3 financial steps to help women “live on their terms”: advisors

Financial Advisor for Women and Investing: It's important to feel empowered

When it comes to managing money, women face special challenges.

According to Kamila Elliott, certified financial planner and co-founder and CEO of , women tend to live longer than men, which means their money needs to last longer Collective Wealth Partners in Atlanta.

Many women also tend to take time off from work to look after children, parents or significant others, noted Elliott, a member of the CNBC Financial Advisor Council. Prolonged absence from the labor market could impact women’s financial security and retirement, she said.

More from Ask an Advisor.

Here are more perspectives from the FA Council on how to navigate this economy while building wealth.

Working with a financial advisor can help women navigate these difficult times.

“I think it’s important for women to feel empowered, and part of that feeling is empowered to have the financial resources and financial stability,” Elliott said.

Elliott, who became the first black person to chair the CFP Board of Standards, said the industry is working to educate women from an early age “how much fun finance, budgeting and investing can be.”

Still, women of all ages can thrive financially by pursuing a variety of strategies, Elliott said.

1. Negotiate your salary

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2. Make investments a priority

It is important for women to feel empowered, and that includes having the financial resources and financial stability.

Kamila Elliot

CEO of Collective Wealth Partners

Today’s market volatility could be an opportunity, especially for those retiring in 10 to 30 years, as they have time to weather these ups and downs, she said.

If average market yields recover, it can lead to significant advances over time, Elliott noted.

3. Set up a Financial Freedom Account

To feel empowered, women need financial resources and financial stability. That means having an emergency fund is “vital,” Elliott said, since there’s three to six months of your monthly operating expenses in a liquid savings account.

In addition, Elliott works with clients to create a “Financial Freedom Account,” which can help create a financial cushion to make changes when they feel they are in a relationship, job, or life situation to get stuck

“It gives them the freedom to live their life, do what they want, and empower them to make the right decisions for themselves and their families,” Elliott said.

https://www.cnbc.com/2023/05/22/3-financial-steps-to-help-women-live-on-their-terms-advisor.html 3 financial steps to help women “live on their terms”: advisors


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