predominantly midlife women, we assumed everyone would be okay, it wasn’t up to us to talk about it or let someone else take care of it.
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Can you imagine the impact we would have as women if we started sharing the choices we make and the goals we set to build a more secure future?
We are in the midst of the greatest wealth transfer in history and women are the predominant benefactor. It is imperative that women are informed, educated, and made clear how our wealth will fund our future. How successful our families and communities will be as we all step into wealth building and investing with responsibility and strive for the clarity and transparency that will allow us to take a more active role in understanding our finances and our future.
As women, we need to feel empowered to make choices with our money every day and be open to discussions about wealth building, investing and planning. We often react negatively to the concepts of budgeting, investing and planning.
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The word budget feels like an exercise that can encroach on our indulgences in life, so we often choose not to look too closely. Investing can seem intimidating because there are many technical and unfamiliar concepts, and we don’t often feel invited into the conversation. Planning creates the fear that we won’t like the news about our positioning, so we often bury our heads in the sand when these topics come up.
But just as we make choices every day for our health, it is also time to make informed choices for our wealth. Believing that you have the right, duty and ability to learn about investing and wealth planning can go a long way towards building your knowledge.
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It is motivating to see how executing our plans improves our stability and financial security and ultimately our ability to make positive choices to achieve our goal of building a secure future for ourselves, our families and our community. , improves.
Enter the arena of wealth building, align and become part of a powerful community of women.
J Lynne Stewart is an investment advisor at RBC Dominion Securities, RBC Wealth Management
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This post Women are the main benefactor in the great transfer of wealth
was original published at “https://financialpost.com/personal-finance/family-finance/women-are-the-predominant-benefactor-are-the-greatest-wealth-transfer-in-history-and”