The stock market isn’t just for men. According to entrepreneur and investor Sallie Krawcheck, the best career advice she has to offer for women is to start investing as soon as possible. Investing can potentially add thousands of dollars to your wealth over the course of your life, she says.
Sallie, who used to be president of Global Wealth & Investment Management for Bank of America, also mentions some benefits to the financial confidence that investing may provide. Specifically, she talks about how being less dependent upon a single source of income may help you negotiate your salary more assertively - which can make a big difference in regards to how much you get paid in the long run.
When it comes to general investing strategies, Sallie suggests adjusting the amount of risk you take according to your age - the younger you are, the more risk you can take because you have more time to make up for potential losses on your investments. She also suggests having a diversified portfolio, with a wide range of bonds and stocks, particularly ETFs which are generally a lower cost. Last but not least, she suggests investing small amounts of money consistently over time in order to reach market-like returns*.
*Passfolio Securities does not endorse Sallie Krawcheck’s recommendations, as we do not make recommendations. The information above was taken from an interview by Birchbox that you can see here.
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