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There is a, possibly apocryphal, story out there that Amazon founder Jeff Bezos once asked legendary investor Warren Buffett the following question: “You’re the second richest guy in the world. Your investment thesis is so simple. Why doesn’t everyone just copy you?” Buffett was reputed to have replied: “Because nobody wants to get rich slow.”

The idea that slow and steady wins the race may not be new, but it never ceases to amaze me how frequently I encounter individuals who present me with versions of the same plea: “I’m not interested in get-rich-quick schemes. I just want to make a lot of money really fast.”

Warren Buffett may be an outlier, but the lesson from both exchanges applies not just to investing or business, but to life itself. The odds of success, whether in professional or personal life, are much greater if you view it as a marathon rather than a sprint.

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Globally, women’s wealth is expected to grow at a rate of 7.2% compounded annually from 2019 to 2023, compared to a 5.2% growth rate for men over the same period.1 Their increasingly prominent role in business and the overall wealth picture underscores the need for women to have a proper estate plan.

No matter your age, marital status or if you have children, here are some of the top reasons for prioritizing estate planning.

To maintain your lifestyle in retirement

On average, women can look forward to longer lifespans than men, meaning they may spend some of their senior years alone. The current life expectancy for a woman turning 65 is age 86, three years more than men.2 As a result, most single Canadians over 65 are women.3 If you weren’t involved in directing your household finances, there might come a time when you have to. Suddenly, taking on these responsibilities later in life can be daunting and give you the sense of being unprepared for the future.

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