How Women can Make Better Investing Decisions with Lisa Krall
Women can make mistakes when it comes to investing. Find out what they are! In this episode you will learn: 1. The difference between day-trading and long-term investing. 2. The importance of having a financial advisor who is a good fit for you. 3. The importance of saving for retirement, even if you're not sure when you'll retire.
"I think that it's like any profession that you have; you have good advisors and bad advisers. You have good doctors and you have bad doctors. And one of the main things is finding that person that you trust."
Lisa Krall is the founder of Park Avenue Wealth Management. She has 19 years of experience guiding clients and their financial well being. She assists them in financial planning based on their phase of life so they can get the most from their investments.
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Chapter Summaries:
[00:01:00] - Lisa Krall is the founder of Park Avenue Wealth Management. Lisa has 19 years of experience guiding clients and their financial well being. Lisa is also the recipient of the 2021 Westmoreland County Athena Award.
[00:01:53] - A lot of women are afraid to get actively involved in making investments because of negative media portrayals of the industry. Many people are reluctant to work with financial advisors because of bad information about them. Finding the right advisor is the most important factor in choosing a financial advisor.
[00:04:18] - A lot of people don't know how to find the right financial advisor. Women often think they have to be good at everything. Having money set aside when you do work, even if your spouse is the primary breadwinner, adds to the self worth of the family.
[00:10:25] - Some of the biggest mistakes women make in investing are being afraid to do it and not understanding the long-term goals. Women and self-employed people tend to put themselves last. They tend to put everybody else in front of them, whether the kids or a spouse. Women are typically the ones taking time away from work to be the caregiver.
[00:14:22] - There is a difference between day-trading and long-term investing. Financial advisers are looking at the big picture and diversified investing. When you start a new job, get those retirement accounts set up right away. The longer you have to invest, the better returns you get on your money. There are plans designed for small-business owners that are inexpensive to run and that you can put away more than you could in other types of accounts. You can get the tax deferral, you can get a tax deduction as the employee and the employer, and you could do a small amount through the course of the year.
[00:20:12] - As a woman, it's important to advocate for yourself in the workplace and compare your salary to other people in the area. Life insurance and estate planning are also important for women to consider when making decisions about their investments and life insurance policies.
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