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Women’s Wealth

Mar 01
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31 Women Financial Experts You Should Follow

By Money Management, Women's Wealth No Comments

Financial services industry has always been a male dominated field. Financial experts giving cookie cutter advice didn’t always fit the mold of most women, like myself. The reality is women face different challenges when it comes to health, relationships, career and money.

When I decided to enter the financial education space, I was so delighted to know that there were other amazing women who were just as passionate about financial literacy.

So, in honor of Women’s History Month, I wanted to share 31 Women Financial Experts you should follow.

#1 – Tiffany Aliche

Tiffany “The Budgetnista” Aliche is America’s favorite financial educator. The Budgetnista is a spokesperson and passionate, award winning teacher of financial empowerment. She is an Amazon best selling author and the founder of the Live Richer Challenge!

Follow Tiffany at @TheBudgetista.

Website: www.thebudgetnista.com

 

#2 – Stefanie O’Connell

As a nationally recognized money expert, Stefanie O’Connell‘s mission is to help ambitious women feel as confident with their money as they do in their careers. Stefanie is also a published author.

Follow Stefanie at @StefanieOConnell

Website: www.stefanieoconnell.com

 

#3 – Sandy Smith

Sandy Smith is a Side Hustle Expert focused on improving people’s lives financially. Sandy is the founder of the award nominated blog, Yes I Am Cheap which helps people save money, get out of debt and increase their income so that they can live their best financial lives.

Follow her at @IamSandySmith2

Website: www.iamsandysmith.com

 

#4 – Athena Valentine Lent

Athena Valentine Lent helps Latina women turn off the noise in their head so they can focus on money instead. Once homeless in high school, Athena is now the founder of Money Smart Latina, where Latinas and finance meet.

Follow Athena at @MoneySmartLatina

Website: www.moneysmartlatina.com

 

#5 – Marsha Horton Barnes

Marsha Horton Barnes is a sought after Certified Financial Social Worker, Financial Educator, and finance commentator. The Finance Bar was born based off of her desire to provide financial resources and guidance in a creative and nonjudgmental way.

Follow Marsha at @TheFinanceBar

Website: www.thefinancebar.com

 

#6 – Melanie Lockert

Melanie Lockert is the founder of the blog and author of the book, “Dear Debt.” Melanie is also the co-founder of the Lola Retreat, which helps bold women face their fears, own their dreams and plan to be in control of their finances. Melanie is passionate about empowering women to get out of debt.

Follow Melanie at @DearDebt & @LOLARetreat

Websites: www.deardebt.com | www.lolaretreat.com

 

#7 – Tonya Rapley

Tonya Rapley is a millennial money expert and creator of the award winning site, My Fab Finance. Tonya’s mission is to help millennials break the cycle of living paycheck to paycheck so that they can become financially free and do more of what they love.

Follow Tonya at @MyFabFinance

Website: www.myfabfinance.com

 

#8 – Amanda Abella

Amanda Abella is a brand ambassador, an online business coach, and a Latina millennial money expert. Amanda has a passion for business, fascination with money and desire to empower her generation.

Follow Amanda at @AmandaAbella

Website: www.amandaabella.com

 

#9 – Lynnette Khalfani-Cox

Lynnette Khalfani-Cox,The Money Coach®, is a personal finance expert, television and radio personality, and the author of numerous best selling books. Lynnette is an award-winning financial news journalist and former Wall Street Journal reporter for CNBC.

Follow Lynnette at @LynnetteKhalfaniCox

Website: www.askthemoneycoach.com

 

#10 – Miranda Marquit

Miranda Marquit is a freelance financial journalist and money expert. Miranda specializes in topics related to long-term financial planning, beginning investing, and running a home business. Miranda is a podcaster, website owner, and business owner.

Follow Miranda at @MMarquit

Website: www.plantingmoneyseeds.com

 

#11 – LaTisha Styles

LaTisha “Tish” Styles is a lifestyle influencer, speaker and marketing consultant helping clients grow an online business. Tish is the founder of Creating Coins®, which provides courses and trainings in digital marketing. 

Follow LaTisha at @LaTishaStylesTV

Website: www.latishastyles.com

 

#12 – Shannon Lally McLay

Shannon Lally McLay shares tips, tools, and ideas to help people make the best financial choice at her Financially Blonde blog & podcast. Shannon is also a personal Financial Fitness Trainer and CEO of The Financial Gym, which creates and maintains a financial fitness plans, customized to clients goals, budget and lifestyle.

Follow Shannon at @TheShannonMcLay | @TheFinancialGym

Websites: www.financialgym.com

 

#13 – Natasha M. Campbell

Natasha M. Campbell, known as the Wealth Stylist™, provides training, coaching, and workshops to women! Natasha is also the founder and host of The Wealth Stylist Podcast. Natasha has built a business from the heart that is creating lasting transformation in the lives of others.

Follow Natasha at @WealthStylist

Website: www.wealthstylist.com

 

#14 – Brittney Castro

Brittney Castro inspires people to use their money to live their dream life. Brittney teaches money principles that changes her clients’ financial life for the better, forever. Brittney partners with her clients to navigate the different stages in their lives.

Follow Brittney at @BrittneyCastro

Website: www.financiallywiseinc.com

 

#15 – Tela Holcomb

Tela Holcomb is not a stock broker, but she is an ambitious mom and wife who will stop at nothing to build a legacy of wealth for her family. Tela is a straight-talking success igniter who pushes people to propel past their most unimaginable dreams. Tela is the founder of Trade Your 9 to 5™ courses.

Follow Tela at @TelaHolcomb

Website: www.telaholcomb.com

 

#16 – Kate Dore

Kate Dore is a nationally recognized money coach, financial planner and personal finance writer. Kate also educates and engages audiences as a featured speaker and workshop presenter. Kate created Cashville Skyline website to share her expertise in personal and behavioral finance.

Follow Kate at @KateDore

Website: www.cashvilleskyline.com

 

#17 – Dorethia Kelly

Dorethia Kelly is a national speaker and author of “#MoneyChat: The Book.” Dorethia is also a personal finance, entrepreneur and nonprofit coach. Dorethia founded the #MoneyChat movement to make talking and learning about money fun.

Follow Dorethia at @DorethiaKelly

Website: www.dorethiakelly.com

 

#18 – Erin Lowry

Erin Lowry helps millennials get their financial life together. Erin’s best selling book “Broke Millennial” provides refreshingly simple advice with hilarious true stories and is an essential roadmap every financially clueless millennial needs to become a money master.

Follow Erin at @BrokeMillennialBlog

Website: www.brokemillennial.com

 

#19 – Patrice Washington

Patrice Washington, known as the Money Maven, is the financial voice of the nationally syndicated Steve Harvey Morning Show where she empowers millions. Patrice is now helping people Redefine Wealth by teaching how to Chase Purpose … Not Money through her podcasts, videos and events.

Follow Patrice at @SeekWisdonPCW

Website: www.patricewashington.com

 

#20 – Elle Martinez

Elle Martinez is the creator of Couple Money blog and podcast, as well as Marriage and Money Tip Show. On her popular Couple Money podcast, Elle talks with financial experts, renowned journalists, and real life couples who have done extraordinary things with their money.

Follow Elle at @CoupleMoney

Website: www.couplemoney.com

 

#21 – Michelle Singletary

Michelle Singletary is an award winning, nationally syndicated columnist for The Washington Post. Michelle is the author of several best selling books, including the “The 21 Day Financial Fast: Your Path to Financial Peace and Free.”

Follow Michelle at @SingletaryM

Website: www.michellesingletary.com

 

#22 – Emma Johnson

Emma Johnson is a veteran money writer, noted blogger and popular speaker. Emma’s popular blog Wealthysinglemommy.com, and podcast Like a Mother, explore issues facing professional single moms: business and career, money, sex, relationships and parenting.

Follow Emma at @WealthySingleMommy

Website: www.wealthysinglemommy.com

 

#23 – Candice Marie Latham

Candice Marie Latham started Young Yet Wise blog to document her own money journey of not knowing much about money to paying off 47,000 worth of debt. Today, Candice inspires millions of ambitious professional woman to master their money and life.

Follow Candice at @Everything_CandiceLatham

Website: www.youngyetwise.com

 

#24 – Melissa Leong

Melissa Leong is one of Canada’s best-loved authorities on personal finance. Melissa is a sought-after speaker, national media personality, best-selling author and award-winning writer. She’s the author of “Happy Go Money” and is the money expert on Canada’s leading daytime talk show, The Social on CTV.

Follow Melissa at @LisLeong

Website: www.melissaleong.com

 

#25 – Tai McNeely

Tai McNeely has spent years in the financial industry, helping people with loans, debt, and money matters. Tai now shares her knowledge and expertise on the award winning platform of “His and Her Money” blog and podcast, which she co-founded with her husband, Talaat.

Follow Tai (and Talaat) at @HisAndHerMoney

Website: www.hisandhermoney.com

 

#26 – Farnoosh Torabi

Farnoosh Torabi is a favorite go-to money expert, sought-after speaker and bestselling author. Farnoosh interviews leading financial and business experts, authors and influencers about their financial perspectives, money failures and habits on her award winning podcast, “So Money.”

Follow Farnoosh at @FarnooshTorabi

Website: www.farnoosh.tv

 

#27 – Ashley Hill

Ashley Hill is a college funding expert, speaker and conducts professional development training for new college students. Ashley teaches parents and students how to pay less for college and all of the expenses associated with going to college.

Follow Ashley at @PrepFourCollege

Website: www.collegeprepready.com

 

#28 – Kassandra Dasent

 

Kassandra Dasent is a personal finance consultant, educator and speaker who addresses the emotional impact and effect that money has on people’s lives. On her Facebook Live series “Minding Your Money with Kassandra Dasent,” she shares information, advice and resources to help viewers achieve their financial goals.

Follow Kassandra at @KassandraDasent

Website: www.kassandradasent.com

 

#29 – Lisa Phillips

Lisa Phillips is a real estate investment expert and founder of Affordable Real Estate Investments, a fast growing community of real estate investors who want more… more success… more profits… and more security with in their real estate investing strategy. Lisa helps professionals build profitable rental property portfolios.

Follow Lisa at @AffordableREI

Website: www.affordablerealestateinvestments.com

 

#30 – Patrina Dixon

Patrina Dixon is a Certified Financial Education Instructor and international speaker. Patrina is also an award winning author of “It’$ My Money™” journal book series, workshops and book club. Patrina’s passion is serving her community and providing money management strategies to people of all ages.

Follow Patrina at @ItsMyMoney_

Website: www.itsmymoneyjournal.info

 

#31 – Deborah Owens

Deborah Owens is a financial services veteran with more than 20 years of experience and a former vice president of Fidelity Investments. Deborah is on a mission to show people of all incomes how to build wealth. Her keynotes and workshops engage, enlighten and inspire audiences.

Connect with Deborah at @IAmDeborahOwens

Website: www.deborahowens.com

 

Tarra Jackson

My name is Tarra Jackson, aka Madam Money™. I am a personal finance expert, international speaker and contributing writer for BlackEnterprise.com and Upscale Magazine. I am also the author of best selling book, “Financial Fornication” and proud founder of DUALpreneur.com, a community that provides resources to entrepreneurs that also have full-time jobs.

Follow me at @MsMadamMoney | @DUALpreneur

Website: www.madammoney.com | www.dualpreneur.com

Jun 14
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4 Simple Salary Negotiation Tips for Women

By Money Management, Women's Wealth No Comments




There are numerous opinions on why women make less than men in the workplace. But, let’s face it … it won’t change unless WE (women) do! So in honor of the War on the Wage Gap, here are four simple salary negotiation tips for women.

ASK

Statistics show that one of the main reasons women make less than men is because women don’t ASK. Asking for help and money seem to be the “kryptonite” of those suffering from the “Wonder Woman” syndrome.

But guess what … If we ask for more money, the world will not come to an end. There will be one of two or three answers (Yes, No or not right now).  Besides, the answer will always be NO if we don’t ask! “… You have not because you ask not” – James 4:2 (The Bible). So, for God sake … ASK!

How to prepare to ask:

Ask your human resources person or department for a copy of a most recently updated version of your job description with the salary range. Knowing the salary range for the position will help you understand if there is room for more based on the maximum salary cap and your current salary. If you are at the top of the salary range, consider looking at the next level position for a possible opportunity for promotion.

PROVE

Asking for more money without having documentation and justification will more than likely get our feelings hurt. So, let’s get the Brag File ready! Having a list of accomplishments, positive changes or processes we influenced, explanation and/or proof of how we made or saved the company money will be the justification for more money.

BTW … having an entitlement or bad attitude if the boss says “No” or “Not right now” may hurt future opportunities for advancement that lead to more money.

How to prepare to prove your case for more money:

Review the duties on the job description to make sure you are doing what is expected. Having a Brag File or folder will help you compile all of your awards and accomplishments to ways that you exceeded the expectations of the job description. Also, be sure to include customer or staff emails that sing your praises.

NEGOTIATE

Negotiate, negotiate, negotiate! Most of the time, the employer may not give us the raise we desire. They may “low ball” us or refuse the request altogether. If we don’t get what we want, try asking for other benefits like telecommuting, more vacation/sick or PTO time, professional development/training, or even a salary review within the next quarter.

If the employer is open to giving a raise, know the amount that is acceptable if they choose to give less than requested. ASK… PROVE … Now let the NEGOTIATION begin!

How to prepare to negotiate:

Based on the salary range of the most recent job description and your Brag File/Folder ready, determine how much you are going to request. The pay raise request can be in the form of an amount or percentage. Whichever you prefer, determine your asking amount and how much you will accept if they offer less.

Although the goal is to get what you are asking for, you may be successful with meeting in the middle. Also, don’t forget, benefits instead of cash can be extremely beneficial as well if the employer doesn’t approve the pay raise.

DECIDE

When the employer present the final decision, whether it is Yes, No or Not at this time, take some time to make a decision about if it is acceptable (at least 24 hours). If it is acceptable … Congratulations! “You go, girl!”

If it is not acceptable, decide if it is worth staying at the current pay and benefits (and don’t complain about it), or … if it is time to develop an exit strategy.

How to prepare to decide:

“Plan for the worse, Hope for the best, Expect Success!”

What if your employer does not approve your pay raise request? … Is it worth staying at your current employer? Are there possible opportunities in the near future? Do you like your job, your employer and/or the people you work with? Or … Should you get back out on the job market? Should you learn a new skill for a new occupation?

These are some of the questions you should ask yourself. Write out the PROs and CONs of staying at your job or looking for a new job, then make a decision based on the information. Analysis Paralysis can prolong the professional pain and reacting emotionally can distort your decision making abilities.

You may feel disappointed but use that disappointment as a learning opportunity and fuel move forward and not stop because of fear.

Don’t forget to ask your employer this question … “What can I do to qualify for a raise in the near future?” Let them tell you what they expect or need from you so that you will know exactly how to play this Pay Raise Game.

If your employer said YES to your Pay Raise Request … CONGRATULATIONS!!!

Fore more tips on How to Rock Your Career for More Money, check out this Madam Money class with guest, #MoneyChat Author, Dorethia Kelly.

Mar 16
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3 Traits to Avoid to Be a Successful Business Owner

By Business, Money Management, Women's Wealth 2 Comments

 

There are so many glorified stories of business ownership that many people have a misinterpretation of the real and respected life of a business owner. Millions of people are making their decision to start their business and become their own BOSS, and many will succeed! Will it be you?

Well, to be a profitable and successful Business Owner, here are 3 traits to AVOID …

Being a Cheapskate

Unfortunately, I believed the “Bootstrap” banter! To bootstrap is to start a business with little capital and I thought that I could get everything I needed for little to no investment. What I learned is that getting the information and services that I needed to be a successful business owner would cost me. If I was not willing to invest my money to get what I needed faster, I would have to invest my time to figure out how to get it slower. Although I learned a great deal along the way, I wasted valuable time, money and potential revenue by being a cheapskate.

I had the misnomer that I would be giving my money away if I hired a coach. This mis-education of money helped me to lose over $50,000 in a year. If I had invested a few hundred dollars in a coach to help me do it right, I would have gotten a return on my investment through building my business the right way with income coming in faster.

TIP: Successful business owners take risks and understand the value of investing in themselves and their business by getting experienced coaches and talent to help them propel their business to stratospheric success. Don’t be afraid to invest in what you need to be successful. You are worth it. [tweet this]

Being a Know-It-All

I was able to run a financial institution; surely I could certainly run my own business. Right? WRONG! It turns out that there is much more to running your own business than there is to running a business that someone else built. Unfortunately, I was a know it all. I did not think that anyone could tell me something that I did not already know. This cost me big. What will it cost you?

It reminds me of when I was a teenager. I dismissed everything my parents said because I knew so much more than them. Of course, when I grew up and became a parent I finally understood what my parents were trying to tell me. And yes, they were right.

Oftentimes new business owners have the same mindset that their idea has never been thought of and that it will work regardless of the experience of other business owners. Take it from me: don’t dismiss the knowledge of an experienced business owners.  It is not always that someone is trying to tear down your dream of being the next Bill Gates. The experienced business owner that you trust just may be sharing some of the requirements and possible obstacles that you may face so that you will be prepared.

TIP: Connect with trusted experienced business owners. Listen to their wisdom as you would a great-great-grandparent. [tweet this] If you think you know it all, you actually may not know what you do not know, and that is the most expensive ignorance there is.

Being a Scaredy Cat

I wanted to be a successful business owner, but I was scared! Scared of what? You name it, and I was scared of it. I was scared to Fail, scared to Succeed, scared of people’s perceptions, scared that no one would like, want or buy my products and services… the list could go on. I was so scared of everything that this fear paralyzed me. Some call it self-sabotage, but sometimes I was paralyzed. The real scary thing about it was that I did not know why I was so scared?

I missed so many opportunities by being scared and allowing that fear to keep me from doing what I wanted to do. For example, I knew I needed to do videos to increase my brand exposure. All of my competitors were utilizing video and they were experiencing major success. However, instead of doing what I knew I needed to do to be more successful, I would say, “I hate doing videos,” or “I have nothing to say for a video.” I was just qualifying my fear and justifying why I should not do what I needed to do for my business.

I learned that fear is not a bad thing or a bad word. Fear is a signal that goes off when we venture outside of our comfort zone. And, guess who controls our comfort zone? We do! As we expand our comfort zone, the fear signal goes off less and less.

TIP: Expand your comfort zone by doing what causes you the most fear with your business. [tweet this] If video scares you, do a video and post it on YouTube, or do a Periscope or Facebook Live. After you do it a few times, you will notice that your fear signal will get quieter. The best way to shut Fear up is to expand your Comfort Zone.

Can you related to any of these or know someone who fits any one or all of those categories? Share you comments below.

CLICK HERE to get your copy of the best selling eBook “10 Traits to Avoid To Be A Successful Business Owner“ via Kindle along with more tips on how to get ready fast!

Mar 10
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How to be a Financially Virtuous Woman

By Money Management, Women's Wealth No Comments

I’ve seen many articles about the characteristics of the Proverbs “Virtuous Woman.”  But, I haven’t found any about how to be a “Financially” Virtuous Woman. So, here is my interpretation of the characteristics of a “Financially” Virtuous Woman based on Proverbs 31:10-31 (KJV). 

She knows her value.

“10 Who can find a virtuous woman? for her price is far above rubies.”

Like an authentic and priceless gem, she knows her value and doesn’t settle. When a woman knows her value to an organization that she is working for, she will not settle for low pay or abusive working conditions. She knows that she is worth more and deserves better.

She is trusted by her spouse (or God).

“11 The heart of her husband doth safely trust in her, so that he shall have no need of spoil. 12 She will do him good and not evil all the days of her life.”

She protects the financial security of her family and is fiscally responsible. She only has the best intentions and helps to reach her family’s financial goals. Therefore, her spouse “safely” trusts her and in her personal financial management. If she is single, she is trusted by God.

She will work to provide for her household.

“13 She seeketh wool, and flax, and worketh willingly with her hands. 14 She is like the merchants’ ships; she bringeth her food from afar.  15  She riseth also while it is yet night, and giveth meat to her household, and a portion to her maidens.”

Whether it is going to work, getting another job, or starting a business, she will do whatever it takes to financially provide for her family, when and if necessary.

She is a homeowner or owns real estate.

“16 She considereth a field, and buyeth it: with the fruit of her hands she planteth a vineyard.”

She owns or has owned real estate as a homeowner or as an investor. This not only shows that she is financially self-sufficient, but it also shows that she is responsible with her finances and credit to be able to qualify and afford real estate.

She is fit.

“17 She girdeth her loins with strength, and strengtheneth her arms.”

She is not only physically fit with strength to handle the demands and responsibilities placed upon her; she is financially fit with the strength of personal financial knowledge to handle or assist with the financial demands and responsibilities of the household.

She is disciplined.

“18  She perceiveth that her merchandise is good: her candle goeth not out by night. 19 She layeth her hands to the spindle, and her hands hold the distaff.”

Even when she doesn’t feel like it or want to do it, she is disciplined enough to do what is necessary to do whatever needs to be done for the betterment of herself and her family.

She volunteers to help others.

“20 She stretcheth out her hand to the poor; yea, she reacheth forth her hands to the needy.”

Whether at church, for a non-profit organization, or in her community; she gives her money, resources and time to help others who are less fortunate than she is. She understands that the Power of Prosperity lies in her Gift of Giving.

She is proactive and saves.

“21 She is not afraid of the snow for her household: for all her household are clothed with scarlet. 22 She maketh herself coverings of tapestry; her clothing is silk and purple.”

She plans for what is to come as well as prepares for what could happen. She saves for emergencies, establishes a budget, and ensures her household has what is needed at all times.

She respects her spouse.

“23 Her husband is known in the gates, when he sitteth among the elders of the land.”

She creates a strong financial foundation with her spouse for their family.  She may not agree with her spouse all of time but she respects him and his financial decisions.  Because of her power of influence, her spouse is respected within the community.

She is an entrepreneur.

“24 She maketh fine linen, and selleth it; and delivereth girdles unto the merchant.”

She is a business owner or has an entrepreneurial mind and spirit. She is able to create a product or service that creates an income source to provide for her family.

She is respectful and respected.

“25 Strength and honour are her clothing; and she shall rejoice in time to come. 26 She openeth her mouth with wisdom; and in her tongue is the law of kindness.”

She respects others and commands respect from others. She helps to educate those around her about finances with honesty and love. This is why people appreciate her advice.                                                                      

She is NOT lazy.

“27 She looketh well to the ways of her household, and eateth not the bread of idleness.”

She understand when it is time to rest and when it is time to get up and make it happen.  She is not lazy and idle with her thinking or her ways.

She is loved and respected by her family.

“28 Her children arise up, and call her blessed; her husband also, and he praiseth her.”

She is loved and adored by her children and her husband and they appreciate everything she does to protect, defend, support and take care of the family. They know that the love she has for her family is her driving force to do what she does, only the way she can do it for them.

She is competitive.

“29 Many daughters have done virtuously, but thou excellest them all.”

She is driven to do her best. She may not be competing with others. Rather, she is usually competing against herself with a goal to be financially better off than she was a month or year before. She reads books and seeks information and assistance to improve her personal financial management skills.

She is humble & loves the Lord.

“30 Favour is deceitful, and beauty is vain: but a woman that feareth the Lord, she shall be praised.”

Although she is beautiful and has nice things, she remains humble and does not boast. She also has a relationship with God and understands that all that she has is a gift from God. She tithes because she believes that “You can’t beat God’s Giving!”

She is a Role Model.

“31 Give her of the fruit of her hands; and let her own works praise her in the gates.”

She is admired by others by the way she carries herself in public and at home. She doesn’t take this responsibility lightly and understands her impact on her family and her community. Her financial success and freedom are her fruit she bears and shares.

How many characteristics do you possess? 😉

 

Originally posted March 18, 2014.

Mar 08
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How to Financially Prepare to Launch Your Own Business

By Business, Money Management, Women's Wealth No Comments

I’m considering starting up a personal business. How should I prepare financially? —Anonymous

Being your own boss is the dream for many Americans.

But it’s not as simple as quitting your job and then pow! Instant entrepreneurial success. Instead, it takes time. And, of course, it takes money.

Here are a few ways to prepare.

Don’t quit your day job just yet

If you’re unsure about jumping into the world of self-employment, try some baby steps first. Pick up a side gig, turn your passion into a mini business or cultivate your side hustle into something bigger. And most importantly, set some money aside. You’ll need something to live on while you’re business is still getting off the ground and isn’t making money yet.

Kristin Sutton, a financial planner and founder of her own business, Debt Free Black Girl, admits that when she first embarked on a life of entrepreneurship, she was a little too excited to hit the ground running.

“I quit my job prematurely and it’s been a struggle,” she says. “Your job is your first investment into your business. Utilize that money to fund your start-up costs. It’ll keep you afloat while you’re starting to make money consistently.”

Kimmie Greene, a self-employment expert and head of communications at Intuit Quickbooks, says she frequently hears from young people who are excited to leap directly from college life to starting their own business. Her advice: slow down. Experiences working for someone else can actually make you a more successful entrepreneur.

“It’s really important to have a year to a few years working for someone else, because you establish a network and you learn your work style and you learn what it is to potentially manage someone else’s money before you manage yourself,” she says.

Know your numbers

Knowing the health of your business account means also knowing the health of your personal account.

Sutton suggests keeping your personal money and your business money completely separate — and start that habit on Day 1. When you open a new bank account for your business, it ensures you save money for supplies, investments and eventually taxes, all without dipping into your personal funds.

Her own tip: meet with an accountant.

“I suggest people do hire an accountant if they aren’t good at managing their own money,” she says. “In order to be successful with the business, you have to know your personal finances as well.”

Pick your investments carefully

The best part of starting your own business is earning your own money.

The hard part: deciding what to do with it.

At your past 9-to-5 jobs, taxes, retirement savings and other expenditures come out of your paycheck automatically. You lifted pens from the office supply closet and poured java from the office coffee maker.

But as a self-employed mogul, none of that comes free. In your initial business plan, calculate what money you will have to set aside for taxes, insurance, retirement savings, rent, material costs and other business expenses.

With the money left over, however, you have to consider what you’ll keep as income — and what you’ll invest back into the business.

Greene recommends considering what matters most to you at different stages of growing your business.

At the very beginning, for example, a new computer may be more valuable than a membership to a coworking space. But as you expand, you may find that a coworking space or conference ticket offers invaluable opportunity to promote your product, meet mentors, connect to the larger industry community and more.

 

Originally appeared on CNNMoney by @JuliaCCarpenter

Mar 04
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Women Need To Put Away More Money For Retirement Than Men

By Investments, Money Management, Retirement, Saving, Women's Wealth No Comments

The U.S. is facing a massive retirement crisis, with a whopping $13 trillion retirement savings shortfall.

The retirement savings crisis is even more severe for women since they face a gender-pay gap and will likely live longer.

That means women need to be saving more than men. The goal should be 8 to 10-times an annual salary.

“[That’s] what you need if you want to spend 90% of your pre-retirement levels annually. It’s a bit more than you hear at the majority of investment firms, but we want you to retire like a boss — more travel, more fun,” says Sallie Krawcheck, the CEO of women-led digital investing platform Ellevest on a new episode of MAKERS Money. “And, since we women live longer on average it’s better to have a bigger cushion. Yes, in this case, bigger is better.”

On the fourth episode of MAKERS Money, Krawcheck presents steps that women can take to increase their likelihood of having more money in retirement, including investing in a diversified portfolio and asking for a salary increase.

On the show, she’s joined by Tanya Van Court, the CEO of Goalsetter, an online saving and gifting platform to help kids save. According to Van Court, women need to put themselves in a position for a raise.

“[Women] need to have those conversations about how much they want to make, but not only how much they want to make, but what the clear expectations are that will get them to that point to be deemed successful,” says Van Court.

“I completely agree,” says Krawcheck.

Krawcheck spent nearly 30 years on Wall Street, holding high-level positions including CEO of sell-side research firm Sanford Bernstein, CEO of Smith Barney, CFO of Citigroup, and president of global wealth and investment management at Bank of America Merrill Lynch.

Last month, feminist media brand MAKERS and Yahoo Finance launched “MAKERS Money,” a weekly show hosted by Krawcheck that features advice for women from top female financial experts.

 

Originally appeared on Yahoo Finance!