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Oct 25th

Sound Financial Strategy: Manage whatever money you have

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lbportraitFinancial Consultant is busy not in spite of, but because of, our current recession. Although wealth is something people have less of to manage these days, Boulware finds her services are in great demand. Today’s financial challenges have changed people’s views of their investments. Says Boulware, “People become more conservative during a downturn. Strategy becomes a priority.”

Boulware’s lifelong interest in finance led her into positions in treasury, including currency trading and asset management. When she started taking Masters level courses in financial planning, she knew wealth management was more than a personal interest or hobby. She transitioned into a career as a Financial Consultant with RBC Wealth Management, and now helps people at any income level to plan, invest and manage their wealth.

One stumbling block to financial security is unemployment. Which money management strategy is most effective when the household income is suddenly cut in half, or disappears altogether? “Scrub your budget,” advises Boulware. “Cut back to basic necessities and take advantage of every available resource including unemployment benefits and retraining dollars.”

Prolonged unemployment can make an IRA and other savings funds quite tempting. Leave it alone, says Boulware, except as a very last resort. This money has a designated and important purpose and would be difficult to recoup later on. Boulware recognizes that financial needs change over time, and she strives to bring thoughtful, creative solutions to her clients as they face life’s many transitions.

When finally returning to work, employees should commit to a savings plan. Someone who saves as little as $5 per week at a moderate interest rate will quickly build a solid nest egg. Aim for a three to six month emergency fund to carry you through the inevitable next crisis. And let your employer help you. Many companies maintain a 401K plan which allows employees to set aside some money from each paycheck. Often, employers will match the amount employees put aside, up to specific amounts. Your employer will be able to tell you more about corporate savings programs.

Spending and saving mindfully is the beginning of positive money management. Want to learn more? Many publications are available to help you along. Boulware recommends Money, Ebony and Black Enterprise magazines, saying all offer good articles that will advise and encourage those learning to manage their own wealth. When it comes to building wealth, the time to start is now.

Julie Desmond leads job search and career planning classes for Help Wanted! Workshop in Minneapolis. Write to This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

 

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