"I have a problem with too much money. I can't reinvest it fast enough, and because I reinvest it, more money comes in. Yes, the rich do get richer." Robert Kiyosaki, Author Rich Dad, Poor Dad series
Today, I was thinking about my future... my financial future that is. Questions were popping in my head for no reason. Things like, will I have enough money to retire on? Will I be able to afford to live in the lifestyle to which I have become acustomed? Will there be enough money for me to live in a retirement home or will I have to go live with one of my children :)?
By the way, even though I am married, and my husband and I both earn a decent living, there are no guarantees that he will stay on the job and get a good pension (or any pension for that matter) or that I will sell my businesses for enough money to retire on. Given the current state of the economy, tomorrow is uncertain, let alone, five, ten or even 20 years from now. And let's not forget a woman's life expectancy is still longer than a man's!
What I find interesting, however is the whole "law of attraction" thing. You know, what you put your mind to or focus on, becomes your reality. As I was pondering these things, in the mail comes a brochure from a local financial advisor about 15 tips to confidently invest in your future. I found the advice a great reminder of how important it is as women to Invest in our Futures.
Here's the advice I got from that brochure:
*Don't put all your Assets in one Basket. Investing is about learning to manage your assets. As women, we may not see ourselves as risk takers. However, if you own your own business, you are considered a risk-taker. The important thing is to take caleulated risks by balancing your investments among several types of assets. That way if one fails, chances are another one may be doing well and offset some of the "losses" you may incur from the poorly performing investment.
* Create Your Financial Portfolio.You don't have to be a Market-savvy financial expert to invest well. With the help of an experienced financial professional, you can create a smart portfolio. You can go to school on your planner, reasearch web sites, get to know about your investments, read articles and book or let the your financial planner help you asses your needs and make recommendations based upon your own situation.
*Create a Wealth Transfer Plan. When leaving your estate to heirs, look at the options available. It might be better to turn the assets over to them before the inevitable date of your final departure. There are several ways to do this. This can include a Mrital trust, Annual Gifts, Charitable Giving, Consult your own legal counsel for your options. Otherwise, they could end up in probate for several months or even years all the while dwindling down whatever assets you leave due to legal fees and more.
* Make sure you have enough insurance to cover unforseen life-challenges. We live in such a volatile world these days and natural disasters are becoming more frequent that having little or no insurance just doesn't make sense anymore. One major life event can wipe out your savings, not to mention the threat of bancruptcy.
Other tips:
I have known women who let their husband take care of all the finances to one day find themselves alone. I highly recommend that women take an active interest in their family's financial situation now so that if or when that happens you are prepared.
Start saving today! If you don't have a plan to save, it isn't too late. Start today.
At about the same time my youngest daughter turned 11, I sold a piece of property and had to make some investment decisions. In order to decrease my tax liability, one of the things I did was to invest in a mutual fund recommended by my financial planner. That turned out to be one of the best decisions I ever made. The fund was purchased to help with her college education, should she decide to go. I invested $5,000. I paid the money and forgot about it. When she graduated from high school she got a full four year scholarship to any state college or university (public) in Florida. The fund was not needed. The nice thing was, when she graduated college my husband and I were able to give her the fund as a graduation gift (the investment was then worth $23,000 - 11 years later).
The important lesson for me is to invest and then not think too much about it. Some people spend their days worrying about their investments and playing the market. I am too busy to do that. Having a financial professional I can trust and depend on has been a big help.
I also recommend you read Loral Langemeier's new book: The Millionaire Maker’s Guide to Cash Machines for a Life. It ABSOLUTELY is a MUST READ for all of you. Cash Machines continues her series on wealth-building, with a step-by-step guide on how anyone can launch their own business- become a successful entrepreneur- and achieve true financial freedom. Tired of that W-2 job? Of scrimping and saving and living “small” to pay off that debt? Then buy this book! When you do, you will receive hundreds of dollars in "bonuses" too. Here's the link: http://www.liveoutloud.com/cashmachinebook?kbid=10918.
And while your at it, check out Woman’s Wealth Summit Audio Program. There are interviews with eight wealth-building experts, Loral included.
To your financial security... and then some!
Heidi Richards
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