Dear Clients and Friends,
Women have had the right to vote in the US since 1920, when the 19th Amendment was passed. But did you know women have only been permitted to self-manage their finances for roughly 50 years? 😮 The Equal Credit Opportunity Act of 1974 gave every American woman, married or not, the right to open her own bank or credit account. It outlawed discrimination in banking by both sex and race.
While we have come a long way, we continue to play a game of financial catch-up. The likelihood of women (and men) receiving a comprehensive financial education are low. Yet, as we discussed in last month’s “Women, Money & Power” article, this is not holding us back. Women are making great strides accumulating and managing wealth.
Part of “being good with money” includes understanding and implementing the appropriate risk management. This includes good financial behavior (i.e. budgeting, not overspending, etc.), selecting the most appropriate providers to guide you, and protecting assets with insurance, estate planning and titling.
Speaking of finances…are you protecting yours? According to the Social Security Administration more than 25% of twenty year olds will become disabled before they are 67. We spoke with Amber Stitt, ACP, ChFC®, GALLUP® to get the scoop on disability insurance.
With two recent bank failures in less than 72 hours, understanding the protections offered by FDIC coverage is important. FDIC deposit insurance coverage and the amounts protected depend on three things: (1) whether your financial institution is FDIC-insured; (2) whether your chosen financial vehicle is a deposit with the bank; and (3) how your account(s) are titled. This link takes you directly to the FDIC deposit coverage page.
This monthly newsletter is for you. Our goal is to continue to provide timely financial education and resources to our readers. If there is something you would like to hear more about please drop us a line and let us know!