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5 Questions Women Investors Should Ask
Understanding the issues that impact you is essential to working toward your goals. From where am I today to how do I stay on track, these questions can help you think through your needs and goals.
You're you – and there's nobody else just like you. So we tailor our advice and services to meet your specific needs.
Still, we believe certain principles work well for all serious investors – like buy quality, diversify and keep a long-term perspective. And within the universe of individual investors, we know there are groups that have similarities and common needs.
Even though you're not exactly the same as your mother, sister, friend or daughter, we've found that many women share experiences and trends that may be different from those that men experience. For example:
• Women's life expectancy is three to four years longer than that of men.1
• Many women leave the workforce for a period of time to take care of children or parents.2
We know that understanding the issues that impact you is essential to helping you work toward your goals. And we believe that starts with asking the right questions.
1 U.S. Census Bureau, 2010
2 "Women and the Workforce: Challenges and Opportunities Facing Women as They Age," Older Women's League, 2012
Five questions to ask
Achieving your goals in life means making informed decisions. We've developed a comprehensive process to help you think through your needs and goals, and understand all your options – which can lead to better decision making. Here are the questions we'll consider.
1. Where am I today?
Many people have a general idea of where they stand financially, but it's important to clearly understand your complete financial picture. The more precise you can be about where you are today, the more likely you'll get good directions to where you want to be.
2. Where would I like to be?
The answer to the question "Where would I like to be?" is about your vision of your ideal life, with your financial goals achieved. This visoin is probably based on your values. What's most important to you?
3. Can I get there?
Once you know where you are today and where you want to be, you can better determine whether you can get there. We'll need to consider the issues that impact you as a woman: Are you single or married? Working or staying at home? What is your life expantancy? These factors can impact men and women differently, and it's important to take them into account to determine wheather you can reach your gaols.
4. How do I get there?
This is where you consider the various strategies available to you and select those most appropraite to help you reach your goals. These could include hom much you save per month and how to allocate you investments. It's important to consider factors unique to you - for example, how many years unitl you plan to retire, your family and work situation, and how much you can expect to recieve from Social Security.
5. How can I stay on track?
Once your strategy is in place, reviewing it is probably the most important part of this whole process. For better or worse, life changes - and so do the economy and markets. For instance, your child may get a full scholarship or decide to go to medical school. Or you may lose a loved one ot have to care for an aging parent. As your situation changes, be diligent about reviewing your strategy to help ensure you stay on track through all the changes that occus over time.
What's your vision?
It's not just about building wealth. It's about doing the things you value in life. Money is just a tool that can help you to do them. Before we work to identify financial strategies, it's important to us to understand why you're investing.
So, what's your vision? Whatever it is, we're here to help you achieve it. Talk to a financial advisor to get started on your future today.
Edward Jones - Mark Grooters: Financial Advisor