Cortburg Speaks Retirement

Top Financial Habits for Female Entrepreneurs

• Miguel Gonzalez, MBA, AIF®, CPFA®, CRC® • Season 2024 • Episode 181

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This week, Miguel Gonzalez, Certified Retirement Counselor, focuses on female entrepreneurs as he dives into essential financial strategies to bolster their retirement planning. Gain insights on investing, debt management, and more to pave the way for a secure financial future. 

Cortburg Speaks Retirement - episode #181: Managing Your Money: Top Financial Habits for Women Entrepreneurs

Cortburg Retirement Advisors is a full-service, boutique financial planning firm - helping guide clients through turbulent and calm economies. Their goal is to help grow, protect, and preserve their assets from their first job through retirement. Cortburg’s “all in one house” capabilities mean that their experienced team can help with all financial needs - wealth management, estate and tax planning, group retirement, employee benefits, insurance, and retirement planning.    


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Welcome to Cortburg Speaks Retirement Podcast
with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®

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Welcome to Cortburg Speaks Retirement

An audio podcast about investing in the stock market, financial planning, money management and retirement planning.  Each Wednesday, we help investors at all stages of life learn how to potentially grow and preserve their money from first job through retirement.

Now here is your host, Miguel Gonzalez.

 HOST

Good morning and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.   

During this Women’s History Month, lets talk about how female entrepreneurs can prepare for retirement!

Today, there are an estimated 12.3 million women-owned businesses. To give that some context, approximately 43% of entrepreneurs worldwide are women. A study conducted by Fidelity Investments showed that women are often less prepared for retirement than their male counterparts.

Here are several financial habits women entrepreneurs can consider in pursuit of their money management goals:

1.      Become an investor

Statistics have shown that women generally outperform men when it comes to investing. Identify your risk tolerance, conduct your own research and get the help you need from a financial professional to make the most informed decisions. It can be difficult to prepare efficiently for retirement without a way to potentially grow and preserve your wealth.

 

*All forms of investing involve risk including possible loss of principal. You should only invest the money you can comfortably lose should there be unexpected market volatility.

 

 

2.      Expand your financial literacy

Understanding finance, conducting your own research, and making informed financial decisions with the help of a financial professional could benefit you in the long term. “When you have knowledge, you make a better client,” says wealth manager and author Nancy Tengler. 

 

3.      Safeguard your credit

A strong credit rating is critical for business growth, access to financing and landing a favorable interest rate. It also provides the ability to build trust with business partners and suppliers and creates the foundation as a credible and stable operation.

 

4.      Prioritize your debt repayment

Prioritizing paying down your debt is important because it helps to avoid paying interest that would accrue if you only paid the minimum each month or failed to make payments on time. These costs could grow significantly over time.

 

5.      Carefully manage your spending versus your revenue

As an entrepreneur, managing your spending versus your revenue is critical to keep working toward financially strengthening the business. If you aren’t careful and your spending exceeds income, you could find yourself in a budget deficit. This is an indication that the company might be unstable.

 

6.      Have an emergency fund

Ensuring you have cash on hand is critical should your business experience some form of disaster. Microsoft CEO Bill Gates is noted for stating that his goal was to have enough cash on hand to cover payroll for an entire year. That may be excessive and impossible, especially for first-time entrepreneurs. However, should something unexpected occur, saving up a few months’ worth of cash could be the difference between riding out a storm or sinking.

 

7.      Diversify your finances

Never put all your eggs in one basket. Having your finances diversified over various instruments helps mitigate the risk of the impact of any one investment not performing as you hoped.

 

8.      Consult a financial professional

You may be great at starting and running a business as an entrepreneur. Finances, though, are a different set of challenges. Consider getting help from a financial professional who can help you conduct a comprehensive review of your finances and create strategies and manageable goals to keep you on track.

Make sure to visit our website, www.CortburgRetirement.com. Our site is filled with educational videos, eBooks, publications, and financial calculators designed to help you learn more about your finances.  As you search our site, send us a note regarding any questions you may have about any particular investment concepts or products. We will get back to you quickly with a thoughtful answer.

This is Miguel Gonzalez, Certified Retirement Counselor (CRC) and Managing Partner, with Cortburg Retirement Advisors signing off for this week’s educational podcast.  

 

DISCLOSURES  

Opinions expressed are subject to change without notice and are not intended as investment advice or a solicitation for the purchase or sale of any security. Please consult your financial professional before making any investment decision. 

All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

CRC conferred by The International Foundation for Retirement Education.

Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through Private Advisor Group, LLC, a registered investment advisor.  

Private Advisor Group, LLC and Cortburg Retirement Advisors, Inc. are separate entities from LPL Financial.

Investing involves risk including possible loss of principal.

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

Contributor

Miguel Gonzalez, MBA, AIF®, CPFA®, PPC®, CRC®

Host