Women and Finances
By Scott Kahan
You get in your car knowing you left plenty of time to arrive at the restaurant for your eight o’clock dinner reservations. Somehow, on the way you manage to make a wrong turn and get lost. Assuming you don’t have a GPS, what do you do? The stereotypical answer, which is probably true more often than not, is that men will keep driving around hoping to find their way. Women, on the other hand, will stop and ask for directions. So when it comes to finances and financial planning, is it any different?
Financial planning is about identifying your goals and objectives. Once this is done, the next step is to come up with the “road map” of how you reach your destination. Studies have shown that women deal very differently with their financial planning than men do.
Women often face more financial challenges than men as a result of lower salaries, prolonged career breaks, and relative longevity. Women tend to have smaller pensions or 401(k) balances, on average earn less than men while working, and are more likely to have part-time jobs with limited retirement benefits. Women also leave the workforce more than men to become family caregivers, further reducing their ability to save.
Whereas men are often more confident that they will have enough retirement income to live comfortably, women tend to be less confident in their knowledge about financial products and services and that they are on the right path financially. So logically this leads women to ask additional questions with the goal to become more knowledgeable about finances.
This way, when making financial decisions, having the information allows you to be more confident in that decision. When it comes to financial planning, being more confident with your decision making process allows you to stay the course and not panic with every headline or market drop.
So the next time you are lost and need help, stop and ask questions. Of course make sure the person you are asking is knowledgeable. By doing this, you have a much better chance of reaching that goal, whatever it may be.
Scott M. Kahan, is a Certified Financial Planner® professional and President of Financial Asset Management Corporation, a fee-only wealth management firm located at 26 South Greeley Avenue in Chappaqua. Call Scott Kahan at 914-238-8900 or write to firstname.lastname@example.org.
Just Between Us – Reflecting on Hillary & to your GOOD HEALTH!
In the midst of closing editions and approaching the New York primary–and with Chappaqua being understandably a place of such keen interest–I was interviewed by two very inquisitive reporters; the opportunity allowed me to reflect a bit on why I support Hillary Clinton so much. The fact is: The presence of Secretary Hillary Clinton in Chappaqua, New York, in New Castle, has made publishing in her hometown both joy and challenge; at times, I take a deep breath to retain my courage in doing so. Not everyone is for Hillary here after all. But I only want to tell them this: Hillary Clinton has had a profound impact on my life and I want others to benefit from the magic that is Hillary too.
I was thrilled to first get a more intimate sense of her in 2006 in a gracious sit down interview at Lange’s Deli, and over the years have observed her style and manner at so many local events; they are of the kind any one of us would do well to emulate. And then there was that precious, extraordinary 10-day trip to Africa. I watched her engage in diplomacy and exhibit a warm, mutual respect with leaders facing many challenges. It was stunning to see a lone woman leader at any number of conference tables and inside palace suites seated with mostly men tackling global issues. Not in the middle. At the helm. In charge. The spotlight was naturally hers. So comfortable in her own skin. So confident.
I am hardly alone in my awe of this world leader! Hundreds of Hillary’s neighbors and most ardent area supporters inlcuding moi recently attended a wonderfully successful fundraiser on her behalf in the Mount Kisco home of Tracy Stein and Marco Masotti. We sat, or stood, inside a heated tent on the chilly morning of April 11, listening to Hillary Clinton share details of her platform; most notably, she seemed to place a particular emphasis on her commitment to gun violence prevention. Congresswoman Nita Lowey, who has spent a good portion of her political career fighting the gun lobby, was there too.
Our May print edition, arriving in homes soon, has 34 other pages with a comprehensive spotlight on 100 years of care at Northern Westchester Hospital. In the last couple months, I attended grand opening ceremonies there, one as a general celebration of 100 years and another to announce the opening of a spanking new, state of the art Surgical Suite. I asked Janine Crowley Haynes to report about 100 years of care and in her article, I was glad to read that the experience was so meaningful for her. This edition also spotlights four other extraordinary women for their genuine expertise.
We are also proud to soon share wonderful essays for your reading pleasure. I know you’ll enjoy our “Women and Good Health” theme throughout.
The League of Women Voters of New Castle
A community-based grassroots nonpartisan political organization, the League of Women Voters of New Castle …
- Is a voice for all, working to connect people directly with government.
- Does not support or oppose any candidates for office or political parties.
- Advocates for change.
The New Castle League’s most visible activities are the Voters Guides for the fall election, distributed to all residents in New Castle free of charge, and Candidates’ Nights. Candidate information is made available online at vote411.org. The League holds several forums every year on topics of national and local interest, including its biannual “Conversation with the New Castle Town Supervisor.” Recent forums focused on health care, climate change and campaign finance reform. The League is open to both men and women. Even high school students have a place in the League. Every year the New Castle League sends a student to the State League’s four-day Students Inside Albany conference to learn about State government. Finally, the League works to influence governmental policy after study and consensus among its members, taking a position on an issue and advocating for change. The League welcomes new members. For more information, please visit lwvnewcastle.org.