Angelina Carleton
May 29, 20232 min
In recent years, there has been a significant rise in the number of women entrepreneurs who are seeking to create a holistic legacy for themselves and their families.
As more women take charge of their holistic legacy plans, as a part of their financial futures, they are also becoming increasingly aware of the importance of planning for their long-term goals and aspirations in who they are as an overall human being, whether that is through pre-designed experiences or personal development to match outward success. There is now more conversations around their views, their objectives and their concerns.
Here are some of the reasons why holistic legacy planning is becoming increasingly popular among women entrepreneurs:
1. More women are starting businesses and increasing their wealth
Over the past few years, there has been a significant increase in the number of women starting their own businesses. According to a report by American Express, women-owned businesses now account for nearly 42% of all businesses in the United States. This trend is expected to continue as more women seek to take control of their careers and financial futures.
2. Women are living longer
Women tend to live longer than men, which means they need to plan for a longer retirement period. According to the Social Security Administration, a woman who reaches age 65 today can expect to live, on average, until age 86. This means that women need to plan for a retirement period that could last 20 years or more.
3. Women are focused on leaving a legacy
Women are increasingly focused on leaving a lasting impact on the world, not just in their professional lives, but also in their personal lives. They want to create a legacy that reflects their values, beliefs, and passions, and they want to ensure that their families and communities are taken care of for generations to come.
4. Holistic planning addresses all aspects of life
Holistic legacy planning takes into account all aspects of a woman's life, including her finances, family, health, and values. This type of planning allows women entrepreneurs to create a comprehensive plan that reflects their unique needs and goals.
So, what does holistic legacy planning look like for women entrepreneurs?
First, it involves taking stock of your current financial situation and identifying your long-term goals. This includes assessing your current assets, liabilities, and cash flow, and determining how much you need to save for retirement and other long-term goals.
Next, it involves creating a comprehensive estate plan that includes a will, trust, and power of attorney. This ensures that your assets are distributed according to your wishes, and that your family is taken care of in the event of your incapacity or death.
Finally, it involves creating a plan for your legacy, which includes identifying your values, beliefs, and passions, and creating a plan for how you want to be remembered. This may involve creating a charitable foundation, establishing a scholarship fund, or leaving a lasting impact on your community.
In conclusion, holistic legacy planning is becoming increasingly important for women entrepreneurs who want to create a lasting impact on the world. By taking a holistic approach to planning, women can ensure that their finances, family, health, and values are all taken into account, and that they leave a legacy that reflects their unique vision for the future.