The steadily increasing gender investment gap
shows that women are still lagging behind when it comes to optimizing their personal wealth with sophisticated investment tools.
Whether you’re a seasoned executive, successful professional, or a hard-working business owner; checking in with your financial
well-being is essential for the potentially turbulent years ahead.
Here are five tips we always recommend to clients keen on optimizing returns, accumulating wealth, or double-checking biases during a time of stress and disruption.
1. START NOW
Whether you need to adjust an existing plan or build a pension portfolio from scratch…getting started can be hard.
Potential investors may be time-starved, feel they lack detailed understanding, or simply hesitant about investing
their hard-earned money. Committing to getting the support you need to start is vital.
Remember—it is never too late to start seriously investing or tailor a wealth management strategy that works for your position,
and one-size-fits all solutions simply will not do.
For example, many female professionals are steered toward cash ISAs as a reliable port of call despite the fact that
cash ISA rates rarely beat the rate of inflation. But having specific, tailor-made goals can be a much more effective
way to improve returns. Always try to find an advisor who understands your unique situation, perspective, and what
you want out of your personal wealth strategy.
2. SET YOUR PURPOSE
Say it with us—personal wealth is the road to independence. While earning “enough” may keep your head above water, correct
investments can help streamline your life journey and erode obstacles. Selecting clear savings goals and milestones helps provide
for your family, manage divorce or bereavement, and empower your professional career.
A lack of financial independence is regularly identified as a genuine threat to many successful women. Understanding what you are
saving for can help support your personal enrichment, advance your career without fear, or create once-in-a-lifetime opportunities.
The provision of financial critique, guidance, and expertise can also help create a strategy that is uniquely yours and truly fit for purpose.
3. KNOW YOUR NUMBERS
If you’re serious about managing your personal wealth, it’s time to talk stats and figures. Do you know how much your pension account
holds right now? Are you on top of your savings? What is the current state of your portfolio and what is it projected to return?
And, perhaps most importantly, do these figures still align with your changing personal needs?
Thankfully, retaining oversight of your savings strategy is easier than ever before. Key stats and figures can be tracked through
the use of online apps, with many platforms letting you track and metricise your investments. This helps you plan more effectively,
understand where you aren’t maximizing your outgoings, and makes your money go further.
4. ALWAYS TAKE ACTION
Analysis paralysis is a risk for even the most confident executive, and breaking this habit can be tough when it comes to personal finance.
Our emotional relationship with money is set at the age of seven
and moving past ingrained saving or spending habits can be challenging.
This is compounded by the demands of marital finance, loans, mortgage commitments, divorce, or other loaded family issues. Sitting
still with what we have is always more comfortable than taking the “risk” of expanding our wealth.
These emotional ties can result in the most sophisticated of investors missing out on valuable opportunities, successful compounding,
and long-term returns. Anxiety about having “enough” can often lead to stockpiling your cash rather than putting your wealth to work.
If you are reading this and haven’t optimized your long and short-term wealth, ask yourself why. Passivity is never acceptable for
male investors and it should never be for you either.
5. CHECK YOUR CONFIDENCE
Statistically, women are less likely to be classed as “sophisticated” investors than their male counterparts. Recent research from
found that only 2% of women utilize highly sophisticated financial products, compared to 9% of men. Their report went on
to highlight that 58% of women want to hear less jargon and 40% simply “want to be listened to” when it comes to managing their
Conducting your own research helps many professionals find the confidence to cut through jargon and get the insight you need.
produced a number of guides that can be viewed from here, covering topics such as,
Unit Trust Investments
and the Retirement Planning
to help develop your awareness before you choose to branch out.
The author, Tracey Reddings, has a 35-year career as a banker and wealth manager advising clients in the UK and Internationally. Passionate
about female financial literacy, she works closely with women to help them navigate their relationship with money.
Explore more of Tracey’s financial wisdom through her videos and articles on Uplevyl.
The information in this article is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by Uplevyl to provide information on a particular topic that will be of interest. Uplevyl is not affiliated with any named broker-dealer, state or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.