Industry Blogs

Latest from the Entertainment Industry

December 10, 2018

Becoming An Overnight Success - One Decade At A Time

by Samantha Simmonds-Ronceros
November 26, 2018

The Montalbán: Shades of Water

by Raleigh Barrett
November 20, 2018

Exercises you can do at home – Personal Fantasy - #3

by Fran Montano
November 08, 2018

Whole for the Holidays

by Luckie
October 30, 2018

Cabinet of Horrors

by Raleigh Barrett
October 29, 2018

Discovering Yourself as a Director

by NoHo - North Hollywood
October 18, 2018

Acting Exercises You Can Do at Home - #2

by Fran Montano
September 28, 2018

Very, Very Independent Filmmaking….it’s all about the timing

by NoHo - North Hollywood
September 26, 2018

Wacko!

by Raleigh Barrett
September 19, 2018

Acting Exercises You Can Do at Home

by Fran Montano
September 17, 2018

An Interview with the Dreamgirls Cast

by Luckie
August 29, 2018

Review Gallery 800 - A Family of Artists

by Raleigh Barrett
August 20, 2018

Check your Happiness Meter

by Fran Montano
August 09, 2018

The Dawn of the Dance Challenge

by Luckie
August 04, 2018

Very, Very Independent Filmmaking - Power in Numbers

by Samantha Simmonds-Ronceros
July 19, 2018

Actors, Don’t Stop Working on Your Craft.

by Fran Montano
July 04, 2018

Very Independent Filmmaking - Inventing Yourself as a Filmmaker

by Samantha Simmonds-Ronceros
June 20, 2018

Actors Dig Deep

by Fran Montano
June 05, 2018

Nicole Anderson - Asking for A Lot

by Raleigh Barrett
Tuesday, 17 February 2015 17:00

Women: Make a Financial Plan -- the Secret of Your Success

Written by
Rate this item
(1 Vote)

Financial planning is more than just a good idea. Research has consistently shown that people who have financial plans -- and who work with financial advisors -- save and invest far more and are nearly twice aslikely to feel on track or ahead of schedule in preparing for major financial goals, such as retirement.1


While having a financial plan is important for everyone, it is especially so for women. The gender wage gap,longer life expectancies, and potential retirement funding shortfalls are just a few of the factors that underscore women's need to plan ahead.

Defining Priorities

The first and most important step in the planning process is defining your life priorities -- and then setting financial goals to support them. Once goals are set, you'll need to evaluate your current financial situation in terms of cash flow and budgeting, assets and debts, and then develop a realistic investment strategy for meeting your goals. This strategy should be based on your personal circumstances, including your risk tolerance and investment time horizon.

Asset Allocation Is Key2

Your asset allocation -- or the way you divide your investments among stocks, fixed-income securities, and cash -- plays a pivotal role in your financial plan, because the investment decisions you make over time will have a direct effect on your ability to meet your goals.

If, for instance, your primary goal is retirement, a significant portion of your portfolio should be in investments with the potential to grow over time, such as stocks or diversified stock mutual funds, ideally through tax-sheltered retirement accounts..3, 4 If buying a vacation home is a shorter-term goal, consider including taxable -- but more liquid -- growth-oriented elements in your investment mix.

Financial planning is an ongoing process. That's why you'll need to monitor your investments regularly and make adjustments as needed to reflect changes in your life, the economy, or the stock market.

Other Planning Considerations

In addition to managing your investments, consider other financial needs, such as insurance. Life insurance, which helps provide financial security in the event of a spouse's death,.5and long-term care insurance, which protects individuals with disabilities or chronic health conditions from the high cost of long-term care, are both important considerations for women.

Finally, no financial plan is complete without an estate plan. Estate planning helps ensure your assets are distributed according to your wishes after your death. At a minimum, your estate plan should include an up-to-date will, a durable power of attorney, a living will and possibly trusts, which may help minimize your estate's tax liability.

If you are ready to start planning for your financial future, contact a financial advisor. Together you can evaluate your current situation, create a plan, and keep it on track as circumstances in your life change.

1Insured Retirement Institute, news release, "Investors Better Prepared for Retirement, Still Lacking Financial Knowledge," August 19, 2014..

2Asset allocation does not assure a profit or protect against a loss.

3Investing in stocks involves risks, including loss of principal.

4Investing in mutual funds involves risk, including loss of principal. Mutual funds are offered and sold by prospectus only. You should carefully consider the investment objectives, risks, expenses and charges of the investment company before you invest. For more complete information about any mutual fund, including risks, charges and expenses, please contact your financial professional to obtain a prospectus. The prospectus contains this and other information. Read it carefully before you invest.

5Life insurance policies are subject to substantial fees and charges. Death benefit guarantees are subject to the claims-paying ability of the issuing life insurance company. Loans will reduce the policy's death benefit and cash surrender value, and have tax consequences if the policy lapses.

© 2015 Wealth Management Systems Inc. All rights reserved.

Read 2953 times Last modified on Tuesday, 03 March 2015 10:31
Lillian Appleby

Lillian Appleby, C(k)P, PPC
Lillian Appleby, C(k)P, PPC is a managing director at Angeles Retirement Consulting, LLC and branch manager/registered principal at LPL Financial.  Lillian has been a licensed wealth manager and retirement planner since 1990.  Securities and advisory services are offered though LPL Financial, a Registered Investment Advisor.  Member FINRA/SIPC. For hyperlinks to FINRA and SIPC, www.finra.org and www.sipc.org.  Third party posts found on this profile do not reflect the views of LPL Financial and have not been reviewed by LPL Financial as to accuracy or completeness. For a list of states in which I am registered to do business, please visit www.lillianappleby.com

More in this category: Protect Yourself From Online Scams »

Leave a comment

Do you have an event, video or news to share?  Drop us an email and you may see it on NoHoArtsDistrict.com