Recently, I read a post by a lady blogger who posed some questions about money that really switched my perspective about whether I spend mine on what matters to me. Here are a couple examples: What if you cut your Starbucks addiction and hired a house cleaner instead? Or what if you ditched your mani/pedi routine and put that money toward traveling to your favorite city on your bucket list?
A lot of people try to sell us one-size-fits-all approaches to saving money, but we are all different. We all value different things. The first step to finding financial freedom is to know what you truly care about. I’ve got to admit, that house cleaner idea seems like a pretty good deal to me.
WOMEN IN NUMBERS: 2 Percent
Let’s take a moment to talk asset management. Typically, that means managers or banks manage investments on behalf of others. And when it comes to this financial-focused industry—surprise, surprise—women aren’t earning our share of the top jobs. According to investment research firm Morningstar, women run only 2 percent of management assets in the United States.
That’s pretty pitiful, especially considering how the rest of the world compares, with women being named fund managers at a much higher rate—as much as 20 percent—in places like Hong Kong, Spain and Israel.
WOMAN TO WATCH: Rosa McCormick, Managing Director of Wild Basin Investments
If you’re just starting out in your career, words like “asset management” and “investments” can sound crazy daunting. That’s why it’s good to do your research, and it doesn’t hurt to have a woman on your side who knows a thing or two about bringing home the bacon.
Rosa McCormick is one such woman, and acts as the managing director of Wild Basin Investments, an investment firm focused on early stage equity. Rosa is nothing if not financially savvy, and has been a commanding force in the investing biz since 2004. And her expert knowledge of the finance world reaches beyond her clients, as Rosa often shares her expertise about early stage funding at speaking events the world over.
Her dedication to investments and money management was a factor in Rosa being selected as a Kauffman Fellow. The two-year program required her to work full time at an investment firm while also receiving coaching and mentoring, networking and, of course, delving even deeper into learning how to be an emerging leader in the industry. Following Rosa’s graduation from the program, she’s now giving back by mentoring another female fellow in the program.
If you’re thinking about becoming an investor or just want to know what the heck shows like Shark Tank are always going on about, here’s some useful knowledge from Rosa about angel investing: There are more angel investors—successful individuals who provide capital for business startups—than ever, even though this type of funding can be time-consuming and risky. After all, investing is never a sure thing. But here’s something you might not know. Rosa says being an angel investor can be really fun. Startup investing is exciting and interesting, she notes, and a great way to meet talented, motivated entrepreneurs and investors who are working hard to make a real impact.
QUITE THE QUOTE
When I was a growing up, my aunt told me to hide a little cash in unsuspecting nooks and crannies around the house. I soon learned the number one rule in such scenarios: Don’t forget where you stashed your cash! As politician and U.S. Ambassador Clare Boothe Luce said:
“A woman’s best protection is a little money of her own.”
This is Melinda Garvey signing off until next time. Remember, ladies, empowered women empower other women. Share On the Dot so more women can have a voice. Thanks for getting ready with us.