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Women + Wealth . Here ’ s What You Need to Know .
Kristin Smith
Women are in the driver ’ s seat of their financial journeys now more than ever .
Between the great transfer of wealth happening across the country and women succeeding in their careers at a record pace , women are seeing tremendous growth in their personal wealth .
For women just starting out in their career and beginning to chart their own financial journey , there are a few tips to consider .
• INVEST IN A CAREER . Take advantage of every chance to network and enlist mentors who can help advance a career and increase a salary . It ’ s important for people to know about your achievements and skills so that when an opportunity comes up , they ’ ll think of you .
• START SAVING ASAP . Experts suggest setting aside at least 10 % of income each year for retirement . If you start in your 20s or 30s , putting that amount in a tax-advantaged retirement account will tremendously help when it ’ s time to retire .
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• SET REALISTIC FINANCIAL GOALS . Meeting financial goals is so much easier when there is a saving mentality . Consider creating a monthly budget that factors in ongoing expenses , such as rent or mortgage , food and entertainment . Budgeting is not just about watching expenses ; it ’ s also about consciously setting both short-term and long-term financial goals .
• BUILD A CREDIT HISTORY . Credit history is a track record of how long and how responsibly debt has been managed — and a strong predictor of how it will be managed in the future . Anyone from mortgage lenders to landlords to prospective employers might pull your credit report or score . A strong credit history makes it easier to get approved for loans .
• PROVIDE FOR YOUR GROWING FAMILY . If you plan to have children , consider setting aside money for education , even while paying for diapers and daycare . While education savings are most often for college expenses , consider the potential cost of private K – 12 schooling as well . Check out prepaid tuition
Kristin Smith / 334.230.6104 / kristinb . smith @ regions . com
programs and 529 plans , which can offer tax benefits .
It ’ s not always easy to pursue financial goals while managing work and family life . For that reason , having an experienced financial advisor when you ’ re just starting to accumulate savings can be extraordinarily helpful . There is a lot of information available online , but having a conversation with a Wealth advisor is important . A Wealth advisor can provide unique solutions tailored to a specific financial journey .
At Regions Private Wealth Management , we work with women to provide guidance and insights to create a legacy for their money . Recently , we launched Women + Wealth , an innovative program that combines unique events and fresh insights with one-onone guidance from a team of professionals to further support and empower women as they move forward on their financial journeys . While our team in Private Wealth Management has long served the needs of clients , including women investors , this program allows our advisors to build even deeper relationships with clients , providing more customized information to help people reach long-term goals .
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Kristin Smith is the Private Wealth Trust Advisor at Regions Bank .
Trust and investment management services are offered through Regions Wealth Management , a business unit of Regions Bank . Investment advisory services are offered through Regions Investment Management , Inc . “ RIM ”. In some cases , RIM ’ s investment management services and / or strategies will be utilized by Regions Wealth Management for its trust and investment management clients . RIM is a Registered Investment Adviser and wholly owned subsidiary of Regions Bank , which in turn , is a wholly owned subsidiary of Regions Financial Corporation .
Investments , Insurance and Annuities :
• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed • Are Not Deposits • Are Not Insured By Any Federal Government Agency • Are Not A Condition of Any Banking Activity .
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