Melissa George discusses Demystifying Financial Planning
Listen to the interview on the Business Innovators Radio Network: Interview With Melissa George Founder & CEO of InvestHER Fiduciary Solutions-Demystifying Financial Planning – Business Innovators Radio Network
In this episode of Influential Entrepreneurs, host Mike Saunders welcomes Melissa George from InvestHER Fiduciary Solutions to discuss financial planning and building confidence for a secure future. Melissa shares her journey into the financial services industry, detailing her early experiences in retail and her passion for numbers and investing. She reveals how she encouraged her employees to participate in their 401(k) plans, igniting her interest in finance. Melissa’s story highlights the importance of seeking out opportunities in financial planning and the impact of mentorship. Tune in for valuable insights on navigating retirement planning and wealth building from a seasoned professional’s perspective.
Women approaching retirement should prioritize unique financial goals that address their specific challenges and circumstances, which often differ from those faced by men. As highlighted in the podcast episode featuring Melissa George, several key areas warrant particular attention:
1. Longevity
Women generally tend to live longer than men, necessitating careful planning for a potentially extended retirement period. This longevity can create unique financial pressures, as women may find themselves managing their finances alone later in life, either due to the loss of a spouse or never having married. Therefore, it is crucial for women to consider how their financial resources will sustain them over a longer lifespan.
2. Healthcare Planning
Healthcare costs are a significant concern for retirees, particularly for women who may face health issues as they age. The podcast emphasizes the importance of long-term care planning, as many women may require additional support services such as assisted living or hospice care. Without proper planning, these healthcare expenses can quickly deplete retirement savings. Women should explore options for long-term care insurance and other financial strategies to mitigate these risks.
Melissa Shared: “We start with transparency and education to build custom financial plans that ensure our clients make informed decisions and can Retire with Confidence”
3. Maintaining Standard of Living
As women transition into retirement, they often worry about maintaining their current standard of living. The podcast discusses how many women are concerned about whether they can sustain their lifestyle after retirement, including considerations for housing, travel, and leisure activities they have enjoyed during their working years. Financial planning should encompass strategies to ensure that women can continue to live comfortably and fulfill their personal goals.
4. Financial Literacy and Empowerment
Many women may lack confidence in their financial knowledge, especially if they have relied on a partner to manage finances in the past. The episode highlights the importance of increasing financial literacy among women, empowering them to take charge of their financial futures. This empowerment enables them to make informed decisions about investments, retirement accounts, and estate planning.
5. Finding the Right Financial Advisor
Women should seek financial advisors who understand their unique needs and challenges. The podcast stresses the importance of working with fiduciaries—advisors who are legally obligated to act in their clients’ best interests. This relationship can provide the necessary support and guidance as women navigate their financial planning, ensuring that their specific goals and concerns are addressed.
In summary, as women approach retirement, they should focus on longevity, healthcare planning, and maintaining their standard of living. By understanding their unique financial goals and challenges, women can create a comprehensive retirement plan that secures their financial future and allows them to retire with confidence.
The Importance of Financial Planning for Women Approaching Retirement
In the podcast episode featuring Melissa George from InvestHER Fiduciary Solutions, the discussion centers around the unique financial planning needs of women, particularly those nearing retirement. Here are some key insights and considerations highlighted in the conversation:
Understanding Longevity and Its Implications
One critical point raised is that women tend to live longer than men, which has significant implications for financial planning. As women often find themselves alone in their later years—whether due to the death of a spouse or never having married—they must consider how to manage their finances effectively during this extended lifespan.
Unique Financial Goals for Women
Women approaching retirement should be aware of several unique financial goals and challenges:
Healthcare Costs: As people age, healthcare becomes a major concern. Women need to plan for potential long-term care, which can deplete retirement savings if not adequately addressed. This includes considering options for assisted living, hospice care, or in-home support.
Financial Literacy: Many women may not feel confident in their financial knowledge, especially if they have relied on a partner for financial decisions in the past. Increasing financial literacy is crucial for women to take control of their financial futures, ensuring they can manage their assets and make informed decisions.
Legacy Planning: Women often think about the legacy they want to leave behind, which includes estate planning and ensuring that their assets are distributed according to their wishes. Understanding the intricacies of estate planning is crucial for women to secure their legacies.
Maintaining Lifestyle: As women transition into retirement, they often worry about maintaining their standard of living. Financial planning should address how to sustain their lifestyle over potentially many years of retirement.
The Role of a Financial Planner vs. Financial Advisor
Melissa distinguishes between financial planners and financial advisors, noting that while both can provide guidance, a financial planner takes a more comprehensive approach. A planner looks at the entire financial picture, including retirement planning, tax strategies, insurance needs, and estate planning. This holistic view is essential for women who may have multiple financial products but lack a cohesive strategy.
The Importance of Fiduciary Responsibility
A significant takeaway from the episode is the importance of working with a fiduciary financial planner. A fiduciary is legally obligated to act in the best interest of their clients, which is crucial when discussing sensitive financial matters. Melissa explains that many financial professionals operate under a suitability standard, which only requires them to recommend products that are appropriate, not necessarily the best for the client.
By choosing a fiduciary, women can ensure that their financial planner is transparent about potential conflicts of interest and is committed to providing the best possible advice. This level of trust is particularly important for women who may have previously felt intimidated or judged when discussing their financial situations.
Overcoming Fear of Judgment
Melissa also addresses the fear of judgment that many women experience when seeking financial advice. This fear can stem from past financial mistakes or a lack of confidence in their financial knowledge. A supportive financial planner can create a safe space for women to discuss their concerns openly, focusing on their current situation and future goals rather than past errors.
Video Link: https://www.youtube.com/embed/e8oLQM8dGw0
About Melissa George
Melissa George is a seasoned financial expert, renowned for her mastery in financial planning, insurance, and investment strategies, specifically tailored for small business proprietors. With nearly thirty years of proven excellence in the field, Melissa has refined her ability to craft comprehensive plans that perfectly align with her client’s aspirations and objectives.
As a trusted advisor, Melissa prioritizes protecting her client’s financial well-being. Notably, she is the first woman of color to achieve the prestigious CERTIFIED FINANCIAL FIDUCIARY® designation, operating under the utmost standards of integrity, confidentiality, and diligence. At the helm of InvestHER Fiduciary Solutions for the past 18 years, Melissa has guided her clients to financial prosperity, enabling them to RETIRE WITH CONFIDENCE.
Melissa’s academic background includes a BBA from Georgia State University, complemented by a series of professional accreditations including ACCREDITED INVESTMENT FIDUCIARY®, CERTIFIED FUND SPECIALIST®, and FINRA® Arbitrator. Additionally, she is a Goldman Sachs One Million Black Women Business Scholar.
Beyond her professional achievements, Melissa is deeply engaged in various professional and community organizations, including AAAFA (Association of African American Financial Advisors), NAWOSB (National Association of Women-Owned Small Businesses), United Way VIP Alumni, Board Chair of Girls Inc of Greater Atlanta, and Delta Sigma Theta Sorority, Inc
Learn More: https://www.investherfiduciarysolutions.com/
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