By Joanna G. Burish
Many of us are thinking about New Year’s resolutions right about now. One of the top two on every list historically is about money. With that said, how can we commit, persevere and achieve our 2021 financial goals? Who better to learn from than a diverse group of powerhouse women in our community. Women of all ages and backgrounds on their own journey to continual Braud Power successes!
A plan with no action is only a dream. Remember it’s the little things done consistently over and over that help you go from ordinary, to extraordinary! To receive my top 10 tips and tools on how to Braud Power your 2021 New Year’s resolutions, email me at [email protected] and I will share resource tools to Braud Power YOUR 2021!
How did you learn about financial planning?
Karla Angel: The most important lesson I’ve learned about money and finances is that we all have ideas about what money means, but often don’t realize it. We can get stuck pretty quickly in our aspirations, if we don’t know about these beliefs. Growing up, my parents did a lot to teach me about managing finances, but I had a very firm ideas about what constituted “a lot” of money or a “really good” salary. It wasn’t until I was older that I saw how some of those beliefs were actually quite limiting. Learning that our mindset around money is equally as important as the skills to manage it was a big realization for me! Being aware of those beliefs and challenging the ones that keep me from my fullest potential is definitely a resolution I have for 2021 as my business continues to grow.
Annette Miller: As a business owner and CEO for the last 31⁄2 years, and, being an executive in government and in the private sector for 20-plus years prior, I learned a lot about the intersection of women, money and business. From how others perceived my place in business and negotiation and how I perceived myself and what I believed I deserved. As such, my words of wisdom about us as women, and our relationship with money and a fair rate or salary has everything to do with how WE value and see the worth of ourselves! Moreover, our perception of worth and work has been absolutely shaped by how we have been socialized to believe our role and value in the business world.
What can you share with us on how you financially got through difficult times — not just in 2020, but over the years?
Sarah Dunn: Since my first job, my philosophy has been to work hard and save a portion of my salary for retirement. As a single woman who has been separated and divorced for over 14 years, I have modeled the way and instilled these same beliefs into my three adult children.
Deb Archer: I learned at a young age that participating in any type of retirement and/or matching program through an employer was important — regardless of the amount I could contribute. In the past, in financially tight times, I had made decisions about discretionary spending, to help sustain me and my family.
Looking back today, what would you do differently in regard to your finances?
Ashley Quinto Powell: I am forever telling clients how important consistency is — and I really wish I’d taken that advice and applied it to financial planning. Instead of investing and saving in fits and starts, I wish I had been consistently taking small steps every month, every quarter and every year.
What is one key lesson you’d recommend we all do in our financial planning moving forward?
Sandy Morales: It’s probably a good idea to find a trusted financial advisor early on in your life and career. Our lives and financial position change so much over the years and it’s smart to make sure that your financial planning adjusts to where you are in life.
Sarah Dunn: In addition to managing your wealth wisely, you need to evaluate all your risks and address them through insurance coverage such as disability, life and long-term care insurance. A key part of my financial strategy was working with Joanna Burish to identify the right insurance solutions that fit into my portfolio and to ultimately manage risk.
Deb Archer: Carve out time to study your financial investment plan. Don’t put it at the bottom of your to-do list.
Ashley Quinto Powell: I think we all assume that working with a financial planner is fairly straightforward and that all service providers are the same. But that’s very far from the truth! I’ve learned that finding the right service provider is critical, and sometimes you have to kiss several frogs before you find the right one. It’s been so valuable to know I have someone who understands my goals, my tolerance for risk and my history.
Is there advice you’d like to share on smart personal and business financial planning?
Annette Miller: Once I came to value and see the worth of what I do professionally and personally, I gained confidence in myself. I liberated myself from what society believes my worth is and have set my own fair, competitive standard and valuation that I go to bat for at the negotiation table.
I will not settle for less knowing that I deliver the best of myself and the work every time, all the time. So, my advice is, believe in yourself, know your worth, trust yourself and bring that to the negotiation table every time you seek compensation. Never settle for less unless it is in your best interest to do so. Go to bat for it, and know you are worthy and deserving of every bit of what you earn every day!
Ashley Quinto Powell: I’ve started to consider financial planning to be the most important self-care I do, for both my business and personal finances. And working with the right person is key to making that a success and a joy!
Deb Archer: Be sure you have a financial planner and advisor. Having a third party that you trust to give you feedback on your investment and spending activity is critical to keeping you on solid financial footing.
Sandy Morales: You should not hold off on planning for the future for yourself and family. It doesn’t have to be overwhelming if you work with a financial advisor that understands your needs.
Do your 2021 resolutions include financial goals, and if so, how do you plan to stay committed and succeed?
Deb Archer: As someone retiring and leaving a nice paycheck behind, I have to pay closer attention to my money than ever. I am going to commit to reviewing my budget and finances once a month to ensure I am on track. I also will meet with my financial planner on a quarterly basis to have a third party provide me feedback on my investing and spending habits.
Ashley Quinto Powell: Ha! Money is always on that list. A big theme for me in 2021 is consistency and accountability. I already have an appointment with a great financial advisor (that’s YOU, Joanna!) set for Q1 to start the year off right.
Contact Joanna Burish directly at 608-658-3482 or [email protected]
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Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM) (life and disability insurance, annuities and life insurance with long-term care benefits) and its subsidiaries. Joanna Burish is an Insurance Agent of NM. There may be instances when this agent represents companies in addition to NM or its subsidiaries.
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