Are you involved in your families financial decisions? It’s been a long time since the average American family’s finances were strictly dominated by men. But we, as women, still have a lot to learn. I had the chance to speak with Cindy Runger, Senior Vice President and Private Client Manager with U.S. Trust, Bank of America Private Wealth Management in Seattle. Cindy draws upon her 20 years of legal and financial planning experience to advise select families, foundations, and businesses on wealth management strategies.
I asked Cindy why it’s important for women to be involved in their families financial and investment decisions. This is a topic near and dear to Cindy’s heart. She has many female clients and there is a growing movement of women that want to protect their families wealth. Cindy mentioned that, “the average life expectancy in the U.S. is 72 for men and 79 for women according to the NIH. Though we don’t have a specific percentage of women that outlive their male spouses, the data suggests this is a common phenomenon and something women should be prepared for from a financial planning perspective.” Cindy is keen on educating women to ensure we have enough for retirement. The cost of healthcare is increasing and the time is now to get involved and start planning.When I asked Cindy what she would tell a woman that isn’t sure where to start when it comes to investing she said ‘Take a breath, it’s going to be okay.’ Only 35% of women believe they are good investors. Cindy suggests starting an investment club with girlfriends. And I absolutely love this idea! The way to do this is to find a group of women that want to learn about investing and invest together. Learn more here. Another trend in investing right now is value-based investing. This type of investing means you invest with intention, which is perfect for an investment group of women. It empowers us to invest our money in funds that make a social impact and support the causes we believe in. As with any investments, Cindy always suggests to do your due diligence and research all funds to understand your investments.
Here’s a breakdown of Cindy’s pro tips on investing for women:
PRO TIP #1
Relax, take a deep breath, it’s going to be okay.
PRO TIP #2
Find a compatible financial advisor that is interested in your well-being. They need to understand your goals and make sure you feel comfortable asking questions.
PRO TIP #3
Join or start an investment group. Get together and talk about investments. Check out online guides-there are formal and informal groups. Assign tasks for each group member and come together to discuss your research.
Many thanks to Cindy for her time and advice!