Women and Money

Women and Money

A Man is Not a Plan

By Echo Huang, CFA, CFP®, CPA

Recently I heard a story from a 67-year old woman who had gotten divorced after twenty years of marriage. She had raised her daughter at home while she was younger and she didn't get much at all from the divorce. She is now collecting about $900 per month from Social Security income and working part-time to get by while sharing an apartment with others. She is fearful about her financial future because she has never managed money before and it's hard for her to find a job at her age. This month, I also heard another story about a woman who confided to her granddaughter in college that she had stayed in an abusive marriage for many years because she didn't have any control of money. Later, this woman's death resulted from falling down the stairs and was later confirmed not to be an accident. In fact, her abusive husband pushed her down the stairs. Staying because of money had literally cost her her life.

There are many stories like these that made me feel sad, but they have also made me more certain than ever that a man is not a plan.

Women face unique challenges in planning for a secure financial future while going up against these facts:

  1. Women earn less than men even though more women have a college degree than men. According to statista.com, in an impressive increase from years past, 35.3 percent of women in the United States had completed four years or more of college in 2018. This figure is up from 3.8 percent of women in 1940. A significant increase can also be seen in males, with 34.6 percent of the U.S. male population having completed four years or more of college, up from 5.5 percent in 1940. More women in the US have a college degree than men, but the average woman's unadjusted annual salary has been cited as 78% to 82% of that of the average man's as of 2015 (and hasn't changed that much today).

Echo Huang is Featured by Winona State University News Center Today

 

We are pleased to announce that Echo Huang, CFA, CFP®, CPA was interviewed by Maddie Swenson from Winona State University recently and is featured today in the “This is WSU” campaign:

https://news.winona.edu/11418/this-is-wsu-echo-huang/

Winona State University: A Community of Learners Improving Our World

Happy 3rd Birthday Echo Wealth Management!

By Echo Huang, CPA, CFP®, CFA

With thankfulness and appreciation for my friends, family, team and clients, I am excited to celebrate the 3rd birthday of Echo Wealth Management today! It has been a satisfying journey over the past three years of building a strong foundation for the business that focuses on taking the complexity out of wealth management. We have been blessed with amazing client experiences and the supportive efforts from our centers of influence, including attorneys, CPAs, insurance agents, business operations and technology partners.

It has been a very rewarding personal and professional experience along the way. We are now getting ready for more achievements in the next year, starting with hiring another new team member this spring as we now manage over $76 million for 57 households.

My "Me Too" Story

By Echo Huang, CPA, CFP®, CFA

As the Harvey Weinstein story has been in the news for the past month, I am grateful to see more women having the courage to raise awareness of sexual harassment in workplaces and protect more women.  One of my “Me Too” stories happened many years ago when I was about 19 years old in China.  

After graduating with an accounting diploma from Shenzhen School of Business and Economics at age 17, I received a great job offer to become an accountant at the Bank of China, Shenzhen Branch.  In this, my first full-time job, I was paid more than my parents, who were high school teachers, had ever been paid. I felt excited to spread my wings to fly far away and I requested a placement to the office in Shekou, a small seaside town about 30 miles from my parents’ home.  I moved into the two-story building the bank provided, where each person had own room and shared the two bathrooms at the end of each floor.  I liked my room at the corner on the second floor as it had a door to an outside large balcony.

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