TodayWomen urged to prepare for financial disaster
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The audience was well informed about financial planning at a meeting of Central Pennsylvania Association for Female Executives Wednesday in Camp Hill.
But the speaker expected that.
The message that Nicole Williams of Wienken & Associates of Camp Hill wanted to send was: "Take time out to do the planning."
"I challenge all of you today to create your list of dreams. Ask ‘What do I want to accomplish?'" Williams told about 40 members of the CPAFE chapter at Highmark's The Caring Place.
Women do a great job of taking care of their children, their job and their friends, Williams said, but "Do we know our own financial goals?"
The silence in the room was her answer.
Rise and shine
Asking an audience member to share her own strategy, Williams encouraged the group to write down their goals and show them to somebody else, thereby making themselves accountable for accomplishing those goals.
Williams also offered wake-up calls to women who haven't thought enough about a personal financial plan.
She showed videos of women telling their stories on spending or investing a windfall; financing a disabling illness or accident; and retirement.
The stories were positively framed but carried serious messages.
Calling on another audience member who told about taking a total of two years of sick leave after a series of surgeries and a head-on car collision, Williams said, "None of us is invincible."
Mental disorders or a tragic death also can completely deplete years of savings, she said.
Using herself to "pick on," Williams drew a time line of her life from ages 30 to 65, showing what might happen to her finances if her income were interrupted for three years because of injury or illness.
Nightmare scenario
"Imagine if the ATM shut off. Imagine no income for two to three years and you still have to pay bills," she said.
Having three to six months' income in savings would not be enough, Williams said, adding that many employees' disability insurance might not be enough, either.
"I may have to keep working until I'm 75."
Williams asked the group how many years of savings would be used up in one year of not working.
An audience member was quick to respond: "10."
"This is serious business," Williams said. "Just take the time to do this."
