How To Gain Perspective and Thrive as an Entrepreneur

How To Gain Perspective and Thrive as an Entrepreneur

Do you find yourself feeling one sided while among a certain group of people that only know you as the person you used to be?
 

Now that we have added an extra layer of success to ourselves, we have to break those expectations and start seeing things from different perspectives.

The shame that comes right before the success of many entrepreneurs is embedded within our perception of how we view the complexities of our lives while we work towards our goals. Although we understand that success isn’t over night and there will be a curvy and often steep road others view our endeavors as less socially acceptable. For example, when someone asks you about your business venture, the first thing they ask is, “How much money have you made?” Versus, the socially acceptable action, attending college, people ask, “How is school going?” They never ask about your failures like they do with entrepreneurs. With perspective we find that both situations offer valuable learning experiences, but I have to tell you with my 12+ years in college, I learned way more in the first 6-8 months of being an entrepreneur.

Joe Pardo joins us today as we talk about adding perspective to his family business, his past life experiences and going and being Super Joe without shame.
 

Joe Pardo proves when you work for something that you are passionate about, you don’t have to try and be super, it just comes with the territory.

Guest Expert Today: Joe Pardo aka “Super Joe” is a fourth generation business owner. He hosts the motivational Dreamers pod cast, ranking up 288 episodes, two books along with Dreamcon. Joe started his own consulting company, 234 Solutions, in February 2017. He works with nonprofits and has always enjoyed doing things his own way, figuring things out and putting his own spin on it. He is now a mentor, a husband and father

Key Points Mentioned 
 

  • Our experiences in our life have shaped us into who we are but it does not define us.
  • There is a shame associated with being great, people might look at you and say, “Who does he think he is calling himself, “Super.” #shaketheshame just be AWESOME.
  • It might be very difficult breaking expectations of family members because they associate you with being this one way.
  • Being able to look at things from a variety of perspectives is important to being open minded about situations and figuring things out.
  • It’s not bragging if you can do it.
     

The moment Joe Pardo had to break expectations was when he decided to be the cool guy and go for what he wanted in life. He decided to not give up on what was important to him.

Joe Pardo’s Unapologetic Pause includes listening to music all day and every day. The other thing he does is sleeping; sleeping helps hit the reset button on his attitude and his sometimes, short fuse. He likes to watch movies and funny shows like Tosh.O.

A little Gentle Honesty…. Everyday you are in school, it is a process of learning, failing and growing, so take it seriously.

Naketa Thigpen
Human Performance
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After a successful career helping families push through challenges caused from trauma, loss confidence and communication challenges within their relationships, Naketa Thigpen, ... Click for full bio

An Advisor's Guide to Helping Women Become Savvy Investors

An Advisor's Guide to Helping Women Become Savvy Investors

Today, more women than ever are involved in managing their personal and household finances. In a recent study, nearly half of the women surveyed (44%) stated that they are solely responsible for their household financial decisions, compared to 35% of men1. But the study wasn’t all good news. While women may be taking the lead when it comes to their finances, they also reported that they are not confident in doing so. In fact, in every financial category included in the survey, men reported much greater confidence than women. Where was the biggest gap? You guessed it: investing.

For advisors, this presents a challenge and an opportunity. There is a 90% likelihood that a woman will be financially self-reliant at some point in her life due to divorce, becoming a widow, or choosing to marry later in life or not at all2. By taking steps to help your female clients become confident, savvy investors, you’ll not only be more effective at serving in the best interests of these women and their families, but you’ll also be able to build much stronger, more trusted relationships to help ensure each family’s assets remain in your care for decades to come.

Follow these five steps to help your female clients invest with greater confidence:


1. Urge every woman to put her financial needs first. 


Women do have a weakness when it comes to planning for the future, but it has nothing to do with a lack of knowledge, skill, or smarts. Their primary weakness is a willingness to put others’ needs first. This is a huge mistake when it comes to planning for the future. Investing for retirement simply can’t wait until the kids are grown or aging parents no longer need care. In fact, based on average life expectancies, women should plan to accumulate enough funds to last at least 20 years after retirement. The following chart illustrates the power of compounding based on an 8% rate of return to help bring that point home:

This hypothetical example assumes an annual 8% rate of return and does not take into account income taxes or investment fees and expenses. This example is for illustrative purposes only and does not represent the performance of any specific investment. An investor’s actual return is not likely to be consistent from year to year, and there is no guarantee that a specific rate of return will be achieved.

2. Educate women about the power of investing.


Security about any topic is rooted in confidence and knowledge. Educating your female clients about investment basics can help drive more confident decisions and more positive long-term outcomes. From the basics of compounding to the nuts and bolts of researching options and understanding the pros and cons of different asset classes, make it your job to help every client understand what she is buying—and why.

3. Dive into the details of asset allocation.


Asset allocation is by far the largest determinant of a portfolio’s success—even more important than the individual securities selected and timing of an investment. This is critical information for your client to understand as she pursues her financial goals.

Related: Need More Referrals? 5 Steps to Building Stronger Word-Of-Mouth Influence

4. Discuss how her investment strategy needs to evolve over time.


Part of every client’s financial education should be to understand how financial needs and goals change with each stage of life stage. Because a shorter investment time horizon creates greater vulnerability to market volatility, she needs to understand the impact of shifting a portion of her investment portfolio to more income-oriented investments as she moves closer to retirement. This Life Stages Guide can help you paint a clear picture of how allocation strategies need to evolve to fit her changing needs.

5. Be sure she’s covering all the financial bases.


Smart investing is vital, but missteps in other areas of financial planning can thwart even the best investment plan. Offer every client a basic planning checklist that includes these three important steps:

  • Focus on the big picture. Organize your important financial papers and schedule an annual review of your investment strategy with your advisor. Regularly monitor your net worth—including your assets (all investments and savings) and liabilities (mortgage, credit cards, and other debts) to be sure you’re always moving toward your end goal of a secure retirement.
  • Pay down any outstanding debt. Debt reduces your net worth, threatens your financial security today, and reduces your ability to invest for the future. Do whatever you can to minimize debt, and build an emergency fund to help pay for any unexpected expenses.
  • Make estate planning a priority. Once a year, review your will and your beneficiary designations for every account to be sure they continue to reflect your wishes. If you have children under 18, work with your advisor or estate planner to establish a trust and select a trustee to ensure your assets are managed for the benefit of your children.
     

As a trusted advisor, make it your mission to provide your female clients with the education and guidance they need to become savvy investors and make the smart, educated financial decisions. By doing so, you can help every woman you work with not only enhance her financial security, but also gain the confidence to take greater control of every aspect of her financial life.

Click here to learn more about IndexIQ.

[1] Survey conducted by Regions Financial Corp. in partnership with Vanderbilt University, 2015.

[2] The Simple Dollar, “Guide to Financial Independence for Women,” 2014. 

Disclosure: The information and opinions herein are for general information use only. The opinions reflect those of the writers but not necessarily those of New York Life Investment Management LLC (NYLIM). NYLIM does not guarantee their accuracy or completeness, nor does New York Life Investment Management LLC assume any liability for any loss that may result from the reliance by any person upon any such information or opinions. Such information and opinions are subject to change without notice and are not intended as an offer or solicitation with respect to the purchase or sale of any security or as personalized investment advice. 
Laura McCarron
Building Smarter Portfolios
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Laura joined New York Life & MainStay Investments in 2009, and is currently the Director of Value Add Marketing. She is responsible for the development of investor educati ... Click for full bio