Wonder Woman.

Wonder Woman is conquering the summer box office competition.   The Wonder Woman movie has brought in $438.5 million so far and shows no sign of slowing down.  Wonder Woman was established by DC Comics in October of 1941 as a heroine from the Amazon and she is part of the Justice League with Batman, Superman and Aquaman.   She has been described as a feminist icon promoting peace while fighting evil.[1]

Lynda Carter brought Wonder Woman to television in the 1970s while Gal Gadot currently graces the big screen.

As a father of a daughter, I read books to her at an early age highlighting strong women like Amelia Earhart, Rosa Parks, Mary, Sacagawea, Mother Teresa, Margaret Mead, Helen Keller and many more.  It was important to me for her to see women of courage in trail blazing roles.   My daughter is a trailblazer and she’s currently working with refugees on the other side of the world.

Women are also Wonder Women when it comes to investing.    Women investors have outperformed men over the past few years.  Men tend to trade more often than women and this is a problem because of the added costs and underperformance by trying to time the market.  Women, on the other hand, tend to be buy and hold investors.[2]

Women need to take charge of their investments and planning because women tend to outlive men.  According to one study 90% of women will handle money on their own due to marrying later, getting divorced and living longer than men.[3]  A woman aged 65 today can expect to live to age 86.6 while men will live to 84.3.[4]

How can you lasso more financial and investment knowledge?

  • Read. Reading books, websites, or newsletters will increase your investment knowledge.  Several books and websites help women investors.  Here are a few investment books I’d suggest: Smart Women Finish Rich by David Bach, Smart Women Love Money by Alice Finn, The Only Investment Guide You’ll Ever Need by Andrew Tobias.
  • Ask. If you don’t know, ask!  If you’re working with an advisor, make sure you understand what you own and the fees you’re paying.  If you’re not sure, ask.  It’s your money and financial welfare so don’t be afraid to ask the tough questions.  If your advisor isn’t willing to answer your questions, it’s time to get a new advisor.
  • Watch.  Webinars are great educational tools.  A Google search can identify companies who provide financial webinars.  You can watch a webinar when it’s convenient for your schedule, a tremendous benefit.
  • Plan. A good plan today is better than a perfect plan tomorrow.  Your plan will guide you towards your financial goals.   A financial plan will also help you avoid pitfalls, traps and scams.  If you know where you’re going, you’re more likely to get there!
  • Save. It’s important to establish multiple channels for saving and investing.    Investors should have, at a minimum, savings accounts, investment accounts, and retirement accounts.  The accounts can be automated to help you stay committed to your plan.
  • Beware. Be on guard to sales promotions and investment scams promising you eye popping returns.  If it sounds too good to be true, it probably is!  You can also check your broker or advisor on public websites like the SEC Investment Advisor Public Disclosure (IAPD), FINRA Broker Check or Brightscope.  A click on an advisor’s profile will introduce you to their background and history.
  • Mentor. Are you able to help a young lady or two get started in the world of business or investing?  If you’re a successful investor, can you pass on your knowledge to the next generation of wonder women?   Young women are looking for strong women to help guide them financially and you may be the one to lead them on their journey.

You have the power to control your financial destiny.  Take control and be brave as you set out to conquer the world of investing.  I know you can do it!

I’m not afraid of storms as I am learning how to sail my ship. ~ Louisa May Alcott.

Be a first-rate version of yourself, instead of a second-rate version of someone else. ~ Judy Garland.

Bill Parrott is the President and CEO of Parrott Wealth Management.   For more information on financial planning and investment management, please visit www.parrottwealth.com.

June 20, 2017

Notes.  Wonder Woman is the property of DC Comics.

 

[1] http://www.dccomics.com/characters/wonder-woman, website accessed June 20, 2017.

[2] http://money.cnn.com/2017/03/08/investing/women-better-investors-than-men/index.html, Heather Long, March 8, 2017.

[3] Ibid.

[4] https://www.ssa.gov/planners/lifeexpectancy.html, website accessed 6/20/17.

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