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Take
Charge Ladies
by
Irene Segal
Good
news: More and more women are achieving financial success.
US statistics:
90% of all women either never marry, become widowed or get divorced.
Reality check:
At some point in almost every woman's life, she will make financial
decisions on her own. Start taking control of your life
so that your life does not control you.
Do It Now:
A) Get in Control
of Your Finances by finding a professional financial advisor/planner
whom you trust, and feel comfortable with. Work with this individual
to accomplish a road map for financial security.
B) Seven Steps
to a Solid Financial Roadmap/Plan:
- Define
your objectives including short and long term goals.
- Take a
good look at your assets and liabilities to determine your present
net worth. Let your advisor know what is important to you and
what is not, work with your advisor to determine your risk tolerance
and time horizons.
- Analyze
how you spend your money and the cash flow that you need.
- Make sure
that you have a valid will which reflects your current wishes
and your personal situation
- Review
your life insurance, disability insurance and other insurances
such as medical, critical illness, long term illness.
- If you
do not have a retirement plan in place you should. It is a critical
component of your financial plan
- Develop
an investment strategy that reflects your needs, objectives,
risk tolerance and time horizon. Putting your income into low
yielding GIC's or money market funds may be a resting place
for dollars you expect to require using, but it is not an investment
strategy.
Proper
allocation of your assets is the way to help you maximize your
potential returns while reducing risks.
Irene
Segal
Financial Planning & Wealth Management,
Investors Group, Regional Office
416-491-7400 x 529
email: irene.segal@Investorsgroup.com
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