Women need to be more decisive and have confidence in their own instincts when deciding where to invest their money.
Women need to be more decisive and have confidence in their own instincts when deciding where to invest their money. This is the view of former The Apprentice candidate, and successful business woman, Jackie Fast whose own clients include Sir Richard Branson, Rolling Stones, Red Bull and Shell.
You may remember the name Jackie Fast from last year’s The Apprentice. She made it all the way to week nine before being fired from the show.
A sponsorship consultant from London, Jackie was already a highly successful business woman in her own right before deciding to audition for one of the BBC’s flagship programmes.
Earlier in her career she launched Slingshot Sponsorship in 2010 with just £2,000 and a laptop, was based in her own bedroom, and turned it into a thriving business which she sold for millions.
Since then she has ventured into wine, written a book, become a highly sought after public speaker, and is unashamedly self-opinionated.
And she is a strong believer women need to have more confidence in their own ability and judgement, when it comes to investing their money.
She says research shows that, for every £1 invested by men, women are investing just 59p.
So these are her tips for making money through investments:
“This might sound reckless but I really think potential investors should become more rebellious with their cash – I really do.
Don’t simply stuff it inside your mattress and, by that, I mean leaving it in your rather tame high street bank account with a negligible interest rate.
This is because you can make significantly more money, with minimal input, by swapping out your savings in return for investments.
It is well known that long-term investing in markets provides the best return of any asset class, especially savings, and regardless of economic turmoil. Therefore, don’t allow Brexit to cloud your decision-making. Be decisive at all times.
To start with, investment needs to be made a priority when planning for your financial future.
Getting ahead financially has been made even easier thanks to the existence of ‘disruptor financial products’ available on the internet, where there is also an abundance of free financial advice.
And when it comes to investment, woman significantly underperform in this area.
With over two thirds of women not having any investments at all, and 67% of women not even considering investing into stocks and shares, this paints a bleak picture for the future of women’s finances.
This is further compounded by the fact that women live longer than men, and take more career breaks to raise families.
I don’t want my fellow women to take this the wrong way but they need to become more forthright and positive when stepping up to the table to place their bets.
There is always a mental pain barrier to walk through and contend with if, eventually, you want to have greater control of your money.
Alternatively, you can wait and hope – usually in vain – for your slot machine of savings to pay out.
But being a rebel isn’t always easy, so here are my Five Top Tips For investment Success. And men are also welcome to read this too!
1 – Set A Goal
Investments usually pay off in the long term, so ensure you have a long-term financial goal. Think about when you want to retire and how you would like to live when you retire? Work out how much money you think you may need in order to satisfy your wish list? These are questions every woman needs to ask herself. Unlike the slot machine, you need to have a strategic plan. Nothing is more important than your own future, so take time to plan for the years ahead. This can only be achieved when you are sitting comfortably and relaxed, perhaps with a cup of coffee in hand and on your favourite sofa! Write down your financial goals. My general rule of thumb is this: If you are hoping to live the same lifestyle you have now, then you should be putting away a minimum of 10-30% of your gross salary every week or month.
2 – Pay Yourself First
Having goals is one thing but the hardest part is turning an idea into a successful venture. If you decide to put 10% of your gross salary away, ensure to set up an automatic bank transfer to a specific account, so you don’t have to think about it every month. It is too easy to miss the odd payment, because something else is deemed a greater priority. After time, missing one month in five, becomes one in three and eventually five in seven! Think about it this way: You shouldn’t invest what you haven’t spent, you should spend what you haven’t invested. Your priority must be your savings and debt repayment, not nights out with the girls.
3 – Pay Off Debt
There is one important statistic everyone needs to learn and understand quickly: The average interest rate of a UK credit card is 18%, while an average investment return is 8%. Therefore, it is important to prioritise paying off any debt before launching an investment. Once this debt has been successfully dealt with, the next item on the list is securing the right investment, all of which means nights out with the girls must drop another notch down the ladder of importance.
4 – Educate Yourself And Know Your Options
The ‘Information Age’, fuelled largely by the immense power of the internet, provides unlimited financial resources. You no longer need to be Warren Buffet to learn about companies’ stocks and shares. More important than this, the internet is awash with free and impartial money advice such as The Money Advice Service and Boring Money. Both these websites provide information and advice about what types of investments are currently available. These online sites also include the tools you need to keep track of your finances.
5 – Make Money Moves
With all these investment opportunities available, it can be difficult to know where to start. A mixed portfolio is better when trying to manage and spread your risk. But it is also vital to take advantage of the rewards. My recommendation, for a healthy investment pot, is to adopt the 60:20:20 approach. First, place 60% of your investment money in a low risk Stocks & Shares ISA. These can be found online or via your local high street bank. Second, put 20% into a medium risk investment, while using the remaining 20% for a high risk venture, such as peer-to-peer lending with The Money Platform, or Bitcoin. Other high risk alternatives include crowdfunding with Crowdcube. You can even invest as little as £1 in some of these high risk opportunities, which tend to provide higher returns on shorter term investments. There are also online platforms such as Ellevest, which are specifically designed for woman investors. So check these out before taking your leap of faith. These platforms take into account the gender-specific salary curve and more. Launch your 60:20:20 investment plan today, and start feeling smug about your future, regardless of Brexit post October 31st.