Reach your financial goals with the experts in women’s wealth. (2024)

FAQs

How do you reach your financial goals? ›

Research has shown that households that work with a professional financial planner were more likely to make better financial decisions than those without a planner, taking into account portfolio risk levels, savings habits, life insurance coverage, revolving credit card balances, and emergency savings.

Karen McDonald. Karen McDonald, managing director at Morgan Stanley Wealth Management, has ranked No. 1 since 2021 in the surveys done annually by Barron's of top female financial advisors.

A financial advisor can help wade through the many life insurance and income protection products on the market. Protection-first planning will give you peace of mind. Planning your finances, including your savings and investments, can help you support your family members in achieving their own goals, too.

Make a financial plan to reach your financial goals

One place to start is taking inventory of what you have and consider what you need. Document your income sources and expenses. Knowing how much money you can allocate to different goals each month gives you clear direction on how to move forward.

The 50-30-20 budget rule states that you should spend up to 50% of your after-tax income on needs and obligations that you must have or must do. The remaining half should dedicate 20% to savings, leaving 30% to be spent on things you want but don't necessarily need.

A financial advisor is worth paying for if they provide help you need, whether because you don't have the time or financial acumen or you simply don't want to deal with your finances. An advisor may be especially valuable if you have complicated finances that would benefit from professional help.

Whether millionaires use financial advisors is a personal question to each one of them and likely depends on several factors. Most millionaires likely use some type of financial advisor to grow and protect their wealth.

Who is the best female investor? ›

The system can consist of friends, family, co-workers, or mentors. You can count on these people to give you a push whenever you need it and celebrate your progress with you. Naturally, when you feel supported by the people around you to pursue your goals, you'll feel even more motivated to see them through.

Financial planning is the process of taking a comprehensive look at your financial situation and building a specific financial plan to reach your goals. As a result, financial planning often delves into multiple areas of finance, including investing, taxes, savings, retirement, your estate, insurance and more.

What are financial goals? Financial goals are the personal, big-picture objectives you set for how you'll save and spend money. They can be things you hope to achieve in the short term or further down the road. Either way, it's often easier to reach your goals if you identify them in advance.