RISKY BUSINESS CONTINUES
because investing to support basic needs: food, shelter, and security for oneself and your family is an emotional decision. Women are often more prepared than they think they are, says Owens, “but we must overcome an aversion to risk when it comes to expanding our purses.”
Knowing When to Hold Stocks and When to Fold Them: Mindset Innovators don’t follow the crowd or get distract- ed by setbacks. Problem solvers earn more and gain responsibility as they eradicate difficulties instead of simply noting them.
As investors, use your scientific ability to make reallocating assets part of your investment phi- losophy. Market volatility signals time to invest, not divest. Long-term dollar-cost investors know that investing the same amount regularly, despite market conditions, cre- ates greater returns.
Owens says that students and professionals should look at http//www.mint. com. The free site, cre- ated by Intuit, shows
how money is used and misused, and helps you create a budget.
The Closer I Get to My Goals, The Better Bonds Make Me Feel: Focus
Canny STEM professionals understand that just as a diver- sified approach assists investing, being flexible also assists one’s career. Combining those approaches, Owens said, “creates a personal finance GPS for your purse.”
A Pooling of Purses: Purchasing Mutual Funds: System Extending the analogy, Owens says just as women carry different items in various purses they must learn to bal- ance their own wealth system. Always pay yourself first and automatically invest in mutual funds that pro- vide a bundle of stocks and profit options.
Feathering Your Purse for Retirement
No woman wants to end up with an empty purse. Thus, every woman needs a retirement plan. According to Allstate Insurance, “the average woman spends 11 years out of workplace taking care of family, leaving her without enough retire- ment money to take care of herself.”
The way to achieve older financial independ- ence is to begin grow- ing your money during your very first job. One way is by joining your organization’s investment plan and investing the maximum amount if pos- sible. Another is to open an IRA and contribute to its maximum. Always remember, Owens said, that “the greatest asset of
all is time. It has the most value.”
Passing On What You’ve Learned Ultimately, Owens says each woman should expand her wealth legacy by assisting others and mentoring. Achieving career and financial success is a team effort not a solitary pursuit. If you measure success by the people you help, that will help you make your purse a rich one indeed.
by Frank McCoy,
fmccoy@ccgmag.com
www.womenofcolor.net
WOMENOFCOLOR | SPRING 2013
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