67. Married Women and Finances

Pam Prine is a Financial Advisor and co-owner of Keystone Capital Management, an investment and retirement planning firm. She is also one of the hosts of the Wow Me ( Women on Wealth Management Education) Video Podcast. On this episode of CFO at Home, Pam and Vince discuss the importance of married women being knowledgeable about their family finances, differences in how men and women view money, the difference between your financial risk tolerance and risk capacity, and more.

Key Takeaways

• The average age of widowhood is 56, highlighting the need for married women to be knowledgeable about their family finances
• Steps in building confidence in managing your finances
• • Learn your numbers (know your Net Worth)
  • Build a foundational budget
• When assuming responsibility for managing their finances, women often wrestle with the fear of going broke 
• Tips for engaging a disinterested spouse in family finances
• • Relate finances back to priorities (sending kids to college, retirement, etc). Use each partner's priorities as a way to open up communication that leads to a common plan.  
• General differences between how men and women view money
• • Men have a tendency to be more numbers driven and competitive about money. Focused on the “scorecard”
  •  Women are more focused on security and practical things that money can be used for to bring enjoyment to life
  • Men have a tendency to make more frequent changes to investments than women 
• When planning your financial future it’s important to not only understand your goals, but also to have a realistic understanding of how much risk you’re willing to take to achieve them. 
• • Risk Tolerance - The amount of risk you feel you can tolerate is highly dependent on how you feel about the market (how optimistic/pessimistic your outlook is) at any given moment
  • Risk Capacity - How much risk can you take/money can you lose and still meet you goals
• Consider your health as an investment, not an expense, particularly as you approach retirement 
• Social and Emotional readiness is an underestimated part of retirement planning 

Resources

• Beyond the Money

Ways to contact/follow:

• Keystonegroupaz.com 
• Keystone Capital Management Group - Facebook
• Keystone Capital Management Group - LinkedIn 
• Keystone Capital Management Group (Phone) - 623-299-9710

Contact the Host - vince@thecfoathome.com