Company News
FemLovin Gets Fierce With Finances: Why It’s Important for Women to Have a Money Plan
AppLovin
Sep 4, 2020
Sep 4, 2020
Company News
In the most recent FemLovin event, President and Founder of Bay Area Women Leaders (BAWLers), Lee Ann Coburn, CFP opened the Q&A session and discussion with a startling statistic: “Sixty-one percent of women said they would rather talk about their own death than finances.”
Lee Ann talked about the uncomfortable and overwhelming feeling women face when it comes to having money conversations.
Those who attended wanted to gain knowledge so they could make better financial decisions, such as:
Lee Ann, who was awarded Forbes’ America’s Top Women Advisors 2019 and 2020, noted that women need to be extra vigilant about saving for retirement.
One reason is that women tend to live longer than men. “Women need to save on average, 12 to 15 percent more than men.”
FemLovin participants learned there’s a growing trend of independent, college-educated women who are out-earning their male counterparts.
In fact, 52 percent of college-educated women now earn more than their partners. This means women who earn six figures are growing three times more than men.
Women are more educated, independent, and are making big financial decisions, such as buying homes.
In fact:
This growing trend of women out-earning men and building their wealth are more reasons to have a financial plan.
One report revealed nearly two-thirds of women between the ages of 40 and 79 have experienced a major financial change in their lives.
These may include:
Transitional moments in life may be a good reason to seek financial help from a wealth manager or financial advisor to help overcome obstacles and create better money habits.
A recent article by Age Wave said that women’s number one financial regret was not saving enough and not starting sooner.
A financial trends report revealed that 51 percent of women didn’t have enough money in savings to cover three months of living expenses.
With life’s unexpected events (including a pandemic), it’s important to be prepared with a plan and start saving.
There’s truth to “the little things” that tend to add up.
Authors David Bach and John David Mann wrote a book called “The Latte Factor,” which shows people that you may have more money to save and invest than you think.
Lee Ann explained, “Let’s say you spend $10 a day on lattes. That adds up to $3,600 a year. You can actually afford to save.”
The discussion of overspending was something many in the FemLovin group could relate to.
Through the discussion, Lee Ann answered questions from the group and shared her story of breaking into a male-dominated industry.
