Women tend to have a different relationship with money than men. This difference is often demonstrated through the gendered financial literacy gaps, with women lacking the same personal finance knowledge as men. Plus, people with higher levels of financial literacy often exhibit greater wealth, better retirement plans, and greater chances of participation in the stock market.

We asked five women from the 澳洲幸运5官方开奖结果体彩网:Investopedia 100 Top Finℱancial Advisors list to share their experiences with fin✅ancial pl𓃲anning strategy across genders and offer advice for women and others who hope to improve their relationship with money and take charge of their finances.

Cary Carbonaro, CFP, MBA

SVP & Director of Wome🍷n and Wealth, Advisors Capital Management, LLC | Florida

In experience, women are often not socialized into mak🌼ing financial decisions for themselves, and they instead rely on male relatives to take care of personal f🔯inances. 

However, she said this relationship is deeply flawed and often unsustainable. “Women have three strikes against them: the fact that they live longer, the fact that they make less, and the fact that they, out of the workforce, are often taking care of kids and parents. They call it the good daughter penalty,” Carbonaro said🥃. 

With her female clients, Carbonaro has seen a greater sense of ownership and emotional attachment to money, which causes them to favor safer, more conservative investments. To women and others with financial anxieties, Carbonaro said, “Don't be afraid of the market. Because if you have a long term view, you'll be fine … Don't look at your accounts when it's a huge red day or you know that the market’s down.” 

Sibyl Slade Series 7, CRPS, CRPC, Series 66

President &✱; Financial Advisor, IntegriVest Wealth Advisors, LLC | Georgia

In experience, women tend to have a measured, cautious approach to investing and personal financial planꦅning. 

“From my experience, men tend tཧo see money as a means to freedom and women tend to see money as a means to security,” she said. 

As a financial therapist practitioner, Slade also believes that detaching emotions and past experiences from money can empower people to take charge of their personal finances and improve 🅷their relationships with money. With aꦐ future-focused mindset, women can plan for each stage of their lives and consider variables, such as inflation and taxes. 

“The vehicles we are invested in should align with the various milestones we will face in each phase of our lives from asset accumulation to pre-retirement to retirement income distribution to leaving a legacy for our families,” Slade said.ꦅ

Zaneilia Harris, CFP

P🐻resident, Harris &🤡 Harris Wealth Management Group | Maryland

has observed many women do not venture into inཧvestment beyond retirement funds and savings accounts. 🧸While Harris believes there are many contributing factors, such as busy personal and professional lives, she notes the gender wage gap as a main cause. 

“If you were able to make the income that your male counterparts do, you wouldn't have to worry about being able to save enough,” Harris said. 

Therefore, she often works꧃ with clients on salary negotiations to increase their savings over time and help them feel secure with their wealth. She advises clients to appeal for raises and promotions every year, so they can get the most out of each year they work and max out their retirement accounts as quickly as po꧅ssible.

Hilary Hendershott, CFP, MBA

President &am꧋p; Chief Adviso๊r, Hendershott Wealth Management | California

has found her female clients, who are generally Gen X, hold stigma and feel embarrassment when speaking about wealth and financial decisions in social contexts. While she does not think this phenomenon is exclusive to women, she believes that we should always speak more about money, even in social contexts, so we can each make wiser decisions and build a strong public conversation. 

“Investing really is made simple through index funds and index investing,” Hendershott said. “It does matter what index fund you own, and in what proportion like asset classes matter. That said, research shows us that active management cannot consistently beat the market over a long period.”

Stephanie McCullough

Founde🧔r & Financial Planner, So🌺fia Financial | Pennsylvania

opened her practice because she saw few women in the field and felt traditional financial advisor conversations were not resonating with women. In her experience, women look for security through money, yet women and many others are often discouraged from thinking of it as a deeply emotional subject. 

“Human beings are not perfectly rational about anything else in life. Why would they be rational about money?” McCullough said. “I love sharing that with people because then they say, ‘oh, yeah, of course, right.’ There's a lot of shame that people carry around money, and shame thrives in the dark.” 

Within this behavioral finance🅠 framework, McCullough has found that investing and creating financial plans require🐠s reflection. 

“There's always tension between today and the future because if you put aside money for your future self, that means today's self can't spend it, so that can be helpful in the motivation,” McCullough said. 

澳洲幸运5官方开奖结果体彩网:Mary Beth Storjohann, CFP

Co-CEO, Abacus Wealth Partners | California

In experience, 澳洲幸运5官方开奖结果体彩网:women make great investors and financial planners because they are ‘risk-aware’, meaning that they check their ba♑ses and ♈handle their finances carefully. She believes that to improve relationships with money for women and others, it is important to reflect on your life goals. 

“We always are looking at trying to keep up with the Joneses and see what everybody else is doing. But take that additional pause to ask yourself, ‘If I want to be good with mꦛoney, what does that mean for me and whatꦦ does that look like in my life?’” 

For Storjohann herself, that freedom means having a full emergency fund that provides her with flexibility to make major life decisions. With t𝔉hat holistic approach in mind, Storjohann recommends new investors identify their specific and personal goals, such as remodeling your house for your growing family instead of just wanting to retire ‘early.’ 

“You need to know what you're looking to accomplish and the kind of life you want to lead,” she said. “Then the investing is aligned with that, and then the plan and how you allocate your cash flow and resources is aligned with that as well.”