DENVER - Money matters can be tough, and sometimes women have different concerns than men. We sat down with Morgan Stanley financial advisor Shelley Ford to ask her five financial questions for women.
#1-Should women let their spouses handle all of the finances?
Ford says that decision is up to each couple, but it’s important for women to know and understand their financial picture, even if they don’t want to be in charge. The majority of women will eventually end up on their own by outliving their spouse, or through divorce. “We should be involved,” she said.
#2–What should be the priority- saving for their retirement or their kid’s college?
Ford says, “We would say try to do both, but retirement is something that you are not going to be able to borrow money for, right, and we have no idea where social security will be in the future,” she said.
#3-If I’m getting married, should I take on my partner’s debt?
Ford says it’s best if that is paid off before marriage, but at least communicate and make a plan together.
#4–Should I share financial accounts with my spouse?
Ford says that’s a personal decision. “I personally do have my own accounts, because I like to be able to spend money where I want to spend money, and not have that be a battling point between my husband and I, and research does show if women have their own investment accounts, then the marriage tends to be happier. But, again I preface that by saying it’s really up to the couple.”
#5-How do I teach my kids about money?
Ford says it’s important to teach them the difference between a need and a want. “A lot of them don`t have any concept of what money means today.” She says giving them an allowance, and making them pay for certain wants, is a good place to start.AlertMe