What Women Need to Know to Take Control of Their Financial Future - Part I

What Women Need to Know to Take Control of Their Financial Future

Here are the facts: Women are living longer than men[i] and nearly 50% of all marriages are likely to end in divorce (with even higher rates of “Gray Divorce,” or divorces amongst those over age 50). What does this mean for women? That at some point in their lives, whether through divorce, widowhood, or personal choice, the responsibility of financial management will land squarely on their shoulders.

Women have made impressive strides over the past few generations with more than half of American women acting as the primary breadwinner in their household. Today, women are working and earning more than ever before.

But when it comes to money matters, a striking number of women statistically still leave the responsibility of financial management up to men. Experts attribute this trend to a lack of confidence in financial decision making, the female focus on caregiving and homemaking, and even just traditional, societal norms; but regardless of this tendency, longer life expectancies and higher divorce rates indicate that women should empower themselves to take control of their financial futures sooner rather than later.

The main problem, however, is that many women are unsure of where to begin. In fact, over 40% of women say that a lack of knowledge regarding their financial affairs is the single largest deterrent to becoming more involved in money management.[ii]

With this in mind, we have formatted this article into two installments to help women overcome their financial challenges and take control of their future.

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The Do’s and Don’ts of Pre-Retirement Planning for Professional Athletes

The Dos and Donts of Pre Retirement Planning for Professional Athletes

As much as professional athletes are known for their stellar athletic abilities, they are equally notorious for living extravagant lifestyles and blowing their earnings in a flash. According to a Sports Illustrated article published in 2009, 78% of NFL players are either bankrupt or under financial stress within 2 years of retirement, and 60% of NBA players go bankrupt within five years of leaving the league.

A host of famous professional athletes are earning more than “the average Joe” will in his lifetime, but struggle with transitioning their short-term paychecks into lifelong financial security.

On a fundamental level, earners of all income levels face similar financial hurdles, such as staying out of debt, fighting the temptation to overspend, and saving for the future. But due to the nature of their careers, professional athletes are faced with some pretty unique challenges of their own.

The Game Plan

1) DO Become Financially Literate

Athletes often earn a great deal of money at a young age when they have had little to no experience handling their own finances. Not only does this increase the likelihood of mismanagement, but also leaves them vulnerable to financial salespeople who prey on those who come into sudden money.

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Regulatory Disclosure: The information on this website has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. This website is neither an offer to sell nor a solicitation to buy any securities. Gerard Gruber offers Securities and Investment Advisory and Financial Planning service through Geneos Wealth Management, Inc, Member FINRA/SIPC.  Investments are not FDIC insured. Investments are not deposits of the financial institution and are not guaranteed by a financial institution. Investments are subject to investment risks including loss of principal amount invested.