You Grow, Girl!
This week's webinar was about investing. This week? Omg how is it still this week?! (Yes, Tuesday was a really, really long day!) While we tread the churning waters of uncertainty, with an as-yet unresolved election and angst at an all time high, now is oddly the best time to talk about investing. Why? Because it's all about doing something now knowing returns will come later. Look at the election. We took action, we used our voices and cast our votes ... now we breathe deeply and wait for the counting. Investing is a similar process -- we take action, open accounts, choose funds ... and then? We breathe deeply and wait.
Of course we need to do a bit more than that. We need to watch carefully, read, stay on top of performance and course-correct if necessary. But still, the key is taking some action today that will improve our lives later. Planting seeds that will grow, ideals of justice that will take root and blossom, and money that will sustain us (and our families) in our retirement and beyond.
Today, let's stay focused on the practical. How do we plant seeds that will really grow? Understanding the options is the first (and most essential) part of smart investing. Here are just a few of the points we covered:
First -- learn what kind of investments you already have. It was a real eye opener when women in our group realized they were paying high fees, had duplicative types of investments (e.g., all large cap equities) and weren’t properly diversified.
If you are just starting to invest - look at Target Date Retirement mutual funds.
If you want to do more with your investments, consider SRI and ESG -- socially responsible investing and environmental social and governance type mutual funds. Do good by doing good!
Consolidate to make things easier. It is simple to transfer your funds from one firm to another (especially to a place like Vanguard or Fidelity).
Say it again - look at your fees and what you are paying. Expense ratios, load funds and annual fees can detract from your bottom line.
Lastly - take advantage of tax savings from IRAs and make sure you open (and continue contributing annually to) the right type for you.
So you grow, girl! Take a deep breath and do something today that your future self will thank you for. The best place to begin is with Woman's Compass Forum. Join our community of savvy, supportive women as we sow seeds of change, seeds of hope ... and seeds of prosperity!