Las Vegas Native Shanna Kehoe, CFP®, CWS®, is managing partner and wealth advisor with Diamond Wealth Management. As a wife and mother of twins, she understands how a busy lifestyle can prove challenging with each new stage of life, which fuels her passion for planning and walking the journey with her clients.
Gone are the days when the standard financial advice for women was, “Make sure you know what your husband is doing with your money.” Today’s women are more empowered and money-savvy than ever before.
So, yes, don’t fall into the habit of allowing someone else to manage your finances without your input. Even if you feel like you’re “just not good with money,” the fact is that you’re probably better with it than you realize — or, at least, you certainly have the potential to be.
Invest early and invest often. The earlier you start investing, the more benefit you’ll enjoy from compounding interest — that is, earning interest on the interest you earn from your investments. Over time, it builds up.
Have a plan. Your financial plan doesn’t have to be a rigid course you follow but rather an intentional plan customized to your goals. Goal setting may be one of the single biggest steps you can take toward financial success. Your goals should dictate what types of investments you make and why.
Get informed guidance from a professional when putting together your financial goals. Though men greatly outnumber women as financial advisors, there are indeed women advisors available who are adept at helping women define and pursue their financial goals.
Investment advisory services offered through CWM, LLC, an SEC Registered Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.
Get Your Money Under Control
You can’t have a solid plan for your money if you don’t know what your money’s doing. Getting a budget in place can transform your finances and reveal the availability of funds for investing.
Step 1: Add up your monthly income from all sources.
Step 2: Add up your monthly financial obligations.
Step 3: Subtract your obligations from your income.
Step 4: If there’s money left over, decide where that money will best serve you. Paying down debt? Building up savings? Investing for retirement?
Step 5: If the sum is a negative number, it’s time to either cut expenses or increase income.
Don’t discount the benefits of taking time to compose a budget. A basic budget can be a powerful tool!