Janet Yellen made history in 2021 when she became the first woman to serve as U.S. treasury secretary. She now plays a critical and highly visible role in the country’s financial and monetary matters.
“Meet with people until you make a connection. It may be the first person you speak to or the third. Take the time to have an introductory call — there is no commitment in doing this, and it’s free.” Regardless of the financial milestone you want to achieve as a woman, budgeting helps you reach them faster. Examine your sources of income to see whether they are reliable.
She also admits that having access to today’s technology in financial planning can sometimes feel like a burden, especially for her grandmother, who doesn’t own a mobile phone or computer. “I watched my parents, and we thought we’d be good if we even did half of what they did. We consolidated debt and focused on what we were spending, even down to the dollar, and whether we should put gas in the tank that week. Often, the financial lessons and advice passed down from generation to generation shape an individual’s approach to finances. In honor of Mother’s Day, we are delighted to have a multi-generational family of Ballast Advisors clients, Jean, Val, and Amanda, who have agreed to share their experiences and insights with us. In the end, it’s important to find a financial planner you feel comfortable with, regardless of gender. Women financial planners may also be easier to feel comfortable with.
Read more about first steps to investing here.
They started working with the team of financial advisors at Ballast Advisors over a decade ago. Jean and her husband worked hard to realize their financial goals, being a snowbird in Florida, golfing, traveling, and loving on eight great-grandchildren. NAPFA is an organization for fee-only financial planners — those that do not charge a commission for any of their services. Its search tool allows you to find planners and planning firms in your area, though you cannot filter by gender. In partnership with Shook Research, Forbes publishes a list of the top women financial advisors annually.
Not every mother chooses to take a full break—some decide to start their own full-time or part-time at-home businesses. Of course, becoming an entrepreneur isn’t an option for everyone.
For those aged 50 or older, the government allows an additional $1,000 contribution per account. Married couples have the option of opening a spousal IRA to put extra money toward retirement.
