Broker Check

Women & Financial Independence‚é• Seattle Washington Advisor

McKay Wealth Management

At McKay Wealth Management, we are passionate about promoting an atmosphere of transparency, inclusion, and diversity. It is important to us to find opportunities for client education as often as possible. We work with you to discover your needs and desires. Using a strategic and holistic approach, we create a plan which will help you to retire confidently. Even if you are not yet close to retirement age, we will ensure that you are prepared with a proactive approach to life and retirement planning. One of our focuses is financial planning for women. Wealth accumulation is a journey, and we are here with you every step of the way. Work with our team of financial professionals to take your journey to new heights.

<strong>ENVISION what financial independence looks like for you</strong>

ENVISION what financial independence looks like for you

  • Empower yourself. Let go of the past and set goals for the life that you want to have!
  • Narrow your focus. Create SMART goals, write them down or use a vision board.
  • Validate your ability to achieve them. Be realistic.
  • Implement your plan. Take action. Use short term goals as building blocks.
  • Share your goals with others. Helps you to be committed and accountable.
  • Incentivize yourself. Celebrate the milestones to keep you motivated and engaged.
  • Oversee your progress. Monitor every 6 months to start and at least annually after.
  • Navigate life along the way. Revise as needed.

What is Financial independence

Being able to be in control of your financial future. This does not mean having enough money to never have to work again, although it could. It means being in the position to have options, to make decisions, that allow you to control your own destiny.

Why is it essential for a woman to be financially independent?

It is of utmost importance that women become financially independent for several reasons. Generally, women live longer than men. Too often in the financial services industry, we run into a woman who has relied on men to manage her finances for her whole life and has become a widow. It is never too late to learn, but the sooner, the better. More and more women in our time are living alone. Whether this is circumstantial or by choice is not the point. The point is that to live on your own successfully; you need to learn how to become financially independent. Even if you are a married woman, it is crucial to be a part of the decision-making process so that if your husband becomes incapacitated or passes away sooner than you, you can manage on your own.

Seven Habits to Adopt to Become a Financially Independent Woman

  • Take Control – Be in control of your income and plan carefully. This means knowing what comes in and what goes out. Have your checking account apart from your spouse or partner, even if you do most of your banking with a joint account.
  • Empower Yourself – Empower yourself with a monthly budget. Knowing what goes out is just as important as knowing what comes in. Find mindfulness around your budgeting and create a plan that works for you.
  • Save Extra – Save a little extra each month or even tuck away any excess income whenever you can. Knowing that you have a plan B in case of an emergency will give you confidence and ensure that you are not stuck high and dry when life gets tricky.
  • Be Conscious – Be conscious about money. Are you serious about being financially independent? You need to make sure that you are paying attention to your money habits, including your spending habits. Avoid impulse buying. Evaluate purchases and plan ahead.
  • Find Responsible and Clever Credit Habits – Paying your credit card in full each month will not only help build your credit but also ensure that you have access to extra funds in case of an emergency. Use your credit card on something you would buy anyway and then pay it off to build credit. For example, you can use a credit card every time you fill up your gas tank and then pay it off at the end of each month.
  • Explore Passive Income Habits – There are many ways in the world we live in today to earn passive income in your spare time. Find something that is not too time-intensive, and that can be done when you are not working your regular job.
  • Save for Retirement – It is never too early to save for your retirement.

Key Takeaways

Women need financial independence too! Whether you are looking to learn more in case of an emergency in the future or you need to take control of your financial life today, at McKay Wealth Management, we advocate for the financial independence of all women. We have a team of financial professionals who will take the time to educate you and arm you with tools, resources, and information so that you can make informed decisions regarding your finances. We are here to help you reach your short and long-term goals. Contact an advisor today to schedule a complimentary consultation.