Sunday, May 3, 2009

Ladies Lotto April Lab Recap

Photo via JJJJound

For all you naughty girls who missed our first LLab with Michelle Brassell at Citi Smith Barney, here are some important take away points regarding women and finance...

Action Step # 1 - Create a Support Network
  • Forge relationships with a trusted and objective network of professionals to help you sort through decisions you have to make.
  • The three main people being an Attorney, an Accountant, and an Advisor/Mentor/Guru of some kind, who can give you an objective perspective when making important decisions.

Action Step # 2 - Get Organized
  • Know what you have and where you can find it.
  • Make a list of items, where to find them, and who to contact regarding them.
  • Get a fire safe deposit box to hold all of your important documents and belongings.
  • If you're paperwork is all over the place, now is a great time to do some spring cleaning and organizing!!

Action Step # 3 - Set Your Goals
  • Take stock of where you are today
  • Figure out what you need for tomorrow
  • Calculate your net worth
  • Figure out your cash flow

Action Step # 4 - Invest Wisely
  • Feel out and define your personal risk tolerance. i.e. How much volatility you can stomach
  • Asset Allocation
  • Rebalancing according to life changes
  • Be completely comfortable with and trust your financial advisor...after all, they are handling YOUR money!

Action Step # 5 Consider the Unexpected
  • Things can change overnight and put you and your family's welfare and finances at risk
  • Try to plan for the "Just in case..."
  • Always have an accessible emergency fund

Action Step # 6 - Stay informed and Engaged

SO there it is ladies! Be sure to tune in for our next LLab in May, and keep the knowledge flowing!


1 comment:

Stella said...

Thanks for these handy notes. Much appreciated and heard!