Why financial planning is different for women

Being a modern woman is amazing, but it's also "a maze." Our journeys are filled with opportunities and obstacles. And beyond our own maze, we're mindful of the puzzles that others need to solve: scheduling kids' activities, college savings, a daughter's wedding, retirement dreams and more. As a financial advisor and professional woman myself, I understand the blend of business and busyness the responsibilities of running a business, engaging employees, caring for a family and for aging parents. One of the biggest myths I've heard is that women don't understand or aren't interested in financial planning. There is nothing known that we cannot know and nothing done that we cannot do. Modern women are models of efficiency and effectiveness. In reality, too often, we don't take the time to think about ourselves. Most women would love to map out a financial plan for ourselves and our families but it's easy to let it slip to the bottom of the list. It's critical for women to plan. Consider these facts: Women outlive men. More women will live as widows more of us will need to care for ourselves when we grow old. Living longer means that more women run the risk of experiencing a long-term care event like dementia. And often, women serve as caregiver for parents in the midst of their own battles with aging. The best financial plans reflect all voices. Recently, I worked with a gentleman to build a couple's financial plan. We did a thorough analysis to help him understand what the numbers would look like in a variety of scenarios. After discussing, he believed that his stay-at-home wife could go back to work if something unexpected happened to him. He also thought that his family could press forward with a smaller life insurance claim than the analysis recommended. And while this may be true, my concern is for the wife who may have had different dreams for the future. In my experience, many men are interested in building wealth with an "invest only" mindset without giving thought to the vulnerabilities that this narrow focus creates. I encourage couples to plan together and to consider a full picture financial plan that both builds wealth and protects what matters most. Because financial security isn't a number; it's a feeling. It's when you can live life differently and more confidently in retirement. I urge women to consider this truth: When we take the time to take care of ourselves, we are actually helping and strengthening the people we care about most too. For me, it comes down to this: What kind of life do we want to model to our children? Do we want our daughters to toil endlessly solving other people's puzzles, or do we want them to feel empowered to solve their own puzzles? Couples should work together with a trusted financial advisor, commit to action and create a plan that puts an entire family on a path to reach the end of the maze with confidence. ----- Stacy Russo-Nichols is a financial advisor with Northwestern Mutual based in Baton Rouge. Published: Wed, Aug 17, 2016