So, You Think You Can Dance, Ladies?

I was at a vendor fair last month, hoping to sell my books and enlighten people on the benefits of investing for a secure future and a comfortable retirement.  One after another, the vast majority of women shoppers past me by.  “My husband handles all that,” they said, with a dismissive wave of a well-manicured hand.

It’s nice to have a partner leading you around the dance floor.  He leads, you follow.  It makes for a synchronized, smooth dance routine.  But it doesn’t work as well for investing.

Ladies, it's your money, too, and you should be aware of what’s going on.  Although you may not want to take the lead, you can’t blindly follow either.  For one thing, partnerships don’t last forever, unfortunately.  The divorce rate among those over 50 years of age is 36%.  That’s more than 1 in 3 marriages!

If you’re fortunate enough to remain married, consider this:  women generally outlive their spouses by five years in the United States.

Divorce and death.  No one likes to think about them, I get it.  But they are realities of life.  And since you elected to ignore your finances and investment accounts before you were widowed or divorced, how will you manage your money once your husband is gone?

Oh, a financial advisor will help, you say.  Well, think about this:  research from Duke University and other sources indicates that 12% of financial advisors have been guilty of misconduct, and some studies show this number to be as high as 20%.

Will your financial advisor be one of the good ones?  How can you be sure?

“Well, what about the kids,” you might ask.  Getting help from sons or daughters is appreciated, but maintaining overall control of your finances is another thing altogether.  And just because you don’t have the experience doesn’t mean you lack the intelligence.  It was your choice to ignore the financial aspects of your life while you were married and someone was leading.  But now it’s time to increase your financial literacy and get involved.

Learning will provide the oversight that your finances and your future need.  And the time to learn about financial matters and investing is now.  Don’t wait until you find yourself alone in a dire predicament without a dance partner.  Don’t wait until you suspect something is not right, that your money isn’t being handled properly by a financial advisor – or even by your children. 

Dancing with a partner is comforting and secure.  But sometimes we need to lead ourselves around the dance floor.  Learn now, while you’re not under pressure.

It’s just another way to secure your future and keep on dancing.