July 22nd, 2013 UWIB NYC Presents: The Savvy NYC Girls' Guide to Spending
On Monday July 22, OLC attended United Women In Business NYC Presents The Savvy NYC Girl's Guide to Spending, Investing, and Planning Your Financial Future. The event featured Morgan and Cynthia Newman, a mother-daughter team of financial advisors from Morgan Stanley.
This event focused on informing businesswomen about their personal finances, as well as strengthening their understanding of the investment world as a whole. The event began with cupcakes and chatter, but quickly moved on to the task at hand – planning for a successful financial future as a woman.
Morgan began with a short quiz to test the audience’s understanding of money and finance. Among the most interesting facts: 90% of all women will manage their finances completely on their own at some point in their lifetime, the average woman can be expected to live 21 years past retirement and women make 80% of the financial decisions in their households.
Morgan pointed out that this puts women in a position of needing to be smart and informed about what they are doing with their money.
Cynthia took over after the quiz and went through some of the paperwork given to each audience member. The packet included a cash flow worksheet, so that audience members could see what their month-to-month spending looked like. Cynthia explained that advisors “have to know where you’re at” before giving financial advice.
Next, she covered the types of stocks, bonds and money market accounts available as investment options. It was clear from the colorful myriad of choices each year, that there was no clear way to know what type of accounts would excel, and which would plummet, from year to year. Cynthia’s suggestion? “Diversify,” she stressed. Those that tended to “lose everything” in stocks were usually those that put all they had in one place. Cynthia encouraged women to place their savings in multiple types of accounts.
“It’s about what makes you comfortable,” she added. While some people may be able to handle the ups and downs of the stock market, others may not.
“That’s ok, just know what works for you,” she explained.
The presentation wrapped up with a few more explanations of 401k options and savings, then transitioned into question and answer.