Laura Webb -Women Power and Money WEDN 2019
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A critical conversation about the way women think about money.
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Laura Webb -Women Power and Money WEDN 2019
- 1. Women Power and Money A Critical Conversation About the Way Women Think About Money
- 2. Laura Webb, CFP ® Founder and President Webb Investment Services
- 3. The 3 Biggest Mistakes Women Make 1. Not Understanding Your Money Story 2. Not Taking An Active Role in Your Finances 3. Not Saving and Investing Enough
- 5. Polling Word Cloud? Think back to your earliest memories of money, what one word or phrase comes to mind?
- 6. Your Money Story Figure out your own Money Story Understand it’s influences Work toward a healthy relationship with money
- 7. Poll Poll – What ___________% of women will assume financial control of their money at some point in their lives?1
- 8. Not Taking An Active Role in Your Finances Develop a Spending Plan or Budget Create A Family Financial Statement Schedule a Planning Weekend Plan a Financial Date Night Actually Read Your Tax Return Seek Third Party Guidance Help get debt under control, develop a savings plan and create a Retirement Income Model.
- 9. Poll The average shortfall for a woman when she retires runs _______ on average below the net worth a man would have2.
- 10. Not Saving or Investing Enough (and the most important) Issues Facing Women2 On average women live longer Social Security benefits is based on lifetime earnings Not all women participate in work retirement plans Women are more likely to work in part-time jobs Not only is there a pay gap but there is an investing gap3
- 11. Conclusion Most Important take aways: OWN YOUR MONEY STORY Take and Active Role in your Finances Make sure you are saving AND INVESTING ENOUGH Build a team to help you understand and achieve your goals
- 12. “ ” It’s time that women be more mindful about putting their money where their values are - Laura Webb, CFP ® Webb Investment Services
- 13. Questions This Photo by Unknown Author is licensed under CC BY-SA-NC
- 14. Sources 1. https://www.financial-planning.com/slideshow/top-10independent-broker- dealers-by-women-advisors 2. https://www.asecurelife.com/women-and-investing-statistics/ 3. http://time.com/money/5141680/investing-finance-gender-gap-pay- inequality/
- 15. Contact Information and Disclosures Laura Webb, CFP ® President Laura.webb@raymondjames.com 82 Patton Ave, Ste 610 Asheville, NC 28801 828-252-5132 Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC Webb Invesment Services, Inc is not a registered broker/dealer and is independent of RaymondJames Financial Services, Inc. Investment Advisory Services offered throught Raymond James Financial Services Advisors, Inc.
Notes de l'éditeur
- WIS is a locally owned, wealth management and investment consulting practice. Basically we help people, particularly women, make smart decisions around managing and keeping their wealth.
- -Is you impact matching up with your intent? -Many look at philanthropy as either giving of their time or their money, and only in their lifetime. -But, what if I told you that your money can be a vehicle to express your values, and there are many ways in which this can be accomplished. In How you give How you invest and what legacy you leave So the question of the day is “Does your impact match your intent?”
- D 80s and 90s -Did you know that women in giving and impact investment isn’t a new concept, in fact the first significant instance of female driven philanthropy dates back to the mid-1600’s. -Women have given their resources as well as their time to aid children, soldiers, widows, and the less fortunate and have led in charitable giving both publicly and anonymously, in small and large gifts from the arts to poverty. Now with the emergence of “impact investing” in the early 21st century, women have begun to lead the way in investing with their values. -this, though not historically praised, phenomenon illustrates the notion that women view and often use their money as a means to express and realize their values. -Research has indicated that women are more likely to use their wealth in a value-based manner1, showing that women are more likely to give, and in larger amounts than their male counterparts, -talk about girl power.
- Other reasons: Give to a wide range of organizations Spend more time and due diligence when deciding to give Expect a deeper level of communication with the organization they support Place greater importance on hearing about the impact of their gift Indicate motivations are issue driven
- (80%)
- -Generally speaking, lifetime gifts to charities can result in an income tax deduction for you. But before you make a sizable gift, be sure to seek tax advice. Different ways to give Cash Giving Appreciated Stock – define Required Minimum Distribution – define 2018 tax laws have changed, lets look at strategies for maximizing those changes for yourself and the charity
- ($500,000)
- Any time you make decisions one how something will affect your taxes you will need to consult with your CPA A few highlights on how the tax law changes have affected charitable donations: new standard deduction for married filling jointly $24k up from $12,700 For single fillers $12k up from $6,350 Limited state income and real estate taxes to $10k 45 Million Americans that itemized in 2017 will not itemize in 2018 If you will still donate consider a bunching strategy, Laura is going to give an example Donation of Stocks Fran story Donations from an IRA Nancy Story BUNCHING STORY – Client sold a business in 2018 - retired – and will have no earned income in 2019 Annual Charitable gifts around $24,000 Needed strategy to reduce taxes in 2018 (since sold business) Set up donor advised fund Gifted $200,000 of appreciated stock to establish a pool of charitable capital that will be available to her in the future Gets deduction in 2018 since gift is greater than new standard deduction In 2019 – can recommend gifts to her favorite charities AND take advantage of the higher standard deduction
- Laura: Your Money story can reveal your money mindset…your attitude about your finances, how you make decisions and you ability to accomplish your financial goals. Insecurities around money can cause you to be intimidated or have fear about having or dealing with money. So make and effort to understand your relationship to money and then take action by. Faith: Having a plan – Understanding the most Efficient way to Give Now and Later Know that you can have and Impact on where you put your investments Have a team that talks to each other that can help you make your plan as efficient and productive as possible.