Ramona Ortega

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To improve your financial situation, focus on empowering yourself first. Whether it’s limiting cultural expectations, wage disparities or planning for longer-term care, there are some financial challenges women face that their male counterparts may never experience. And while these can be major roadblocks to financial success on their own, these obstacles can be even more difficult to overcome if you don’t have much experience handling finances or knowledge about the best ways to tackle financial issues. However, according to the financial experts of Kiplinger Advisor Collective, the best way to improve your financial situation is to empower yourself through the following six steps. By making each one of these steps a priority, women can take charge of their financial well-being, strengthen their financial literacy and equip themselves with the skills they need to succeed with money now and well into the future.

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It’s never too early to start thinking about your child’s financial future. When you’re a new parent, you have a lot on your plate. Between learning how to care for your child’s physical and emotional needs and adapting your life around your new family member, you’re also trying to consider their future and what you may need to do now to help get them started on the best path to success. One area that may draw your attention is their future financial security. What habits will they need to develop in order to have a healthy relationship with money? What steps can you take while they’re young to prepare them for the expenses of the future? These questions can feel overwhelming, especially while you’re still adjusting to parenthood, but even simple steps can have a big impact. According to the financial experts of Kiplinger Advisor Collective, the following seven steps are a good place to start. Below, they outline each one  and why taking each particular step will ensure your child is on the right trajectory for a successful financial future.

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It's not too late to start working on these key business goals. Whether you’re new to business or a seasoned entrepreneur, setting goals for you and your business at the start of the year can give your team direction and a sense of purpose that they can use to motivate them throughout the year. Improving customer engagement, increasing sales or fine-tuning operational systems are all worthwhile goals to set, and will likely have a positive impact on your company; however, there are several other financially focused goals that could have a similar impact. According to the experts of Kiplinger Advisor Collective, implementing one or more of the following seven goals can help ensure your business is functioning at its best and ready for any hurdles it may face. No matter whether you set these goals at the start of the new year or a few months down the line, your business can benefit from better financial preparedness.

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Don’t let the fear of taxes prevent you from becoming an investor. Whether it’s in real estate or the stock market, investing can be an exciting way to make more money. The gains you make on those investments can help fund further investments, help you save for a project you’re taking on or even contribute to your retirement. However, many people are nervous to invest because of the potential capital gains taxes they’ll have to pay — or the taxes owed on any profit made on the sale of a particular investment. According to the financial and investment experts of Kiplinger Advisor Collective, however, fear of capital gains taxes shouldn’t keep you from investing. Below, they explain why that is, as well as discuss their best advice for managing that fear and minimizing any capital gains taxes you may incur throughout your life.

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Choosing the right account for your needs is a great first step to kick-starting your retirement savings. Saving for retirement is an important step for anyone who hopes to stop working after a certain age. However, while many people understand the importance of retirement savings as part of their financial journey, they may not always understand the best way to go about it. Though putting your retirement savings into a standard savings account may seem like an easy option, several other, more advantageous accounts exist that can help you reach your retirement goals faster — and may help you avoid more taxes down the line. But which account is right for you? When offering advice and discussing options with their own clients, the financial leaders of Kiplinger Advisor Collective have a few favorites in mind. Below, they go over seven different accounts you can choose from to kick-start your retirement savings, and why they recommend these solutions to anyone looking into their ideal retirement plan.

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Maximize your efforts by following these expert-recommended tips. The holidays are, naturally, a time of giving — a time when people look to show gratitude for and to others by giving gifts or donating their money or time. It’s often when individuals look to donate funds to their favorite charities or special causes that are important to them. But is it as simple as writing a check?  Unfortunately, it may not always be that easy, as scammers can be especially active during this season, looking to take advantage of those with the best intentions. Further, there may be certain tax benefits or strategies you may not have considered that can maximize your giving efforts. Below, eight financial leaders from Kiplinger Advisor Collective share their insights on charitable giving during the holiday season as well as the best tips you should know to ensure you’re doing it the right way.