Five of the Best Money Tips for Professional Women

This blog is courtesy of IRC Wealth.

Between books, blogs, podcasts, and websites, there are a plethora of “best money tips” out there, with more and more of them focusing on women’s unique needs. At IRC Wealth, many of our clients are women — from professional women to business owners, the recently divorced and the nearly retired. Consequently, we’re always on the lookout for information that could benefit these clients. And, while this list is targeted toward women, most of these include aspects that apply to everyone regardless of gender, age or life stage.


5 Ways Moms (and All Women) Can Take Charge of Their Financial Futures
While all five recommendations listed here are good, the first one is a great way to kick off the financial planning process.
Set Financial Goals: For many of us, getting started on a financial plan can be the hardest part. To get you moving, start by writing down three financial goals you want to accomplish. For example, you might want to purchase a home, start a business, or fund a child’s college education. Goal-setting and goal-attainment tend to go hand in hand. Setting your own goals, and setting a timeline for these goals, also helps put you in the financial driver’s seat.


In this article, Orman covers everything from automating payments to retirement savings and mortgages. However, this one, in particular, got our attention.
Create the Four Most Loving Documents in Existence: One of the most tragic disconnects I see is when someone tells me she loves her family to pieces but hasn’t set up these four must-have documents: a revocable living trust, a will, a durable power of attorney for finances, and a durable power of attorney for healthcare.


As the author notes, women entrepreneurs are the fastest-growing segment of business owners in the U.S. But, compared to male-owned businesses, women-owned businesses generally fail at a higher rate, employ fewer people and generate less revenue. The six women she interviews all share solid advice, including this.
Amanda Luu, Co-owner of Studio Mondine: Before you file for anything, talk with an accountant and see if it’s humanly possible to hit the revenue goals before you start investing the time. The relationship you have with your accountant is very important, so find someone with the right experience and whom you trust.My other piece of advice is to forge genuine connections with people inside and outside your industry. So much of our business is referral-based, one relationship can make or break your year. Be truly interested in them and try to cast a wide net.


While the IRC Wealth blog has covered prenups and postnups, we haven’t used the term “sunset clause,” an important consideration that this article explains, beginning with this definition.
What is a sunset clause? This clause in a prenuptial agreement acknowledges that things can change. “It states that a married couple will only honor the prenuptial agreement for a certain number of years. What sounds fair when you’re first married may not seem so after a few years together, and a sunset clause states that, after being together for a given amount of time, you can either have your prenup terminated or create a new agreement or new terms that make more sense for both parties.”


This blog notes that “it can be difficult to keep up with everything financial. And when things turn crazy, like they do from time to time, it can be near impossible.” The author then lists the top five financial priorities she recommends, in order, starting with this first one.
#1 Pay your bills – preferably on time. Make sure they don’t exceed your income, and if they do, make it your very first priority to cut your spending and/or boost your income. When your accounts payables and accounts receivables match, and you are no longer struggling to make ends meet, take a breather and give yourself a pat on the shoulder.


Within each of these links is, even more, advice that you may find helpful. And remember — much like a simple financial plan being the best because it’s one you’ll follow — the same goes for the best money tips. Tackle a few at a time and you’ll find it easier to stay on track as you head toward financial freedom.
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