Investing your money is important. It can give you financial security and independence, as well as prepare you for important life events — your children’s education, your retirement, unforeseen financial emergencies. Even if you use the services of a financial advisor, be prepared stay in control of your investments. Although this may sound overwhelming at first, there are a few basic investment guidelines that you can use to enrich your future:
Don't put your investments on long-term autopilot. One of women's strengths as investors is that they are less tempted to buy and sell in the short term, based on classic research by Brad M. Barber and Terrance Odean at the University of California-Berkeley. But at least once a year, you need to become an active investor, checking your asset allocation as you age and your needs change. That means changing your asset allocation when it's required, or hiring an investment advisor or an online investment platform to do it for you. "This was my own mistake in 2008. ... I didn't have cash, and I was fairly close to retirement," said Hounsell.
MS. TURLINGTON BURNS: Well, no, you're right. I had the first child. Learned this information, and at first, I thought, you know, even though I had the complication, the experience of giving birth was still so empowering that I really wanted—that was what I thought I would go out there and do. Like you know, birth is amazing. You need options, you need to have, you know, great people by your side. And women should know the facts, and go into this experience prepared with plans.
Investment of capital makes the global economy run, every day. The U.S. would have struggled to create a national economy post World War II without money invested by asset management firms to build its highway infrastructure. Renewable energy sources such as solar and wind would not be a reality today, and in certain parts of the developing world, people would still be without clean drinking water if not for investment in water treatment facilities.
From a male perspective, very interesting to read. Never thought about these issues women face in networking, and I’ve never had any such problem (that I know of!) in networking I’ve done with women or they with me. Still though, good to keep in mind when networking with women to prevent any misinterpretations or problems. Thanks for this article; this subject should be talked about a lot more.
One of my favorite African proverbs says that if you want to go fast go it alone, but if you want to go far go together. And that's certainly what we're going to be talking about on this panel today. I'm thrilled to be joined by first Oulimata Sarr. She is a Regional Advisor for economic empowerment of women with UN Women. UN Women is the UN agency responsible for women's, responsible for women's empowerment, economic, political, and otherwise. Next to her is Katerina Cronstedt. She is a serial entrepreneur from Russia. She in my opinion, reading her bio, has led many lives, fit so much in, and she is currently the founder of Bankatering, and we'll hear a little bit more about that in a minute. And finally, you've already met Christine Katziff from Bank of America. She is the Global General Auditor. It's great that you have time to join us, that sounds like a really big job.
In fact, looking at actual data is one of the best ways to counteract the fear of investing. For example, are you afraid to invest in stocks because you remember the painful declines of the financial crisis? Well, in spite of the 36.55% plunge in the S&P 500 stock market index in 2008, this index gained an average of 7.25% annually between 2006 and 2015.
In a recent survey by Morgan Stanley 84% of women said they were interested in “sustainable” investing, that is, targeting not just financial returns but social or environmental goals. The figure for men was 67%. Matthew Patsky of Trillium Asset Management, a sustainable-investment firm, estimates that two-thirds of the firm’s direct clients who are investing as individuals are women. Among the couples who are joint clients, investing sustainably has typically been the wife’s idea. Julia Balandina Jaquier, an impact-investment adviser in Zurich, says that though women who inherit wealth are often less confident than men about how to invest it, when it comes to investing with a social impact “women are more often prepared to be the risk-takers and trailblazers.”
WIN is a forum for full-time MBA women from top business schools around the country and investment professionals from sponsoring firms to gather, network, hear perspectives on investment careers and related topics from industry representatives, learn from distinguished women and men in the industry; and showcase their stock-picking skills in front of judges from sponsoring firms and obtain feedback on their pitches. More than 60 women MBA students from top business schools and 65 representatives from top-tier investment management firms are expected to attend.
Take a step to educate yourself. Countless blogs and websites provide accessible, engaging content to help increase your financial knowledge, including the Financial Freedom Studio, Jackson Charitable Foundation and many more. Just Google "retirement planning" or "financial education" and you'll see my point. I'm probably dating myself, but you could also go to the good ol' fashioned library or a bookstore to get this kind of information. For younger women just getting started, Learnvest.com can be a great resource, too.
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Another reason why women may not be as aggressive as men when it comes to investing is because they are more conservative — they like to hang on to their cash, explains Cary Carbonaro, CFP and Managing Director of United Capital of NY and Author of the "Money Queen's Guide for Women Who Want to Build Wealth and Banish Fear". “When I tell my clients they should have an emergency fund, the men will tell me, ‘But I want my emergency fund in the market,’ and meanwhile the women will have five times the emergency fund they need, sitting in the bank, not doing anything. For some reason, women are afraid of losing money, while men seem to be afraid of losing out by not playing the market.”
My days are pretty unpredictable—unless I’ve got early morning calls or meetings or a ton of work to do urgently, I’ll usually get into work around 10am and could leave anywhere between 8pm to past midnight. There have been several times where I’ve woken up to tons of emails that need to be addressed immediately, so I’ll log in from home and keep working until I get to a stopping point where I can transition to the office. Best parts of my day are when the client acknowledges how helpful our work has been. Worst parts would be the really late nights and days when you’re just stretched way too thin across multiple teams.
Okay so maybe you’ve reached as high and as far as you can possibly go in your current job, faced every challenge, conquered every obstacle, and mastered every skill that you could possible acquire. It’s time–you’re ready for a change. It happens, and it’s a perfectly natural and healthy part of any career path. In fact, job changes are often great opportunities to climb to the next rung on your career ladder. However you should consider some advance planning before you race out of your current job screaming, “I quit!”
As banks' claims to diversity are blown apart by the figures emerging from the UK's gender pay gap reporting requirements, how does it feel to be a woman in finance? Do you buy the Goldman story that men and women are paid equally for equal work and it's just a question of getting more women into senior slots, or do you get angry and point to more insidious issues?
Credit cards and bank accounts. If you’re considering opening a credit cardaccount for the first time, are younger than 21 and don’t work full time, you’ll need a co-signer: a parent or other adult. You’ll want to talk about ground rules, like only using a credit card for emergencies and defining what constitutes an emergency. Approach new financial products with caution and be careful not to take on debt. If you plan to directly deposit funds from a job or allowance, look for a checking account that offers low (or no) fees.
Coming in, I expected that my colleagues would be ultra-Type A, all work/no play, super serious folks given the nature of our work. But I’ve been pleasantly surprised by the great relationships and friendships I’ve developed at work and the camaraderie on our floor. I also expected the job to be extremely difficult in terms of the learning curve and was worried about my ability to handle it. It certainly is challenging, but with the support of my colleagues and mentors, I can really map out how much I’ve grown and learned over the past year. Everyone wants each other to succeed.