Health accounts, including HSAs and FSAs, are designed specifically for covering out-of-pocket medical expenses (excluding your monthly premiums). While they operate similarly, HSAs and FSAs offer distinctly different features and eligibility requirements.

Let’s take a look at what makes these accounts unique, and what sort of costs you can cover with your tax-advantaged health account.

Health Savings Accounts (HSAs)

An HSA (Health Savings Account) is available to individuals and families enrolled in a qualified High Deductible Health Plan (HDHP). If your health plan meets IRS criteria and you don’t have disqualifying coverage (like an FSA through a spouse or a Medicare plan), you’re typically eligible to contribute. 

The HDHP criteria for 2026 are:

• Individual deductible: $1,700 or higher
• Family deductible: $3,400 or higher
• Individual out-of-pocket maximum: $8,500 or less
• Family out-of-pocket maximum: $17,000 or less

And the contribution limits for an HSA this year are:

• Individual: $4,400
• Family: $8,750

Once you open an HSA (either with your employer or a separate financial institution), the account is yours to keep, even if you leave your job. The funds in the account don’t expire, meaning you can allow your savings to continue compounding and growing for as long as you like.

While you cannot use your HSA to cover your monthly premiums, it can be used to cover just about any other healthcare-related expense:

• Deductibles
• Co-pays
• Prescriptions
• Medical equipment (beds, walkers, CPAP machines, etc.)
• Over-the-counter medications
• Medicare premiums (after age 65)

HSA Tax Treatment

Aside from helping you build dedicated savings for medical costs, HSAs also boast a triple tax advantage:

1. Contributions are made pre-tax (or tax-deductible if made on your own)
2. The funds grow tax-deferred 
3. Withdrawals are tax-free when used for qualified medical expenses

That combination makes HSAs one of the most tax-efficient savings vehicles available. Unlike many other benefit accounts, HSA funds can be invested and allowed to grow over time, which is why some people choose to pay current medical costs out of pocket and treat their HSA more like a long-term savings bucket.

After age 65, HSAs become even more flexible. You can still take tax-free withdrawals for qualified medical expenses, but you can also withdraw funds for non-medical purposes without a penalty (though those withdrawals are taxed as ordinary income). 

Flexible Spending Accounts (FSAs)

Unlike HSAs, flexible spending accounts (FSAs) are not tied to high deductible health plans. An FSA is actually an employer-sponsored benefit account that allows you to set aside pre-tax dollars from your paycheck to pay for qualified medical expenses. 

Your FSA eligibility depends on whether your employer offers it as part of your benefits package. If they do, you can usually elect an annual contribution amount during open enrollment and fund the account through payroll deductions.

FSAs are also tax-advantaged, since contributions are made pre-tax, which lowers your taxable income for the year, and withdrawals for qualified medical expenses are tax-free as well.

Use It or Lose It

Most FSAs are subject to a “use it or lose it” policy, meaning unused funds are forfeited if not spent by the plan deadline (usually end of year). Some employers offer limited flexibility, such as allowing a small rollover amount into the next year or a short grace period to spend remaining funds. FSAs are also employer-owned, so if you leave your job, you typically forfeit any unused balance unless you qualify for continuation coverage.

Common Questions from HSA and FSA Participants

So, what can you buy with the funds stored up in your HSA or FSA? The IRS continues to expand eligibility, with more items getting added to the list every year.
We thought it’d be helpful to share some of the most frequently asked questions people have about qualifying HSA and FSA expenses:

Are over-the-counter pain relievers considered HSA-qualified expenses?
Yes, over-the-counter (OTC) medications, including pain relievers, can count as HSA-qualifying expenses. This is a relatively recent change that went into effect on January 1, 2020 as part of the CARES Act. As with other purchases, keep your receipts as proof of eligibility if necessary.

Where can I find a list of HSA or FSA-qualified expenses?
You can find the most current list of qualified medical expenses in IRS Publication 502.

Can I use my HSA for alternative medicine treatments?
The list of eligible expenses for HSAs has grown considerably and includes some alternative treatments, including Christian Science practitioners, acupuncture, and naturopathy. You may be required to provide a letter of medical necessity (LMN) from a doctor for the expense to qualify.

Can I use my HSA card at major pharmacy chains for qualified expenses?
Yes, you can use your HSA card to purchase qualifying items at major pharmacy chains and grocery stores (for eligible expenses only). You can also purchase qualifying items on dedicated marketplaces, such as HSAStore.com and FSAstore.com.

What products are covered under HSA/FSA qualified expenses?
As the criteria for HSA and FSA qualifying expenses continue to widen, the list of products and services has grown exponentially. Expenses generally qualify if they’re related to your physical and mental health. Aside from prescriptions, co-pays, deductibles, and other common medical costs, this can include some surprising medical expenses too including skin treatments and red light therapy masks, bicycles, smart watches, sun screens, air purifiers, etc. Just keep in mind, some expenses do require a letter of medical necessity from a doctor.

Need Help Maximizing Your Health Accounts in 2026?

There’s really been no better time to open an HSA or FSA, considering the rising cost of healthcare and expanded eligibility for qualifying expenses. If you have the opportunity to contribute to a tax-advantaged health account, it’s well worth the consideration, even if you’re in good health. Given the vast number of eligible expenses, it’s likely you’ll find some way to spend your savings (even when you’re facing “use it or lose it” deadlines).

If you’d like to discuss your options or learn more about making the most of your health savings this year, reach out to our team anytime. We’d be happy to discuss how your healthcare costs play into your greater financial picture and goals.

The post What Qualifies as an HSA or FSA Expense? Your 2026 Guide to Maximizing Health Savings appeared first on WealthChoice.

When tax season rolls around and you see just how much of your income goes to the IRS, it can feel discouraging—especially considering how hard you work to build wealth in the first place. While taxes may feel like an unavoidable headache that only grows stronger as your net worth rises, that doesn’t mean you’re left without options.

Yes, it’s possible to legally and ethically optimize your tax situation. No, you’re not evading or avoiding taxes altogether, just making sure you don’t pay more than your fair share.

Thoughtful, year-end planning can make a meaningful difference, especially for those juggling multiple income sources, managing complex executive compensation, or navigating business ownership. Below are some of the most effective ways to minimize your tax bill and set yourself up for a stronger financial future.

Maximize Your Retirement Contributions

One of the simplest and most powerful ways to lower your taxable income is by maximizing your retirement plan contributions before the end of the year (or in some cases, by the tax deadline the following year).

In 2025, you can contribute up to $23,500 to a traditional 401(k) or 403(b) plan. If you’re 50 or older, you can make an additional $7,500 catch-up contribution, bringing your total to $31,000.¹ Contributions to these retirement accounts are tax-deductible, meaning they directly reduce your taxable income for the year.

New in 2025, people who are between the ages of 60 to 63 can take advantage of an enhanced catch-up contribution, sometimes referred to as a “super catch-up.” Eligible plan participants can contribute up to $10,000 or 150% of the standard catch-up limit (whichever is greater) to their employer-sponsored retirement plan—on top of normal contributions. Those who meet the criteria to contribute will have a valuable opportunity to shelter even more income from taxes during these final years leading up to retirement. For 2025, the super catch-up contribution limit is $11,250, bringing the total contribution limit up to $34,750.¹  

If you’re self-employed, consider a Solo 401(k) or SEP IRA, which are especially built for small business owners and can allow for significantly higher contribution limits than traditional IRAs. These options can be particularly valuable for freelancers, consultants, or small business owners looking to build retirement savings in a tax-efficient way (without the regulatory hassle of a larger corporate plan). Keep in mind that, if this is an option you’re pursuing, only a Solo 401(k) offers catch-up contributions! SEP IRAs do not have a catch-up contribution option. 

Don’t Forget About Roth Accounts

While traditional accounts lower your taxable income today, Roth IRAs and Roth 401(k)s offer tax-free growth and withdrawals in retirement. Contributions are made with after-tax dollars, but qualifying withdrawals are tax-free in retirement.

For 2025, the income limit to contribute directly to a Roth IRA is $165,000 for single filers and $246,000 for married couples filing jointly.¹ If your adjusted gross income exceeds these limits, a backdoor Roth IRA or mega backdoor Roth (for those with access through employer plans) may serve as a workaround. These strategies allow you to convert after-tax contributions into a Roth account—just keep in mind you’ll owe income tax on any amount rolled from a tax-deferred account to a Roth account.

Identifying Tax Opportunities in Your Business

If you own a business or do contract/freelance work, you have some additional tools at your disposal to potentially reduce your tax bill—though you’ll need to follow the IRS’s criteria carefully.

For example, the IRS allows you to deduct “ordinary and necessary” costs related to running your business, such as office supplies, software, marketing, and professional fees. However, you must document your receipts and proofs of purchase. Overstating deductions or mixing personal and business expenses can trigger unwanted IRS attention.

High-earning entrepreneurs and startup investors may also want to explore Qualified Small Business Stock (QSBS) exclusions, which can allow up to 100% of capital gains to be excluded from federal taxes when selling certain qualified shares. Again, this is provided specific requirements are met. You may want to consult with a financial advisor to learn more about managing QSBS.

Tax-Focused Investment Decisions

As the end of 2025 approaches, it’s worth reviewing your portfolio for opportunities to make tax-efficient adjustments. For example, if some of your holdings have declined in value, tax-loss harvesting enables you to sell those investments before December 31 and use the realized losses to offset capital gains elsewhere.

You may also want to explore Opportunity Zone investments, which allow you to defer capital gains taxes when you reinvest profits from the sale of other assets into qualified projects. If you hold the investment long enough, any additional appreciation may become tax-free. For certain investors, Opportunity Zone investments can be a powerful tool for building tax-efficient long-term growth.

Review Your Tax Withholding

Before year-end, take a close look at your recent paystubs to confirm you’ve had enough tax withheld throughout the year. This is especially important if you’ve had RSUs vest in 2025. Many employers don’t withhold sufficient tax on vesting RSUs, which can leave you with an unexpected tax bill in April. If you’re short on withholding, consider setting aside additional cash now or making an estimated tax payment before December 31 to avoid penalties and interest.

Are You Charitably Minded?

Donating stock that has increased in value allows you to avoid paying capital gains taxes on the appreciation while still receiving a charitable deduction for the full fair market value. If you plan on donating often or making substantial contributions, establishing a donor-advised fund (DAF) can simplify the process. A DAF enables you to make a single, tax-deductible donation now, grow assets tax-free, and make distributions to your favorite charities over time.

Year-End Tax Review with WealthChoice

As the calendar year closes, remember that effective tax planning can happen all year round. However, many of the strategies we mentioned above should be implemented before December 31 to count for the 2025 tax year.

Another important reminder? Your tax planning opportunities don’t end at the federal level. State tax laws vary widely, and high earners may face additional obligations depending on where they live, work, or own property.

At WealthChoice, we specialize in helping high-earning women make informed, strategic financial choices that minimize tax exposure while supporting long-term goals. Schedule a year-end tax planning consultation today to explore how you can reduce your 2025 tax bill.

Sources:

https://www.irs.gov/newsroom/401k-limit-increases-to-23500-for-2025-ira-limit-remains-7000

The post How Can High-Earning Women Reduce Their Tax Bill Legally? appeared first on WealthChoice.

Even as careers progress and wealth accumulates, investing can still feel like a foreign language for many women. Considering financial literacy and investing are rarely taught in school, it’s not hard to see why many people (not just women) struggle to find their financial footing later in life. Basic financial strategies and concepts are often even gatekept from women (particularly if they grew up in more traditional households), or framed in confusing terms that just don’t resonate.

But investing isn’t just for Wall Street insiders or finance buffs. It’s a tool that’s accessible to everyone, and when paired with patience and strategy, it can be used to support your values, goals, and long-term vision.

Let’s talk a bit more about investing and financial know-how, and what you can do to feel more confident in your decision-making moving forward.

Demystifying the Investment Landscape

It feels like the investment world prides itself on being overly complex. Acronyms fly fast- ETFs, REITs, RMDs- and the sheer amount of jargon feels like it’s intentionally meant to keep outsiders at bay. But if we pull back the curtains and start with the basics, investing can be a simple and rewarding process designed to help you build wealth over time.

Speaking of keeping it simple, you don’t need to become an expert in every market cycle or memorize the intricacies of bond yields. Rather, establish your long-term goals, consider how much risk you’re comfortable taking on, and work with a trusted advisor who can manage the rest.

You and your advisor can work together to drown out the day-to-day noise of the market movements, while focusing on the long-term growth potential of your portfolio. They can help you build a well-balanced set of investments that may include stocks for growth, bonds for stability, and cash or cash equivalents for liquidity.

From there, your job is relatively simple:

• Contribute regularly
• Ignore the urge to make impulsive decisions (including buying or selling during periods of volatility)
• Reassess the performance and balance of your portfolio at regular intervals (say quarterly or annually)

Once you’ve got the basics down, you and your advisor can continue building on your knowledge and comfort levels to explore other opportunities that might align with your interests, values, and goals.

Investing That Reflects Your Career and Life Trajectory

Your wealth wasn’t built overnight. Your investment strategy shouldn’t be either. A thoughtful portfolio will reflect not just your appetite for risk, but also your life experience, evolving goals, anticipated timeline towards retirement, and the trajectory of your career.

For example, if you’ve been a business owner or executive, your income may have come in waves- perhaps through equity compensation, performance bonuses, or proceeds from a business sale. That irregularity should be acknowledged in how you approach certain aspects of your wealth and investments, including your access to cash (liquidity), diversification, and tax strategy.

Or, if you’re nearing retirement after decades of wealth building, your focus may shift from accumulation to preservation and income generation.

A well-aligned portfolio can help ensure your wealth continues to support your needs, whether you’re planning an upcoming sabbatical, giving charitably, or establishing a second act career that’s less about profit and more about pursuing your passion or purpose.

Understanding the Emotional Side of Money

Even the most capable women can carry hidden fears about investing. Perhaps you’ve seen others make costly mistakes, or you’ve been told, explicitly or implicitly, that investing is “too risky,” “too confusing,” or “not your strength.” 

Investment confidence doesn’t mean never feeling nervous. It means knowing you’ve built a framework that supports you through market ups and downs, and anchoring your decisions in a long-term plan- rather than reacting to headlines or short-term volatility.

For many women, confidence grows not from watching the markets, but from watching their own progress and simply learning by doing. When you can clearly see how your portfolio supports your personal and professional life goals, investing can feel less scary- and more like a normal part of everyday life.

How the Right Advisor Can Help Improve Financial Confidence in Women

If investing still feels like unfamiliar territory, that’s okay. What matters most is not where you’re starting, but how you move forward. The financial industry hasn’t always done a great job of meeting women where they are- but we’re happy to say that’s starting to change.

Today, more advisors are embracing a collaborative approach to planning, which prioritizes education and goal-setting. They’re tailoring strategies to better reflect real-world needs and changes, as opposed to relying too heavily on outdated hypothetical models. More advisors are also creating space for conversations that go beyond charts and benchmarks to focus more heavily on your priorities, opportunities, and vision for the future.

If you’re ready to take the next step, you don’t have to go it alone. With the right support, you can gain the literacy, clarity, and confidence to build a portfolio that reflects the life you’ve worked so hard to create. Don’t hesitate to send us a message, let us know what’s on your mind, and schedule time to talk with our team.

The post Boosting Investment Confidence and Literacy in Women appeared first on WealthChoice.

While retirement might be the farthest thing from your mind, here’s a hard truth for Gen Zers: time is your greatest resource, but you must know how to use it to your advantage. The earlier you start incorporating some simple and proactive retirement planning into your budget, the better off you’ll be when the time eventually comes to call it quits.

Below, we’re sharing a few practical tips to start saving for the future—even when it feels impossibly far away.

Start Early, No Contribution Is Too Small

The earlier you start saving for retirement, the less you’ll need to contribute each month—and most importantly, the more you can take advantage of compounding interest.

Compounding occurs when you start earning returns or interest on previously earned returns or interest, not just the principal amount contributed.

That sounds confusing, but here’s a simple example of how compounding works:

Say you initially contribute $1,000 to an account that earns 7% annually on average, and $100 after that each month. In the span of 10 years, you’ll have contributed $13,000 total. But each year, the interest compounds, meaning whatever was earned plus contributed to the account previously starts to earn interest as well. By the end of that 10-year span, your $13,000 will have grown to $18,546.

The longer you enable your money to compound, the more impactful the power of compounding becomes. You might not see a big difference right away, but be patient and give your money time to grow. By the time you reach retirement (which may be 20-30+ years away), small, continuous contributions will grow into substantial savings.

Compounding growth is also the reason you’re better off setting aside a small amount, say $200 each month for 30 years, than $600 (triple the amount) for 10 years. 

Understand What Retirement Saving Tools You Can Use

The most common retirement savings accounts are 401(k)s, IRAs, and Roth 401(k)s/IRAs. 

401(k)

You will likely be offered a 401(k) from your employer, or a 403(b) if you’re a public sector employee. Only available through your workplace, these plans offer an effective, simple tool for building wealth over time. The best part? You can set it and forget it.

With a 401(k), you’ll have the option to automatically defer a portion of your paycheck (say 3%, for example). This portion is diverted to the 401(k) before taxes are taken out of your paycheck, meaning your contributions lower your taxable income for the year. If your employer offers matching, they’ll also contribute a certain dollar amount or percentage to your account—yes, that’s free money for retirement. Just keep in mind, you may be required to stay with the company for a certain amount of time in order to keep your employer matching contributions (this is called vesting). But anything you contribute directly is yours, regardless of the vesting schedule.

The funds grow tax-deferred, meaning you won’t have to pay taxes on earnings in the account each year. Once in retirement, you’ll be able to withdraw from the account. Withdrawals are subject to ordinary income tax—remember, up until now, these are earnings that haven’t been taxed yet.

IRA

An individual retirement account (IRA) works similarly, except it’s opened by you, not your employer. If you or your spouse are offered a 401(k) at work, you may be limited by how much you’re allowed to make in tax-deductible contributions to an IRA. Generally speaking, the annual contribution limit for IRAs is also significantly less than 401(k)s. For 2025, for example, you can contribute up to $7,000 to an IRA, compared to $23,500 for a 401(k).1 

Roth 401(k)/IRA

A Roth account works in the opposite way, tax-wise. Your contributions to either a Roth 401(k) or Roth IRA are not tax-deductible, meaning you pay taxes on the funds directed into a Roth account. The earnings do grow tax-deferred, however. And if you meet the criteria for qualified distributions in retirement (namely, you must be 59.5 or older and have had the account for at least five years), all withdrawals are tax-free.

Prepare for Emergency Expenses

With the cost of, well, just about everything on the rise and salaries staying stagnant, it’s not unusual for young professionals to feel financially pulled in a million directions. Between paying down student loans, saving up for a house, filling your 401(k), and enjoying life, there may not be much left over.

That being said, we cannot overstate the importance of setting aside some savings in case of an emergency. While the general rule of thumb is to save up enough to cover your expenses for around 3-6 months, at this stage, anything helps. You can’t predict when your car will need costly repairs or a large hospital bill sends you into medical debt.

While directing savings into an emergency fund might feel like the last priority on your list right now, consider the cost of not doing so. Expenses you can’t pay either lead to taking on more debt (and often high-interest debt at that) or drawing down funds meant to support your long-term goals (like retirement). Not only can taking money out early cause you to lose out on those compounding benefits, but depending on the type of account, you could be hit with penalties and more tax liability, too.

You’re Doing Great, Now Keep Going

Keeping your future goals (including those that feel far, far away) a priority is no easy feat, especially as you continue facing an uphill battle of tough economic climates and challenging market conditions. But starting small, saving incrementally, and balancing your needs today with your future financial security is critical. Today, you have time on your side to make your money work harder—it’s just a matter of leveraging it to your advantage.

Sources:

1 IRS

The post Retirement Planning for Early Career Professionals appeared first on WealthChoice.

Let’s talk about what female breadwinner burnout is

Female breadwinner burnout refers to the physical, emotional, and mental exhaustion that arises from the responsibilities of being the primary financial provider for a family. Women in this role often face not only the demands of a high-pressure career but also the burden of managing household tasks, caregiving, and societal expectations around gender roles. The weight of these combined responsibilities can lead to chronic stress and burnout.

So What Causes This? 

1. Balancing Work and Family

Female breadwinners often find themselves juggling demanding jobs with household and family responsibilities. This dual burden can become overwhelming, especially when expectations at home mirror the pressure to succeed in the workplace. Of course, this depends on how the family manages at-home responsibilities. 

2. Career Pressure

As the primary earners, women face intense pressure to maintain or increase their income to ensure the family’s financial stability. This need for constant professional success can lead to overwork and exhaustion.

3. Societal Expectations

Traditional gender roles still influence societal perceptions of women, creating additional stress for female breadwinners. Women may feel the pressure to “do it all”—be the ideal professional, mother, and partner—leading to feelings of guilt and inadequacy when they cannot meet these impossible standards.

What Does Female Breadwinner Burnout Look Like?

Burnout doesn’t appear overnight. It manifests overtime, with symptoms also intensifying over time. Here are some common signs of burnout that female breadwinners may experience: 

• Emotional Exhaustion: Feeling drained and unable to cope with daily tasks or work responsibilities.
• Physical Fatigue: Chronic tiredness, difficulty sleeping, and an overall lack of energy.
• Irritability and Frustration: Growing easily annoyed, especially with family members or coworkers.
• Isolation: Feeling disconnected from friends, family, or your partner due to overwhelming work and personal demands.
• Anxiety or Depression: Constant worrying about finances, work performance, or family responsibilities, which can lead to mood swings, sadness, or a sense of hopelessness.

And you would not be alone in these popping up as you work towards major career goals. But it’s important to recognize them first, and then make a plan to reduce them so you don’t reach total burnout. 

Symptoms of Burnout 

Over time some of the same repeating feelings and symptoms can develop as well. Things like the following could be symptom: 

1. Persistent Stress: A constant feeling of being “on edge” and worried about meeting financial or family obligations.
2. Physical Ailments: Burnout can manifest physically with headaches, digestive issues, and muscle tension due to prolonged stress.
3. Decreased Job Satisfaction: Losing interest in or resenting a job that used to bring satisfaction is a key indicator of burnout.
4. Relationship Strain: Feeling resentful towards your partner or family for not contributing enough financially or emotionally, which can create tension in personal relationships.
5. Perfectionism: The feeling that you need to be perfect in every area of life—work, home, parenting—can exacerbate feelings of inadequacy and fatigue.

Managing Female Breadwinner Burnout 

Ok, so if you’re feeling like some of the above are really hitting home, let’s talk about managing and hopefully avoiding burnout all together. 

1. Setting Boundaries

Learning to set boundaries in both your professional and personal life is critical to avoiding burnout. This could mean reducing work hours, delegating household tasks, or carving out personal time for rest and relaxation. Again, delegating is essential. 

2. Career Planning and Income Growth

A proactive approach to career planning can help female breadwinners avoid financial stress and burnout. Regularly negotiating for raises, seeking promotions, or exploring new career opportunities can provide long-term financial security. By ensuring steady income growth over time, women can plan more effectively for their futures.

3. Financial Planning

One way to alleviate financial pressure is through professional financial planning. Creating a solid financial roadmap helps female breadwinners feel more secure in their ability to meet both short-term and long-term goals. Working with a financial advisor to establish savings plans, investment strategies, and retirement goals can significantly reduce financial anxiety.

4. Seek Support

Don’t hesitate to ask for help, whether it’s from a financial planner, therapist, or family member. Sharing the emotional and financial load with your partner or trusted advisor can relieve some of the pressure and provide clarity on how to move forward.

5. Self-Care

Prioritizing self-care is essential. Regular physical activity, mindfulness practices like yoga or meditation, and setting aside time for personal hobbies can help reduce stress and maintain a healthy work-life balance. 

I was at the CFP® Board conference this past month and one of the main speakers, Fareed Zakaria, host of CNN’s Fareed Zakaria GPS  shared an important point from his book that I think applies here. While the US GDP has increased vastly over that of the rest of the world, the happiness of Americans lags. Having more money might indicate a happier life, when in fact cultures with much lower GDP have a higher level of happiness. The key?   Family, friends, social life, pets, hobbies, these are what truly provide happiness globally.  So if you’re considering skipping out on the ‘self-care’ or hobbies, I strongly encourage you to reconsider and make it a part of your regular schedule. 

Take Proactive Steps When it Comes to Breadwinner Burnout, Because You Deserve to Enjoy your Career and Life!

Female breadwinner burnout is a growing challenge for women balancing high-pressure careers, financial responsibilities, and traditional societal expectations. Recognizing the symptoms and taking proactive steps—such as career planning, financial literacy, and self-care—can help alleviate the weight of these responsibilities and lead to a more fulfilling and balanced life. If you’re feeling the stress of being a female breadwinner, remember that support and resources are available to help you navigate these challenges and protect your well-being.

The post Female Breadwinner Burnout: Recognizing and Managing the Pressure appeared first on WealthChoice.

FTC Disclosure: The links on this blog for books are affiliate links. This means if you click it and purchase the books, we get a small commission at no cost to you. You can find out more by reading our privacy policy. 

Back to the Basics

Understanding the foundational principles of financial management is crucial for your financial planning now and in the future. The following books are perfect for women who want to solidify their grasp on budgeting, saving, and basic investment strategies. These resources break down complex financial concepts into actionable steps, making it easier to achieve financial stability and growth.

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1. How to Money by Jean Chatzky  

Jean Chatzky offers a straightforward guide to managing money, covering essential topics such as budgeting, saving, investing, and understanding credit. This book is perfect for women looking to build a solid financial foundation.Plus, it’s full of fun illustrations, so if you’re a visual learner, this might be a great resource for you. 

2. Get Good with Money by Tiffany Aliche  

Tiffany Aliche, also known as “The Budgetnista,” provides a ten-step plan for achieving financial wholeness. Her practical advice and actionable steps make it easy to create a financial plan that works for you and starts to create harmony between you and your money- no matter your starting point.

3. Broke Millennial by Erin Lowry

Erin Lowry’s approachable style breaks down complex financial concepts into easy-to-understand advice. This book covers everything from managing student loans to investing, making it ideal for young women looking to take control of their finances.

If that sounds like you, we also have a specific financial planning offering for Rising Professionals who are navigating the busiest season of their life, but still working on building strong financial foundations for their future. 

4. The Millionaire Next Door by Thomas J. Stanley and William Danko

This classic book reveals the habits and characteristics of America’s wealthy. While not specifically targeted at women, its lessons on frugality, budgeting, and investing are invaluable for anyone looking to build wealth over time.

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Money Mindset

Shifting your money mindset is a crucial step towards achieving financial success- which is exactly why these books have made it on the list of our top financial planning books for women. The books in this section focus on changing the way you think about money, breaking through financial barriers, and empowering you to cultivate a healthier relationship with money. 

1. We Should All Be Millionaires by Rachel Rogers 

Rachel Rogers challenges women to think bigger about their financial potential. This empowering book offers practical advice and inspiration to help women break through financial barriers and achieve millionaire status.

2. Corner Office Choices by Bridget Venus Grimes

Bridget Venus Grimes, the President and Founder of WealthChoice,  addresses the unique financial challenges faced by professional women. Her book provides strategies for making smart financial choices that align with your career goals and personal aspirations- bringing in real-world examples that help to frame money choices. 

3. Deeper than Money by Chloe Elise

Chloe Elise helps women transform their relationships with money. Her book demystifies finance for anyone who feels stuck in cycles of guilt around spending. Part practical guide to finance and part motivational – this is a financial book created to not ignore the feelings that circulate for women around money. 

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Investing & Retirement

For women looking to deepen their understanding of investing and retirement planning, these books offer comprehensive guides on how to grow your wealth and plan for a secure future. From beginner investing tips to advanced strategies for achieving financial independence, these are important financial planning books for women as you continue on your financial journey. 

1. Girls That Invest by Simran Kaur

Simran Kaur demystifies the world of investing for women. Her book covers the basics of investing, from stocks to real estate, and provides practical advice on how to start building an investment portfolio.

2. Work Optional by Tanja Hester

Tanja Hester shares her journey to early retirement and financial independence- a path not taken by many. Her book offers a roadmap for women who want to achieve financial freedom and live life on their own terms. 

Of course, we know that working with a financial planner can also significantly enhance your journey through investing and retirement planning. At WealthChoice, our mission is to help you live the life of your dreams through strategic financial planning, investment management, and lifelong partnership. A financial planner can provide personalized advice, help you navigate complex investment options, and create a comprehensive retirement plan tailored to your unique goals.

Which of These Financial Planning Books for Women Did You Add to Your Shelf? 

These selected books offer invaluable insights and practical advice tailored to women’s unique financial needs. By exploring these resources, you can build a strong financial foundation, cultivate a positive money mindset, and confidently navigate investing and retirement planning. And that’s all we could ask for. We hope you empower yourself with the knowledge to achieve financial independence and secure a prosperous future. Happy reading!

The post Financial Planning Books for Women: Empower Your Financial Future appeared first on WealthChoice.

The gender pay gap sees women paid about 82 cents to every dollar earned by a man, according to analysis by the Pew Research Center in 2022. This pervasive divide is driven in part by gender and racial discrimination, workplace harassment, job segregation and a lack of workplace policies that support family caregiving, which is still most often performed by women.

Women who leave work to raise their children face decreased wages when they return. They also face very real biases about being less committed to their work, which can lead to a lack of growth opportunities. Age is another factor that is wrongly synonymous with “worth.” For women aged 45 and over, the pay gap extends to 73 cents for every dollar a man makes at the same age. When looking at race, the gap only grows.

As well as seeing my clients battle with this, I’ve experienced the gender pay gap firsthand.

After repeatedly confronting the unique financial challenges that women executives face, I knew I had to go my own way. WealthChoice was created as a place where I can do the work I love in a way I know will have the most impact, and that I am fairly compensated for.

It seems like the most basic request: to simply be paid the same as men who do the same work as us (or sometimes even less!). And yet a gender wage gap has been recognized in a shocking 94% of occupations, stretching all the way to the C-suite. The gender wage gap continues to permeate our professional lives, impacting the health, wealth and well-being of women across the whole of the US.

So What Can Be Done About the Gender Pay Gap?

My job is to advocate for the betterment of the lives of the women I work with. I take great joy in watching them find empowerment and satisfaction in their financial lives. So it really galls me when I hear of the unequal pay or stifled professional development they experience at work.

While I can’t change the numbers on their paycheck, a major way I can help my clients is by ensuring they use the money they do earn as wisely as possible. And the good news here is that there are certain wealth strategies we can put in place that will cushion their financial plan from the negative impact of the gender pay gap.

I recently took on a new client, a woman who is a top tier executive in a large tech firm. When discussing her income I sadly wasn’t surprised to learn of the pay disparity she experiences, despite her senior position.

We spent a lot of time chatting about how this affects her at work, and the mental and emotional toll it takes when feeling so overlooked and underappreciated by her male peers. Then – with an admitted glimmer of “We’ll show them!” – I set about telling her how I will help her work to negate this wage gap as much as possible through well considered and impactful financial choices.

Pay parity is a hugely important element we factor into our planning processes with our clients at WealthChoice.

After all, the earning power of women dictates our ability to live the life we want – and that is the hallmark of our approach to financial planning and the management of women’s wealth.

Working closely with our clients to understand their dreams, goals, ambitions and areas of personal fulfillment is integral to how we operate. Having a plan to maximize your income is critical for any executive – male or female – but it is a really important consideration for female executives, business owners and professionals who are battling an uneven playing field.

The Importance of Knowing a Woman’s Worth

When you’re not getting paid what you’re worth, you don’t get the opportunity to save as much as you should. That translates to lost incomes, lost social security benefits (which are scaled on your pay), and lost portfolio growth over time.

While we’re all familiar with the fact that women executives are paid less than men for doing the same jobs, a lesser known fact is that the average woman executive leaves a million dollars on the table over the course of her working life, simply by not knowing how much she is worth, or asking for what she deserves.

How is this possible, you ask? It starts with knowing your professional value. Where men generally have no problem asking (or overasking) for what they are worth, women seem instinctively averse to it. Moreover, women executives often don’t know the market value of their work. Women report salary expectations between 3 percent and 32 percent lower than those of men for the same job.

Failing to negotiate plays a significant role in wage disparity. A study from Carnegie Mellon University revealed that 8 times as many men as women graduating with a master’s degree negotiated the starting salary of their first job. The first job sets the tone for your earning potential over your entire career. By not negotiating, a woman stands to lose over $500,000 by age 60.

What Does the Gender Pay Gap Mean for Our Economy?

Gender equality around pay has long been an issue in the US labor market. June this year marked 60 years since the passing of the Equal Pay Act, which “prohibited discrimination on account of sex in the payment of wages”.

Yet the situation in the US is still only slightly better than the world average – where most women are paid around 20% less than men – but 18% less can still make a significant impact to a well-structured financial plan. This has a persistently negative impact on the American economy as a whole.

According to Moody’s Analytics, we can expect to see an additional $7 trillion injected into the global economy – that is about 7% – if the pay gap between men and women is narrowed more rapidly. The problem is, at the current rate, the gender pay gap will only be closed in about 132 years.

However, if women in the US were to receive equal pay, then it is anticipated that this would cut poverty among working women and add in the region of $482 billion to the American economy.

For example, in the state of California, where we have a number of clients, pay equality would equate to a significant economic boost. “If women were paid the same as comparable men in California, the state’s working women would have earned $51.8 billion more dollars, an earnings increase that, by itself, is greater than the entire economy of South Dakota ($45.9 billion)”, wrote the authors of briefing paper for The Institute for Women’s Policy Research, Heidi Hartmann, Jeff Hayes and Jennifer Clark.

How Does This Impact Women’s ‘Wealth Gap’?

As I wrote in my book, Corner Office Choices, no matter what industry you work in, being a woman in that industry will bring unique challenges that men don’t have to deal with. The response isn’t to resign ourselves, nor is it to get overly caught up in fighting for systemic change. Instead, the most constructive approach is to identify what those challenges are, and get the resources you need to overcome them.

Over the past two decades, very little has been done to fundamentally shift the status quo. This means more women play a juggling act with their time and their money, but with fewer opportunities to invest more into their own financial futures.

Just recently, the Center for American Progress think-tank released a paper determining that persistent gender pay gaps had cost American women $61 trillion in financial resources since 1967, when the Equal Pay Act was signed. While all women are impacted, Latina and Black women workers continue to be worse off.

The personal upshot of this is that women continue to be caught in a ‘wealth gap’, unable to catch up with their male counterparts. As Rose Khattar, Director of Economic Analysis at the Center for American Progress, said about the report’s findings: “That’s lost wages that could have been injected into the economy in the form of consumer spending. That’s wages that women could have used in terms of investments to build up their wealth.”

Just consider these three personal impacts that the wealth gap might be having on your own financial planning:

• Retiring in Style: The long-term implications of the gender pay gap are particularly noticeable when you start drilling down into the retirement income women can expect versus men. Since earnings over the course of a woman’s life are below that of a man, they receive less in pensions and Social Security which means that when it comes time to retire they can expect to have 70% of a man’s retirement income. Worryingly, many women go into retirement with less income than they had when they were working; making it impossible to maintain their standard of living.
• Emergency Fund Savings: As a female breadwinner, or as a working woman contributing to the family finances, some believe it is important for women to save even more into their emergency funds. This is, in part, due to the household demands on women and their more precarious standing in the labor market. And yet they have one hand tied behind their backs as they build up these savings.
• Investing in Stocks: Earlier this year a report by BNY Mellon noted that if women invested in the stock market at the same rate as men, there would be – at very least – an extra $3.22 trillion in assets under management. The gender pay gap was just one of the factors behind this imbalance highlighted in the report, the others being financial confidence, education around investing and less disposable income (which is where the pay gap really bites).

The Benefit of Women-Focused Advisory Firms

Many of the issues impacting how women accumulate wealth can be linked to personal preferences for investing – since traditionally women tend to be more conservative and have lower risk tolerances – but also because the financial world is geared towards men and, by and large, continues to be male dominated.

However, having a female financial advisor in your corner also makes a big difference. After all, women have unique financial needs and often find themselves handed cookie-cutter advice that might suit a man, rather than benefiting from crafted solutions that help them live their best life.

Women want more than just accepting what is pushed across the table at them, they value honesty and transparency, relationships built on trust and access to investing information that aligns with their personal values. Many women find they can get this by using a female advisor.

It’s important for women executives to recognize that no matter where they start, there’s only so much time they have left, and only so much money they can make within that time frame. It is vital to understand the long term implications of how they choose to use their resources.

My job is to help women executives understand that their current way of life is a choice, and to help them see what other choices are available to them. What do they need for their own life? What does quality of life mean to them? And what is involved in creating it?

At WealthChoice we tailor-make our clients a financial plan that not only takes the issue of gender pay disparities into account, but seeks ways to counter these issues and provide sustained financial stability and growth.

Please do get in touch if we can help you navigate any gender pay gap issues you’re experiencing. We stand as your advocate, support system, and ultimate cheerleader as you head to work every day and learn to bridge the gaping wage divide until the day eventually comes when we no longer have to. Until then, we’re here for you.

The post Women Executives and the Gender Pay Gap. What Can We Do? appeared first on WealthChoice.

It is telling that, although women enter the legal profession in roughly equal numbers to their male counterparts – and 55.3% of all law students in the US were women in 2021, they leave the law in such numbers that by 2022 only 38% of all lawyers across the US were women.

These statistics confirm what I’ve observed over the years working closely with exceptional women lawyers in various stages of their careers and at differing seniority levels. I wrote about one such woman, Sophie, in my book Corner Office Choices: The Executive Woman’s Guide to Financial Freedom.

An absolute go-getter, who in her mid-30s was already an equity partner in a well-known law firm and pulling up to $1 million a year, when I met her Sophie’s life was ruled by work and dominated by stress. As I described her situation at the time:

“She was working at an unsustainable pace, with no time left in her life for fun, adventure, or relaxation. Even while making money hand over fist, she felt the stress of being financially strapped. She had only $100,000 in her 401(k), not nearly enough to fund her lifestyle for a year. As we continued talking, her face, voice, and demeanor bore the evidence that she couldn’t keep up this pace much longer. I’ll never forget her words: ‘It feels like I’m on a treadmill that I can’t get off’.”

I’ve worked closely with Sophie over the years, and together we reshaped her finances, gave flight to her dreams and set her up with the option of an early retirement. Today, Sophie is living the dream: working flexible hours with clients she loves and who appreciate her expertise, from an idyllic European village with an ocean view.

When I engage with female lawyers, I often refer to Sophie’s story because she is proof that you can get off the hamster wheel and create the life you’ve always wanted. Even in a high-pressure career like the law, burnout does not need to be the end of the story.

The Challenges Impacting Women in the Law

I say this not to diminish the very real challenges facing women in the legal profession. As research from the American Bar shows, the challenges of being overlooked for promotions, earning less, battling bias and ingrained prejudice, and juggling unrealistic demands on their time, impact women in the law and, as a result, their career longevity.

For women who are already in high-stress careers like the law, pressure and burnout are very real concerns. When you add financial anxiety to the mix you have an even more potent cocktail.

During a chat with Peachie Thompson, on her Just Peachie Show podcast, we spoke about the discomfort many professional women experience over their financial situations. Just like my client Sophie, they might be making good money but they can be insecure about their spending, saving and investment habits. This ongoing anxiety is bruising for women who are already carrying too much on their shoulders; until you get to grips with the numbers and get a plan in place.

This is why I am a strong advocate for creating a financial plan that can help to direct decision making and support women across all aspects of their lives.

How Can You Turn Things Around?

Besieged with the unrelenting pressure of a demanding profession, alongside personal responsibilities, family, parents and the financial stress of often being the main breadwinner at home, I have found over the years that women lawyers in particular need to take the utmost care to create a financial plan early on in their careers.

This plan should inform decision making about career progression and make provision for the fact that, as personal demands grow, a complete change in career or direction might be on the cards. It also needs to include a relevant and personal financial plan that encompasses wealth and estate planning and investing.

Working with an expert firm such as WealthChoice is an astute move, but so too is becoming curious about investing and financial decision making, and taking ownership of your financial and lifestyle goals, passions and pursuits. As CLA Health and Wellness Committee Member Jala Eaton puts it in a 2022 article: “You have to be willing to learn what you are doing. No one cares about you and your success the way you care.”

Never Lose Sight of the Bigger Picture

I would broaden this assertion further still, and say you are doing yourself a disservice if you don’t find the right financial planning partner to help you explore all available ways and means to craft your best life.

Earlier this year, when I spoke to a group of women lawyers as part of a DRI event, the multifaceted nature of what brings fulfillment and meaning to life was brought home to me. The women lawyers I work with want to be challenged, they build strong relationships and they want to feel valued – this combination contributes to their feelings of success, over and above the financial benefits of the role. If one of these three areas are not being fulfilled, then I would argue it is time for a rethink.

During my talk – which I titled What it Takes to Get to the Top – I spoke about the passion that drove me to start WealthChoice in 2016 and my ambition to serve women professionals in a meaningful and holistic way.

At the time I felt out of balance with my life, I felt undervalued and underappreciated. So I pivoted. My advice to the women lawyers during that talk was: “If you enjoy practicing law, but not where you are, change that. Or if you don’t enjoy practicing, revisit that. Or if you enjoy practicing where you are, ask yourself if the challenges are insurmountable.”

In spite of the biases and the pressures, many women feed off a career in law. However, many more feel stuck in the profession and out of options. My message is: If you plan your choices and have the courage to change, you too can find your sweet spot.

Burnout and Bias: Two Antidotes

Two things that helped me on my journey, which I would suggest for any women struggling against bias and burnout, are:

• I found a community of like-minded women. In my case, Equita Financial Network, of which I am a co-founder, helped me build my firm by providing emotional and professional support and wonderful relationships. This community has absolutely supported the success of WealthChoice. If you can’t find a community of women lawyers you connect with, then reach out to colleagues and friends and create your own sisterhood.
• Know when and what to delegate. In my case, I was able to focus my time and attention on offering top-notch service to my clients by working with a great operations team, trading team and marketing team, rather than trying to do everything myself. This helped me grow my firm, stay true to my dreams and still spend time with my family.

Empowering yourself by partnering with a financial advisory firm like WealthChoice is often the first step in taking control of your time and creating a sustainable, long-term plan for your life and future financial security. I encourage you to get in touch today.

The post Burnout and Bias: Why Financial Planning Is Critical for Women Lawyers appeared first on WealthChoice.

Like so many working women before her, this woman was feeling overwhelmed by the demands of a professional career and a family. She was finding it challenging to manage intense full-time work while giving her spouse and young children the time they needed. She felt trapped, spread too thin and overawed by the demands of juggling almost every aspect of her life.

I was extremely grateful for the feedback I gained from this interaction, specifically because I know from past experience that the WealthChoice way can – and will – help her manage all these touchpoints.

For many executive women, life is a day-to-day tightrope walk while juggling career and family. Many of these women have little time to live life on their terms, let alone have some sort of financial strategy for the future they’d like to enjoy.

Fortunately, my brand of bespoke financial planning, which considers all aspects of a woman’s working and personal life, breaks away from the traditional one-size-fits-all model of financial planning to create holistic solutions that support busy breadwinner businesswomen and enable them to live their best lives.

Starting a Family Takes Precision Planning

The process starts with an open and honest conversation, an in-depth examination of your financial health, your goals and your specific personal and professional challenges. From there, we craft a life plan that works – for you!

In my experience, working women – and particularly breadwinner businesswomen – should begin to plan financially from the moment they start thinking about starting a family. This includes putting in place a plan for job flexibility and understanding the maternity leave options at their company.

In particular, it’s important to focus on the following:

• Know Your Maternity Leave Income Coverage: Questions you need to be asking yourself include: How long will I receive a salary from my company? Will it be 100% or a portion? Does my state provide disability for maternity leave? How will my income be impacted with a child? Will I be able to cover the increase in expenses if my income decreases?
• Reassess Your Budget: You’ll need to consider new budgetary line-items such as childcare, equipping your home for a baby, as well as clothes, accessories and food. Plus it’s critically important to decide when to start contributing to a college fund (I always recommend from the moment your child is born, so you get the full benefit of growth over time).
• Increase Your Insurance Cover: For every new parent it is an imperative to have life insurance. If you already have life insurance, then it’s important to review how much you have and assess if it is sufficient. Not only should you consider the medical costs associated with having a child, from prenatal appointments to childbirth classes, you should also consider the cost of insurance once you’ve added your child to your plan.
• Build Your Emergency Fund: Since your family is expanding it’s an excellent idea to put more into your emergency fund for those just-in-case moments. As a rule of thumb, it is good practice to have an emergency fund with at least six months of fixed expenses in cash if you are single, and three months if you have a working spouse or partner.
• Update Your Will: If you don’t already have a Will, then it’s important to have one in place before your baby is born. This document will ensure that your child inherits your assets in the event of your death and, if they are a minor, clearly states who will care for your child.
• Consider Upcoming Expenses: If your current home is small, then you’ll also need to factor in the possibility of moving house or investing in a bigger property as your child grows up. When you do start looking, remember that considerations like proximity to good schools and nurseries will now become really important.

On a more personal note, I resonated with this series of positive and affirming tips from life purpose coach Erica Carrico. Stop trying to be perfect, she says. Take time out to have fun, and to be open to help – be it a daycare or even a family organizer. Carrico also affirms my view that filling your own cup first is the best gift you can give to your family; it helps to keep you focused, positive and in the moment.

Advice for Entrepreneurs and Tech Startup Execs

A few years ago I read an article in Forbes magazine in which the writer suggested that as a female entrepreneur and mother, women should “accept that there is no such things a ‘balance’.”

For any breadwinner businesswomen at the helm of an organization – and especially those steering highly competitive tech start-ups – I would argue that balance comes naturally if you focus on prioritizing. This only works if you take the time to decide what is important – including you! – and tailoring your schedule around those commitments.

If, for instance, attending your child’s baseball games is a non-negotiable, then block out the time in your diary – just as you would with a client meeting. Turn off your phone, and give your full attention to the little person on the pitcher’s mound.

As Forbes contributor Nona Djavid wrote: “I do not check my email or Slack messages, and I focus on my current situation. I want him to remember that Mom showed up to every lesson to cheer him on and watch him improve.”

As a personal note, I still remember when my daughter told me that I never listened to her. It stung terribly, and I decided then and there to be more present. Now, I make sure my attention is 100% focused on my children when I’m with them or speaking with them from across the country.

Considerations for Women Lawyers

While all careers require heavy time commitments, a special word needs to go out to breadwinner businesswomen working in the notoriously demanding legal profession, where many regularly work more than 60 hours a week and a single week of vacation a year is not uncommon.

In a 2023 Law360 Pulse survey 31% of female lawyers said their work-life balance had deteriorated in the past year (compared with 18% of male lawyers) and 46% reported feeling continual stress (compared to 28% of men polled).

Fortunately mother-friendly legal firms are emerging across the US; practices that are turning their backs on traditionally glass ceilings and finding ways to support female lawyers through mentorship and career guidance. Some of the advice shared by female lawyers who find themselves juggling these very commitments, includes supporting one another, being adaptable, communicating your needs clearly, planning and prioritizing.

Even for women lawyers who choose to take on a part-time position to help prioritize family time, the unpredictability of the profession means that long hours are inevitable. Which means that, for any woman in the legal profession, full-time childcare is inevitable. One of the positive results of the 2020 pandemic was the ability for many in the legal field to have some flexibility around their work hours and location, so where possible it is advisable to build on those gains..

Remember: Outsourcing Is OK

In a previous blog I wrote – Female Breadwinners: The Challenges of Doing It All – I shared some eye-opening facts about women in the modern American workplace. For instance, that 41% of American mothers are the “sole or primary breadwinners for their families” who earn at least half of their household’s total income.

Not only are women often breadwinners at home, they are increasingly in senior positions in the office. This means that women need help. And they shouldn’t be afraid to ask for it.

I’ve had many conversations with breadwinner businesswomen who complain of a lack of time, but still insist on packing school lunches, cleaning and doing laundry. If you are dealing with intense hours and heavy work pressure then something has to give. If you push yourself to be all things to all people, that something to snap will be you.

By outsourcing to a housekeeper, or enrolling your child at daycare or with a trusted nanny, you are ensuring that you offer your family the best version of yourself when you walk through the door.

However, with the rising cost of childcare it is critically important to plan upfront for the costs associated with childcare, as well as the projected increases over the coming years. Fortune magazine puts the yearly cost of childcare in the US at $14,117, a figure that has accelerated by more than 41% in recent years. As a result, I work closely with my clients to ensure that budgets are in place to prioritize childcare, preschool and even summer day camps.

We also take the time to weigh up the IRS tax credit of up to $6,000 a year for two or more children versus making use of a Dependent Care Flexible Spending Account (FSA). Contributions to a Dependent Care FSA are capped at a pre-tax limit of $5,000 per calendar year (per couple), and these funds can be used to cover eligible dependent care services, like daycare. Since the FSA is only available to employees, it’s important to see which option best suits your situation.

What Does Your Ideal Life Look Like?

Before I took the plunge and started WealthChoice I had to ask myself the question: What does my ideal life look like? Today I challenge my breadwinner businesswomen clients to answer this for themselves, then to work with me to design a financial plan that supports her dreams and ambitions, and allows her to live life on her terms.

My approach is centered on choices – from the way you spend your money to the decisions you make around childcare, promotions and career decisions. Making the right choices for you is both freeing and empowering. If you’d like to work with me to help give power to your choices, get in touch and let’s chat.

The post For Breadwinner Businesswomen, Starting a Family Takes Precision Planning appeared first on WealthChoice.

On a daily basis, as I interact with women executives at the pinnacle of their careers, I encounter accomplished, impressive, intelligent and driven high earners; many of whom are the financial breadwinners in their families.

To the casual observer, these women certainly seem to have it all. However, they are also frequently anxious, tired, and overwhelmed. They have too much on their plates, not enough time to deal with it all, and are embarrassed to ask for help. Despite how hard they work, many are not living their best lives right now. And they do not realize they are not the only ones in this place.

Finding Balance as Female Breadwinners

According to the US Bureau of Labor Statistics, in 2018 nearly 30% of American wives in heterosexual dual-income marriages earned more than their husbands. That’s up from about 18% in 1987 and just 6% in 1960.

Not only that, according to data from 2017, 41% of mothers “were the sole or primary breadwinners for their families, earning at least half of their total household income”. This is increasingly the case among high-performing women executives who are often not only the sole financial provider for their families but still carry a disproportionate burden when it comes to household and family responsibilities.

Hardly surprisingly, research shows that despite the impressive financial gains women have made in recent decades, this does not always translate into greater life satisfaction. The Institute for Family Studies (IFS), which has explored the phenomenon of the ‘breadwinner mom’, singles out traditional gender norms as a possible reason.

After all, many of the expectations that women are always readily available to their families and spouses remain stubbornly in force, despite the increased financial contribution women are also expected to make.

These days, as IFS researcher Wendy Wang points out and as any mutually-supportive couple will know, “sharing household chores trumps money when it comes to a successful marriage”.
But this is only one aspect of a delicate and challenging balancing act facing today’s successful woman.

The Challenge of Being Everything to Everyone

In my experience, even when help at home is at hand, the constant demands on high-earning female executives and professionals inevitably pushes the woman herself further and further down the list of priorities.

The solution that is so often advised in such cases is to ‘find balance’ or ‘make time for you’. Both of which can be a challenge for any woman already juggling high levels of responsibility and stress.

Rather than loading more on the shoulders of my clients, I prefer to offer a helping hand. This is the very reason I started WealthChoice, to offer top-earning women a goal-focused approach to financial planning. Our role is to offer real value by taking things off the busy breadwinner’s plate, and by helping each woman to prioritize her time and her goals.

We start this process by getting to know each other. In practice, this means answering questions about priorities, hopes and dreams for the future, as well as personal ambitions and goals. For instance:

• How in tune are you with your dreams? Have you written them down?
• Do you have a network of like-minded women around you to offer support?
• Are you putting your dreams on hold today because you are overly focused on the future?
• Do you have a financial strategy in place which is aligned to your current and future ambitions?
• Have you discussed your personal and financial goals with your spouse or partner?
• Does stress overwhelm you to the point where you feel overcome with decision paralysis?

Prioritize You!

Only when you start to give expression to these questions, and then marry your expectations with mindful professional, personal and financial goals, will you be close to ‘having it all’. And, even then, balance is a constant and evolving process that requires frequent resetting and rethinking of your priorities.

For instance, in the past I took on more board roles and worked with many non-profits, but at this stage of my life I prefer to allocate ‘me time’ to traveling and being with family and friends. I adore cooking and entertaining, and for my own sanity I make time to play golf and to dabble in pickleball. Since my four kids are scattered all over the country, in 2022 we all set off to Paris. At least once a year we try to go away as a family.

As you might have guessed, I am at my happiest when I’m spending time with my family, so I am conscious of ensuring that my financial – and time management – decisions support this overarching goal. This sometimes requires making hard choices, but because the goal is so important to me I’ll move mountains to make these moments happen.

This deep personal awareness also makes it easier for me to empathize with the needs and wishes of my clients. I don’t blink when a top female lawyer tells me she wants to book an extensive holiday, take time off to volunteer abroad or fulfill a dream of climbing the world’s highest mountains. Why? Because I know what makes her tick, and I know that through careful financial planning WealthChoice can help to make her dreams come true.

Find Your Support Team

When I sit down with client who are overwhelmed with the responsibility of being female breadwinners but are aching for personal fulfillment, I recommend these simple steps:

• Plan and analyze – Conduct a thorough analysis of all aspects of your life, including your financial commitments and see where you can put some of your hard-earned cash to work for your goals and dreams.
• Spend time getting to know yourself – Take a deep dive into what makes you tick and what makes you happy. If you are going to support others, make sure to reward yourself too.
• Commit to your strategy – This means tracking your progress, patting yourself on the back and making changes as and when necessary.
• Embrace change – Sometimes we have to be open to doing things differently; this is often the only way to unlock a better life.
• Speak to a professional – No matter how successful you are, there are times when having an expert in your corner can only unlock additional benefits.

As a successful business owner and breadwinner myself, I truly understand the myriad demands you juggle every day. That’s why I’m passionate about helping my clients build a life of balance, with room for the things that bring them joy. Please do reach out, and let WealthChoice help you breathe a little more easily.

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