Being a Chief Financial Officer for a business is one thing. But are you the CFO for your future?
We have to take a leadership role in our financial house. If you don’t do it, who will? As women business owners, we statistically put our needs last. Not to fret. Here are some ideas to get the ball rolling.
On-the-Job Training
Gold, silver, stocks, retirement plans, bank savings accounts, real estate-what’s a woman to do? At times, it can feel like on-the-job training. There is no doubt that real-world experience is a great teacher. However, do we really have time to learn from our mistakes when it comes to money?
Investment Portfolios
Building a simple or complex portfolio for yourself is important. Based on personal experience, placing all your eggs in one basket can be devastating! Have multiple plans.
Volatile or Non-Volatile Money
How about both? Look to acquire financial growth in non-volatile accounts, such as indexed products. They provide the upside of growth without the downside of market losses. Volatile money provides loss in market swings.
Security, Leverage and Liquidity
Understand that your money should provide you liquidity without severe penalty. This is why multiple baskets are crucial. Banks are the middlemen. Retirement plans are not guaranteed. And, just like we need different doctors who specialize in specific health issues, we also need to have different financial coaches in our lives who are specialists in different fields.
Bounce-Back-Ability
The stock market can only crash so many times in your young adult life before the time comes that you cannot afford to make up losses. How much are you willing to lose and how many times can you bounce back? A liquidity specialist can be a key player in your retirement. Let’s talk.
Use these ideas to get the ball rolling and become the CFO of your future!