Women take on many roles throughout their lives – daughters, wives, mothers, and, increasingly, entrepreneurs. According to American Express, the number of U.S. businesses owned by women continues to rise and exceeds 12 million. The growth is not fueled by female millennials; two-thirds of women business owners are 45 or older. Women business owners need to diligent and disciplined about planning for retirement. Whatever your timeline, there are many unknowns—where and how long you will live, how much money you will need for day-to-day expenses, the state of your health. Many women find the retirement planning process intimidating. However, it is important to start thinking about the unknowns and variables now, regardless of your age. Make a Plan As we are living longer, we need to plan for a longer retirement, especially since women tend to outlive men. According to the Social Security Administration, a 65-year-old woman on average will…
The Long-term Impact of Investment Fees
Investment fees vary and can have a profound impact on long-term investment returns. It is imperative that you understand all fees associated with any investment. The attached table illustrates the effect. MYFL Long-term Impact of Fees
WGN Radio – Saving For Retirement: Start Early, Be Disciplined, and Plan Prudently
Compounding investment returns are the gift that keeps on giving. This is the perfect time to re-post the important lessons I discussed as a guest on WGN Radio Wintrust Business Lunch. The topic was how millennials can save a million dollars. It is important to start early and be consistent. Save and invest every year. You also must be disciplined. Once you invest that money, you cannot touch it. Last, use reasonable assumptions for annual investment returns, or what you expect to earn on your money every year. Note – the segment begins at 23:45. WGN Radio Wintrust Business Lunch
Advice for Those Just Starting Out – Guest Appearance on Wintrust Business Lunch
Nancy Doyle was a guest on Wintrust Business Lunch. The majority of college graduates leave school with student debt burdens. Moreover, rents in major metropolitan areas are high. Despite these headwinds, people can find a way to save by analyzing their spending. For those just starting out, time is on your side. Save and invest early and consistently to take advantage of the magic of compounding. Listen in beginning at 19:35. See link below: WGN Wintrust Business Lunch
Financial Jargon – You Asked…
Question: What does “sell in May and go away” mean? Answer: The stock market has not performed well sometimes during the summer months. Some have suggested that you should sell all of your stocks in May and buy them back after Labor Day. This is not a good idea, however. You should not try to time the stock market. Plus, you could generate capital gains.