January 2013

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Advertisement from the home, there remains a great opportunity to be a financial leader in the family. These women can learn���and model for their children���effective money management. After a knowledge base is established, the process begins with asking questions of advisors, setting goals, and communicating with other family members to establish a firm financial foundation. Be organized Make the Most of Your Money Women urged to firm their financial foundations with the help of a financial adviser Sir Francis Bacon got it right when he said knowledge is power. When it comes to managing finances in today���s fast-paced society, it���s more important than ever for women to have some sense about their cents. Be aware Women tend to live longer than men, and also traditionally serve as primary caregivers for family members young and old. They spend less time in the workforce than their male counterparts, which puts them at ���a financial disadvantage to men,��� says Kim Sponem, CEO and president of Summit Credit Union. Park Bank���s Vice President of Private Banking Kristi Austin agrees, and explains that women make 77 cents to every dollar a man does. With this knowledge in hand, Summit Credit Union���s Sponem says women can���t afford to be bad money managers and must have a clear understanding of their family���s financial picture. She says a change in mindset is essential to their financial suc- 34 BRAVA Magazine January 2013 cess. ���At some point a woman is going to have to deal with this situation herself,��� says Lauri Droster, senior vice president and certified financial planner with RBC Wealth Management. Park Bank���s Austin explains the emotional impact of financial disorganization or lack of knowledge is scary. She shares that many women lack a basic understanding of everything from taxes to bank accounts to the location of online passwords because ���they rely on their husbands to do this.��� Financial Advisor Jody Brown with Summit Credit Union says most women work really hard to maintain their health as they age. ���Finances are the same,��� she explains. She says the tactics a woman uses in her 20s and 30s to spend and save must evolve as new strategies become necessary to plan for retirement. Sponem of Summit Credit Union says the first place working women need to start is in the job acceptance process. Negotiation skills are essential to ensuring fair wages and benefits. Even if a woman is not working away Once a foundation is set, organizing it and making it run almost automatically offers women a sense of freedom on many levels. First is the freedom to live without undue stress and second, to know that a plan is in place and working for their financial success. Streamlining the mountains of paperwork, pages of emails and piles of receipts can be daunting at first. It���s essential, however, to success in finances. The trick is to figure out the method to the madness that works best, as each person has their own way of processing. Some people choose hammering a monthly budget on looseleaf, while others turn to software programs. While it���s no secret managing finances takes time and commitment, Droster of RBC Wealth Management recommends women get as many task items as possible on ���auto pilot.��� Online banking, bill paying, statements, etc. make things simpler for today���s woman. Brown of Summit Credit Union says that above anything else it���s the important to select a financial support team, and that asking for help is not a sign of weakness. Financial advisors are available and excited to help women gain control of, or simply enhance, their financial well-being. Women must have a clear understanding of their family���s ���nancial picture. ���Kim Sponem, CEO and president, Summit Credit Union ���Build a relationship with your banker,��� says Park Bank���s Austin. She explains that while women may not have needed help in their younger years, as their financial portfolio becomes more complicated, they may feel overwhelmed. Many women, she says, fear talking to a financial planner because the industry overall tends to be intimidating. Many banks and credit unions offer this as a free service to their clients, and these women bankers want to

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