Articles

It's January. That means tips, lists, and advice abound on how to make this year your best year yet. Because I'm a finance nerd, my news feed has been filled with all kinds of articles on money. Some offer "20 easy steps" for early retirement or how to be a stay-at-home mom while making money in yoga pants. Still, others offer fancy, "sure-fire" formulas for investing.

What these quick-fix gimmicks don't tell us is that there's no one number or formula that defines financial success.

Because at the heart of living a financially empowered life is you – an individual with values, beliefs, and intentions that are unique to you.

Yet getting to the heart of what matters takes self-reflection and guidance.

For instance, I deeply value family. I've set a goal to save money to take my parents, husband, and daughter to visit Germany and Russia where my ancestors lived during the reign of Catherine the Great.

My friend Heather deeply values family too. Her goal, however, is different. She doesn't want to work full time as I do. Instead, she's focusing her energy and resources on raising her children at home instead of sending them to daycare.

Two similar values. Two different beliefs about how to live according to our values. Two very different goals.

What determines the best path forward is a holistic approach—especially when it comes to women and our finances—because we face special circumstances.

It's no secret that women earn less than men. According to Pew Research Center analysis, women earned 82% of what men did in 2017. Limited earning power is compounded by the fact that women often take time out of the workforce to care for children, or aging parents, or both. In fact, research shows that women spend 48% of their adult lives outside of the workforce compared to only 28% of men. In addition, women statistically live longer than men, which means we'll need more resources over our lifetimes. In some cases, women who are widowed or divorced may have relied on their spouse to manage financial matters.

Add all of this up—along with whatever personal financial factors you may have—and you'll see that women must be even more intentional about defining financial success if we want to live a financially empowered life. We too can be like those in a study, which found that people were seven times happier when they had a financial plan in place.

You can start by working with a trusted advisor who digs into more than just your financial statements. Work with someone you can count on to act in your best interest – someone who takes time to genuinely understand you and your values, beliefs, and intentions. Sometimes that person is a long-time friend who has expertise in the area of finance. Sometimes that person is a fiduciary – a person or organization that prudently takes care of money or other assets on your behalf.

As trusted financial advisors at Baker Boyer Bank, we're here to work with those who want to define their own path to financial success.

We look beyond just account balances, cash flow, assets and liabilities to help you chart the path that's best for you. A team of financial planning experts will help you define what your deepest values, beliefs, and intentions are, so you can establish personalized goals.

Keep in mind that the goals you set this year may change over time. While circumstances may change your goals, your core values stay the same, guiding the choices you make to achieve financial success. Baker Boyer takes into account many different scenarios and aspects of your financial life – things like tax implications, investments, budgeting, assets and liabilities, debt, and more.

This combination of financial expertise and technology can set you on a new path that's right for you. You're more than a number, and you deserve a financial future that gives you the confidence and resources needed to reach your goals.