Clients often ask me how high of a return can they expect from the portfolios I recommend. While I understand why they are focused on the potential returns, I always start my answer with my favourite rule when it comes to money: It doesn't matter what you make, it matters what you keep.
Investing should always be highly rational; humans on the other hand rarely are. Emotion creeps in, leading us to make choices that are often misaligned with our overall financial needs and goals. It's forgivable to make an occasional mistake every now and then, but striving to avoid the seven deadly sins of investing can help you dodge costly bundlers and help put you on a sound financial footing.
Women: pay attention to your disconnection from your money. The average age of widowhood is 56. Women, you need to take control. What is important to realize, as well, is that this isn't an all or nothing proposition. Many of the women who were direct investors also maintained a relationship with an advisor. You don't have to make an absolute choice to go it alone.
Many of us hate organizing our financial lives but love dreaming about our futures. That might be part of the reason that only a third of women have a financial plan. It comes down to the myths we have built up about financial planning.