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Gene Chatsky, founder and CEO of HerMoney, says many women today are seeking “financial peace.”
What it means: “It’s like you can meet your obligations today and still save for tomorrow,” Chatsky said Tuesday at CNBC’s Women and Wealth event.
“And I have some level of confidence that my money will last as long as I have it.”
According to Chatsky and other experts, here’s how to achieve it:
Debt and savings: “Tackle them both”
Chatsky said that to build financial security, you need to fight debt and save at the same time.
“This issue needs to be tackled from both ends,” she said.
“There’s no question that debt is a major financial stressor,” she says. “When you look at what makes us the most unhappy when it comes to money, debt rises to the top of the list.”
But Chatsky says women need to balance paying off debt with preparing for the future.
There’s still significant time left to “move forward, grab a match for your 401(k), build an emergency cushion, and do the things that will allow you to survive when you get there.” She said it was important not to miss out.
Even if saving thousands of dollars a year isn’t possible right now, it’s best to start early, says Co-Founder and Managing Director of Irvine, Calif.-based Sun Group Wealth Partners. Winnie Sun says. Sun is also a member of the CNBC Financial Advisor Council.
“This is a great year to start,” Sun said. “Understand how much you’re saving for the future, if it’s enough, or if your invested portfolio is still in line with your financial situation.”
Don’t avoid any risks
“Let’s get some advice there.”
Chatsky says women who are looking for help getting started or who have already achieved some level of financial stability or success may want to seek help from a qualified financial planner. .
She shared tips for finding a trusted advisor.
“We want to make sure they’ve been doing it for five years or more, or even longer,” she said. “They are [certified financial planner] You want to make sure that you are someone you feel comfortable talking to. ”
If you’re not ready to talk to a financial advisor, Chatsky recommends talking to your company’s benefits department about saving for retirement.
“Get some advice there,” she said. “Dig in and start asking the questions you need to ask.”
Kathy Curtis, founder and CEO of Curtis Financial Planning in Oakland, Calif., says there is a financial literacy gap between men and women due to long-standing societal and institutional biases. said. In polls, men are more likely than women to correctly answer questions such as borrowing and saving, the study found.
Curtis, who is also a member of the CNBC FA Council, said that in 2024, women will need to take the time to improve their financial knowledge.
It may be a year of big changes.
“The upcoming presidential election and the rapid integration of artificial intelligence into the workplace stand out as developments that have the potential to unsettle markets and workplaces,” Curtis said.
“For example, without a firm understanding of financial principles that volatility is a normal feature of stock market investing, women may inadvertently make changes that can harm their long-term financial health. Yes,” she said.
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