Wealth Insights

Financial planning for women: Wealth planning for your unique future

How women can create a financial road map toward their dreams.

Women have made significant economic gains in recent years, and now is the time to lay the groundwork to ensure success in short- and long-term goals.

“The sooner you start planning and imagining your ideal life, the easier it is to create a financial plan to achieve that vision,” says Amy Rohde, CFP®, CTFA and Wealth Advisor at Regions Bank in Southwest Florida.

These four steps can help you get started.

Step 1. Build a strong team

Make it a habit to pay yourself first, then pair that personal discipline with professional advice. A Wealth Advisor can help map out your financial strategy, provide guidance on retirement planning and recommend other professionals, such as a CPA or estate planning attorney.

Step 2. Orient your financial goals to your life plan

Whether your vision of success centers on an early retirement, traveling with family or growing your wealth, make sure your financial plans support it. “Once you know what you want to accomplish, the money is a means to an end,” says Rohde.

Communicate that vision to financial professionals who can assist you.

Step 3. Keep your financial and life goals flexible

Life is unpredictable. Losing a job, inheriting money, recovering from an illness or simply changing your mind could upend your plans and call for new financial strategies. Meet with your Wealth Advisor at least annually to review your financial plan and make adjustments if needed.

Step 4. Protect your legacy

An estate planning attorney can offer guidance on how to protect your current and future assets using trusts and other financial strategies. Considering marriage? An attorney can also help you draft a prenuptial agreement.

To protect your loved ones, consider obtaining a life insurance policy when you are relatively young and healthy. Doing so will save you money on the policy and can provide a safety net that could cover outstanding debts or funeral expenses if you pass away unexpectedly.

Repeat as needed

Your financial road map is not a static document. Rather, it will reflect your changing needs. “Wealth planning is an evolving process,” says Rohde. “Consider it your own unique journey.”

Talk to your Regions Wealth Advisor about:

1. How to plan for the unique elements of your life.
2. How you can prepare your financial life for marriage or kids.

Want to get started with financial planning?
Our wealth management guide can help lead the way.

Interested in talking with an advisor but don’t have one?
Find a contact in your area.