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Using Your Financial Voice Goals-Based Planning

In today's world, women are increasingly taking control of their financial futures. The journey is often filled with unique challenges, such as longer life expectancy, potential career interruptions, and the gender pay gap. Goals-based financial planning offers a powerful approach for women to not only secure their financial wellbeing, but also to find and use their financial voice. By focusing on personal goals and openly engaging in financial conversations, women can build a financial strategy that reflects their true values and aspirations.

GOALS-BASED FINANCIAL PLANNING

Goals-based financial planning is all about aligning your financial decisions with your life goals. Unlike traditional financial planning, which often focuses solely on wealth accumulation, this approach centers on what truly matters to you—whether it's buying a home, funding education, starting a business, or planning for retirement.

1. Identify and Prioritize Your Goals.

The first step is to clearly define what you want to achieve financially. Women often juggle multiple roles and responsibilities, making it crucial to set both short-term and long-term goals. For example, short-term goals might include paying off student loans or building an emergency fund, while long-term goals could involve securing retirement or ensuring your children's education. Prioritizing these goals allows you to create a plan that supports your most important aspirations.

2. Know Your Situation.

Before setting your plan in motion, assess your current financial situation. This includes understanding your income, expenses, savings, and any existing investments. Knowing where you stand financially will help you determine what adjustments are needed to achieve your goals. For women, it's also important to consider potential life events that may impact finances, such as starting a family or taking time off work to care for loved ones.

3. Develop a Tailored Financial Strategy:

Once your goals are defined, the next step is to develop a strategy that aligns with them. This might involve creating a budget, setting up investment plans, or optimizing your savings. Goalsbased planning is flexible, allowing you to adjust your strategy as your circumstances change. For women, this adaptability is key, especially in light of potential life events such as career changes, starting a family, or taking time off to care for loved ones.

Your Financial Voice

A crucial aspect of goals-based financial planning is finding and using your financial voice. Historically, women have been less likely to engage in financial discussions or advocate for their financial needs. However, reclaiming your financial voice is essential for achieving your goals.

1. Educate Yourself.

Financial literacy is the foundation of finding your financial voice. Take the time to learn about personal finance— whether through books, online courses, or workshops. The more you know, the more confidently you can make decisions and advocate for your financial interests.

2. Talk About It.

Talking about money can be intimidating, especially in U.S. society where it is often considered taboo. However, discussing finances with friends, family, or a financial advisor can provide valuable insights and support. Women can benefit immensely from these conversations, as they help demystify financial concepts and encourage proactive financial management.

3. Advocate for You!

Whether it's negotiating a salary, discussing investment opportunities, or setting financial boundaries, using your financial voice means advocating for your needs and goals. Don’t shy away from asking questions, seeking advice, or demanding transparency in financial matters.

The Power Of Combining Goalsbased Planning With Your Financial Voice

When women combine goals-based financial planning with a strong financial voice, they create a powerful foundation for financial success. This approach not only helps you achieve your personal goals but also empowers you to make informed, confident decisions that reflect your values.

Moreover, as more women find and use their financial voices, they contribute to a broader cultural shift that encourages financial literacy, equality, and empowerment for future generations. By taking control of your financial journey today, you’re not just securing your own future—you’re paving the way for others to do the same.

Kristin Prieur is Director of Compliance Services for Key Bridge Compliance, a consulting firm serving many Investment Advisers and Financial Planners. She is an active contributor to Women’s empowerment endeavors in the Flint, MI area and has a passion for providing financial education to women.

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