Women and Wealth: Key Steps to Take Control of Your Financial Future
- carmenh73
- 5 hours ago
- 3 min read
For many women, financial security isn’t just about today — it’s about building confidence, protecting family, and planning for the future. Whether you’re managing money on your own or alongside a partner, here are some important steps to make sure your finances are working for you.
Know Where Your Money Is
It’s important to understand your full financial picture. That means knowing what you have in both retirement and non-retirement accounts, how much you’re contributing, and whether you’re in a position to save more.
Debt is part of that picture too. Review what you owe, create a repayment strategy, and check that the plan fits your long-term goals.
Review Insurance and Beneficiaries
Life insurance plays a critical role in protecting your family. Take time to review your coverage — and make sure your beneficiaries (and backup beneficiaries) are up to date.
Beneficiaries also matter on retirement accounts, bank accounts, and investment portfolios. An outdated designation can unintentionally leave loved ones out.
At Penny Lane, we can help you review your current policy and update if necessary.
Keep Estate Planning Documents Current
Estate planning isn’t only for later in life. Having powers of attorney in place ensures someone you trust can make financial or medical decisions if you’re unable to.
It’s also smart to review your will regularly. Life changes — such as children, divorce, or new goals — may mean updates are needed.
Think About the Big Picture
Your overall financial plan matters. Ask yourself: Are the steps you’re taking today moving you closer to your retirement and family goals? Will your money last through retirement and beyond?
Talking this through with a financial professional can give you clarity and peace of mind.
How Women Can Build Confidence With Money
Be present in financial meetings. Don’t leave conversations about money to your partner or advisor alone. Ask questions and make sure explanations are clear.
Use resources. Financial podcasts, books, and seminars can build knowledge step by step. (Some favorites include Jill on Money and So Money.)
Plan for long-term care. Consider what would happen if a health issue prevented you from living independently. Think about costs, family support, and options like assisted living or in-home care.
Common Mistakes to Avoid
Not updating beneficiaries. After life changes, make sure your accounts, policies, and will reflect your current wishes.
Leaving out the next generation. Talk to your children about saving, spending, and giving so they understand your values and the role they’ll play in the future.
Choosing the Right Advisor
If you’re looking for professional help, take the time to find the right fit. Meet with at least a few advisors and pay attention to:
Do they make eye contact and listen to your concerns?
Do they ask thoughtful, open-ended questions?
Are they transparent about how they’re compensated?
If an advisor tries to sell you something in the first meeting, that’s often a red flag.
Look for someone who wants to understand your goals before making recommendations.
Mapping out your finances as a women doesn’t have to be overwhelming. With the right steps — and the right support — women can take control of their money, protect their families, and build confidence in their financial future.
At Penny Lane Financial, we believe in education first. That’s why we offer free financial and estate planning seminars designed to give you practical tools, not sales pitches.
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