Managing your money to gain independence

Certified financial planner Kathy Longo, who has engaged with a number of successful women who face challenges building their wealth and managing their money, offers tips on how to manage assets and build wealth.

“A lot of people believe a woman’s greatest financial asset is a man,” said Kathy.

“A man is not a plan.

“Only 23 per cent of certified financial planners are women, and the financial advice industry as a whole does not know how to speak to women or learn what they want.

“In some circles, there’s even the lingering feeling that women take a backseat when it comes to managing money and instead let their spouses handle it.”

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That couldn’t be further from the truth.

Currently, women control $14 trillion of personal wealth and 51 per cent of total wealth.

Longo has shared some tips for women who need help managing their money.

• Know you may be alone again.

Regardless of whether you’re married or not, many women will find themselves single again at some point in their lives.

• Understand your spending.

41 per cent of Americans spend less money than they make, so the majority of us are spending everything we earn or more.

• Understand your debt and know the difference between good and bad debt.

• Build an emergency fund.

• Save early.