FIRST THOUGHT: Invest Well and Feel Good
I made a new friend the other day at my doctor’s office, of all places. She eventually mentioned her divorce and how she had to figure out life solo in her early 30s. Since nearly half of all married couples in America eventually split up, maybe we need to start talking about how to start over financially. They say one of the positives to cutting ties is that it forces you to take full control of your finances, so regardless of whether you’re kicking your partner to the curb, take a look at your bank account today. Seriously, just do it. It can be scary, but first things first, right?
WOMEN IN NUMBERS: 19 Million
When you’re legally bound to someone, you take on his or her baggage, both emotionally and financially. Both can weigh you down, girlfriend. It can be a major bummer to find out your hubby invests his money in his growing vintage Pez-dispenser collection, but the fact is, most people are clueless when it comes to investing. In fact, 19 million—or more than 10 percent—of consumers don’t believe it’s possible to pay off their debt. With that mindset, it’s easy to be pretty cavalier about charging up that credit card.
WOMAN TO WATCH: Amy Novakovich, Co-founder and Wealth Advisor at Nova Wealth Management
Today’s Woman to Watch, Amy Novakovich, is here to help us with all our money woes. She says there are two emotions that hinder our potential wealth: greed and fear. We’ve all heard of those lottery winners that go belly up a year later, right? That’s an example of greed at play. Amy knows all about both emotions as the co-founder of and wealth advisor at Nova Wealth Management. Based in Florida, Amy works with young and older clients to create customized financial plans for them.
For many of us, working with a wealth advisor seems out of our league. That’s the stuff for the billionaires of the world, right? Wrong. That’s just our fear talking. No matter where you are in your career or your life, getting help from an expert is for everyone.
Amy grew up in Wisconsin, home to manufacturing companies and plenty of agriculture, and surrounded by two Great Lakes. After she earned her degrees in psychology and finance, Amy headed to Florida, a state with one of the largest economies.
Amy’s psychology background comes out when she helps her clients. Money’s one of the most fickle of subjects; our lives are consumed with it, but we’re hesitant to speak about our personal wealth. As Amy says, she takes a personal approach to financial planning because it is such an emotional subject.
One of the simplest tips Amy gives is to treat your leftover cash like a bill. After you pay your monthly necessities, take some of what’s left jingling in the piggy bank and invest it. She also suggests that once you do pay off your debts, continue saving money anyway because, well, life happens, and it’s always good to stay ahead. A decade from now, you won’t believe how, as Amy puts it, “friggin’ smart” you are.
Follow Amy on Twitter at @NovakovichAmy.
We all make mistakes, but some mistakes can be detrimental, especially when it comes to your own venture. Check out the five money mistakes that can make or break your business by clicking here, or if you're listening via podcast, head over to OnTheDotwoman.com!
QUITE THE QUOTE
Author and business guy Robert Kiyosaki said:
“It’s not how much money you make, but how much money you keep, how hard it works for you and how many generations you keep it for.”