Smart Financial Advice for Female Entrepreneurs
Although there have been some real advances for women in the workplace over the past decade, there are still challenges. Caucasian women earn 77 cents for each dollar a man makes and black and Hispanic women earn even less. Another challenge is funding – even though companies with at least one female founder outperform those with all men at the helm, women receive only 7 percent of venture capital funding.
One way to circumvent these challenges is to start your own business. At the Forbes Under 30 Summit in Philadelphia this month a panel of young achievers spoke to more than 1,500 young women keen to learn how to get ahead. Here are some of the points that the panel suggested:
- Believe in yourself and your ideas. Even if you face criticism and get knocked down again and again, be willing to get up and keep going.
- Do your due diligence. Find a niche or gap in the market, and focus on that.
- Create something exceptional, and file a patent for it if you can.
- Get noticed by the media. People can’t beat a path to your door if they don’t know where it is.
- Use the Internet and social media to connect with people.
Investing Your Money
Once you have achieved success, another problem arises – what to do with the money you make. Financial literacy is the first goal. Even women in favorable economic conditions are less financially knowledgeable than men, according to the report, “How Financially Literate Are Women?”
Find an advisor who can help you figure out what you need to do to protect your assets, and devise a sensible investment strategy. Take action, and ensure that your money is working just as hard as you do.
IMPORTANT DISCLOSURES
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.
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Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances.
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