Cortburg Speaks Retirement

Financial Planning for Female Entrepreneurs

• Miguel Gonzalez, MBA, AIF®, CPFA®, CRC® • Season 2023 • Episode 123

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On this episode of Cortburg's audio podcast, Miguel Gonzalez shares financial planning tips for female entrepreneurs. 

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

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INTRODUCTION

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.   

On this week’s audio podcast, I share financial planning tips for female entrepreneurs.

Women own nearly 20% of the businesses that employ people in the United States, and countless more women run their businesses without employees. There are over one million women-owned firms. They employ over 10 million people and generate nearly $1.8 trillion in revenue annually.1

If you are a female entrepreneur, you help create these stunning statistics but may also face interesting challenges with personal and business finances. To analyze your finances as a female entrepreneur, check out these tips.

Educate Yourself

To master your finances as a female entrepreneur, you need an in-depth understanding of business, accounting, and financial planning. Regardless of how much you know, there is always more to learn. Subscribe to financial newsletters or business journals, sign up for seminars, and consider looking for a successful female entrepreneur to mentor you. After your success, consider mentoring an up-and-coming business leader — you may learn a lot from teaching others.

Have a Safety Net for Your Cash Flow

Adequate cash flow is a challenge for almost all new businesses. When you launch your business, have a safety net in place. For many burgeoning entrepreneurs, that means keeping your day job until your business is thriving. In other cases, you may need to bring on more investors, set up an emergency line of credit, or take additional steps to avoid running out of cash.

Address the Emotional Side of Finances

There is a strong emotional element to finances. People have psychological relationships with money that often dictate how they manage their money. For instance, people with a strong tendency toward short-term satisfaction often struggle to save and may spend impulsively. However, this psychological element may make these people decisive business leaders.

People who tend toward long-term satisfaction might save more easily, but they may miss out on opportunities because they are afraid to act quickly. Get to understand your psychological feelings toward finances. You may manage your personal and business finances more effectively if you know your emotional side.

Invest in Yourself

You are the leader of your business. You are the core talent that is going to make your organization thrive. Honor and respect this role in your company by investing in yourself. As a woman, it may be tempting to put your needs aside and take care of everything and everyone else first.

You may avoid this pitfall if you invest in yourself. Commit to getting enough sleep, relaxing, and treating yourself once in a while. You may have more energy and creativity to pour into your business if you feel good.

Safeguard Your Credit

You have to spend money to make money, but often, in business, that means borrowing money. A strong credit rating is essential for a successful business owner. You can borrow money more easily and at cheaper rates when you have good credit.

Poor credit may make it difficult to grow your business. Take steps to improve your personal credit rating. Then, as your business establishes its credit score, stay on top of your bills, do not use up all of your credit lines, and monitor your credit score.

Strong finances may support your business. Keep an eye on your financial health, and commit to improving and learning more. As needed, pull in people or resources to help you. Sometimes, seeking advice from a financial professional is a strategy to consider for you and your business.

 

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.
  • All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.
  • This article was prepared by WriterAccess.
  • 1 Women Business Ownership in America on the Rise, The United States Census Bureau, https://www.census.gov/library/stories/2021/03/women-business-ownership-in-america-on-rise.htm

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

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