By Natalie Grignon
I have always liked the expression “Rome was not built in a day” since this applies to so many things like losing weight, growing an RSP and building wealth. When buying a real estate property as an investment, we know it will take years for the value of the home to go up. It is the same thing with your investment portfolio. There is no quick way to becoming wealthy. Your main goal should be to have a consistency in your contributions. Even if you have only $25 per month.
It is important to save and start as soon as possible. Women make great investors as we are more careful when deciding, we take the time to understand what we are buying. We also have more self-control and are not distracted by hype and short-term performance. (Source: June 2011 study by Barclays Capital and Ledbury Research; Survey of Affluent Women by The Boston Consulting Group, 2010)
Women need to start saving today. We live longer than men, We’re often the caregivers of our parents, and many have financially dependent children that stay at home well into their 30’s. Since there is still a gender pay gap, women might feel like they have a bigger hurdle to jump through to arrive at retirement.
So how do we start? I often meet clients who are not exactly sure of their budget, they do not know their annual salary and cannot tell me their biggest monthly expense. Know your numbers, ladies! Make a budget, decrease your expenses, and increase your savings. The most important thing you can do is forget your past mistakes and those crazy expenses, and let 2018 be the year you start building your wealth, your “Rome”.