3 financial steps to help women “live on their terms”: Advisor

When it comes to managing money, women face unique challenges.

Women tend to live longer than men, which means they need their money to last longer, according to Kamila Elliott, Certified Financial Planner, Co-Founder and CEO of Collective Wealth Partners in Atlanta.

Many women also tend to take time off from the workforce to care for children, parents or significant others, noted Elliott, a member of the CNBC Financial Advisor Council. Being out of the workforce for any period can impact women’s financial and retirement security, she said.

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Working with a financial advisor can help women plan through these difficult times.

“I think it’s important for women to feel empowered, and part of feeling empowered is having the financial resources and having financial stability,” Elliott said.

Elliott, who was the first black person to chair the CFP’s Standards Council, said the industry is working to educate women from an early age on “how finance, budgeting and investing can be fun.”

Still, women of any age can get ahead financially by pursuing several strategies, Elliott said.

1. Negotiate your salary

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2. Make investing a priority

It is important for women to feel empowered, and part of feeling empowered is having the financial resources and financial stability.

Kamila Elliott

CEO of Collective Wealth Partners

The current market volatility can be an opportunity, especially for those 10 to 30 years from retirement, as they have time to ride out those ups and downs, she said.

As average market yields rebound, this can lead to meaningful progress over time, Elliott noted.

3. Establish a “Financial Freedom Account”

To feel empowered, women need financial resources and financial stability. That means having an emergency fund is “essential,” Elliott said, with three to six months of your monthly operating expenses in a liquid savings account.

Beyond that, Elliott works with clients to also create a “Financial Freedom Account”, which can help provide a financial cushion to make changes when they feel stuck in a relationship, job or life situation. life.

“It gives them the freedom to live on their terms, to do what they want, and empowers them to make the right decisions for themselves and their families,” Elliott said.


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