Ways Women Can Work Towards Achieving THEIR financial goals!

If you are single or married, learning how to manage your financial future is important.  Many married women hand over financial responsibility to their spouse and then do not think about it again. If you are single, it is very important for women to think about their finances now and set themselves up for a more stable future. The team of financial advisors at Bogetto & Associates can help you learn how to work towards achieving your financial goals.  Married or not, women should be prepared to handle any financial obstacles that may arise down the road.  In addition, women may have a unique retirement planning needs. Often, they are caretakers to family members and women tend to live longer than their spouses, requiring careful retirement income planning to make their money last.  Here are 7 tips from the financial experts at Bogetto & Associates to help women plan wisely:

1. Knowledge is Power

It is not a good idea to invest money in a product or company that you do not understand. Do research on all avenues in which you wish to invest. Look at past performance, assets a company has, and research recent news about the company or product.   Find out as much as possible about the investments you plan to make.  A financial professional can help you with this!

2. Watch out for taxes and take advantage of employee matched funds

Investing pre-tax money is a good idea because every dollar that you invest in this type of product is not taxed as income. This can help you save money on income taxes now, but when you withdraw this money down the road you will be taxed. If your employer offers to match a percentage of your retirement investment, take advantage of it. In essence this is free money your employer is willing to put into your retirement account. 

3. Use The 15% Rule

Setting aside 15% (or more) of your income to invest monthly will help grow your wealth substantially. You can set up your bank account to automatically withdraw a set amount from your paycheck into your investment account. This is a good idea to get the funds transferred without emotionally having to part with the money each month.

4. Don’t Play it Too Safe

Many people are told to invest in safer options to lower the risk of losing money, but this can be detrimental to your investing plan. The bigger the risk, the bigger the reward is a popular saying. This is true, but it is a good idea to find a balance between risk and reward when investing.  It's often advisable to take more risk when you are young, and lower your risk as you approach retirement.

5. Know what Investment Fees that you are paying

There can be fees associated with investment. Research the investment routes you are selecting to know about these fees beforehand. Transaction fees, front end loads, and yearly fees are just a few of the fees you may encounter when investing.  When you use a financial advisor like Bogetto & Associates, we will let you know about any fees upfront!

6. Reduce your Debt

When debt is lowered, you will have more money available to invest. Paying off credit cards and making bigger payments toward your loans are great ways to start to reduce your debt.

7. Get Professional Help

When making investment decisions, hiring a financial professional is a good idea. Financial advisors are full of knowledge that can help you make investment decisions easier. This is their full time job, so they know the ins and outs of the investing world. This can help you save time when it comes to investing for your future. 

Contact Bogetto & Associates for help!

Women should control their investment and savings decisions for their financial future. If you are married, make sure you and your spouse are planning together. If you are a single woman, it's critical to start working towards achieving your financial goals now. If you are wanting to learn more about planning towards achieving YOUR financial goals, call your trusted investment professionals in St. Louis.

Financial Health...For Now & Tomorrow

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Website - www.bogettoandassociates.com

Telephone - 314-858-1602

Email - peter@bogettoandassociates.com

10805 Sunset Office Drive, Ste. 202

St Louis, MO 63127

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Securities offered through First Heartland Capital, Inc. Member FINRA/SIPC

Bogetto Financial is not affiliated with First Heartland Capital, Inc.  

Bogetto & Associates does not provide legal or tax advice.  These topics are discussed in conjunction with your CPA, Tax Advisor and Attorney.