1. What do you see as the number one obstacle to women earning / saving money, in your experience?
CONFIDENCE. Women need to know that they can do it!!… earn money and save it just like the next guy. Once you set your mind on an income figure or how much you want to save in a year then it is just a matter of applying your heart, soul and diligence to make it happen. Our desire drives everything we do.
2. If you had to give every woman 3 tips to growing a savings or an investment account, what would it be?
Here are some basic understandings on money which definitely include saving:
1) Money is not Math…Money is about Cash Flow
2) Focus on your Cash Flow – the FLOW of money IN (paycheck, commissions) and OUT (spending) of your possession
3) Do you have CONTROL of your money? Control in how you spend your money and also where you store your money (bank, Investment Co.)
4) Starting with your next paycheck – PAY YOURSELF FIRST!!! I suggest 10% to save. Write yourself a check, cash it, and at first keep the money you’re saving in a safe place (hidden) at home. Try not to touch it…Forget about it!!
5) Know your monthly expenses. Don’t be afraid to look at where you actually spend your money….not just how you “think” you should be spending. This is vital information and it will allow you to make decisions that match up with your desires and wants in regards to money.
3. If you had to teach a women who knows very little about investing about how to invest her money to help it grow, where would you start?
The current savings rate in America is less than 3%. Savings and investing are two very different things. In light of this savings percentage rate, it is imperative that you first learn to save money. Once you have developed a habit that matches your desire to save and accumulate money for yourself, then you can consider ways to grow your money through investing. We work so hard to earn our money, the last thing we want to do is to lose that money we fought so hard to save. So it’s very important to conservatively approach investments and search for opportunities with very minimal risk of loss.