“Your worth is more than the number on your bank statement and there is a direct relationship between your success and the value you place on yourself.” – Ashley Feinstein
When it comes to brilliant, accomplished women, Ashley Feinstein, a certified finance coach based in New York City, is a great example. She’s also an advocate for women taking charge of their life through their wallet and one of our 1000 Girlfriends! I feel so lucky to have her as one of our guest bloggers. She currently works with her clients on “Knowing Their Worth,” whether they are creating a financial plan, negotiating compensation, maintaining work-life balance or setting expectations in a relationship. She provides one-on-one coaching as well as workshops, lunch and learns and group coaching. Ashley started her blog, The Fiscal Femme, to share her passion for personal finance education in a fun and accessible way. She has worked in the financial services industry for more than five years: first as an investment banker and more recently in corporate finance. She graduated with a bachelor’s in finance from the Wharton School at the University of Pennsylvania.
Yes, the Wharton School! Below she gives advice on sorting through personal finance decisions. If you need any coaching or are looking for someone to provide you with the knowledge on making informed financial decisions, we HIGHLY recommend our GIRLFRIEND and hope this is the first of many posts. Enjoy!
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No more excuses. It’s time to get started!
There is an overwhelming amount of personal finance information out there and information overload can be paralyzing. We think we need to read everything and become experts before we make a financial choice out of fear that we will do something “wrong.” While the details can get complicated and situations vary person to person, it’s my mission to make financial wellness as easy as possible so that you can get started! Why is it so important to get started? One reason is the miracle of compounding interest. Albert Einstein said “compounding is mankind’s greatest invention because it allows for the reliable, systematic accumulation of wealth.” The sooner you start investing, the sooner your money starts compounding and growing. Here’s an example. Two people, one is 25 years old and the other is 35 years old, invest $20,000 at an annual interest rate of 5.5%. They invest nothing else. By age 55, the one who started ten years earlier accumulates $79,679 and the other, $38,355. That’s a big difference! The difference would be even more dramatic if they were investing regularly.
What does this mean for you?
If your company offers a 401-K plan, it’s time to opt in. Take advantage of 401-K match. It’s free money! If your company doesn’t offer a retirement program or you work for yourself, set up an IRA through a brokerage firm. Have your account to deduct automatically from your paycheck so that you don’t have to use precious willpower each month to save.
How far you are from your target retirement age as well as your risk tolerance will determine your ideal mix of stocks, bonds and cash, also known as your allocation. I prefer to stick to index funds because they are simple and the fees are low. It’s important to check the fees on each fund as fees eat into earnings! To learn more about investing, check out the investing section of my blog, The Fiscal Femme. Also feel free to email me with any questions you have. I’m here to help!
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You can email Ashley directly for a free consult at ashley@knowingyourworth.com as well as sign up for her online Money Persona Quiz and monthly newsletter, ‘You Are Worth It,’ via her website – KnowingYourWorth.com. For readers in NYC who are interested in making more money, reducing stress and spending in ways that make you the happiest, she’s launching a group coaching program, ‘6 Weeks to Financial Bliss’ in February. (This month!)
Follow Ashley on Twitter Twitter: @theFiscalFemme and on Instagram @theFiscalFemme