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Most of us have heard the phrase, “It takes money to make money.” It’s often necessary to invest in order to make more. This isn’t always an easy decision, but the question that many entrepreneurs ultimately have to ask themselves is, can you really expect customers to invest with you if you’re not willing to invest in yourself?
When you consider investing in professional development such as a coach, consultant, mentor or online course, making sure this is worth both the time and financial commitment is strategic. But if the statistics are anything to go by, this strategy can quickly turn into fear for many women in particular.
Research shows that 71% of all assets held by women are in cash, but that 68% of women lose sleep because of money worries. It’s time to stop letting the fear of not having enough stop you from investing to build your wealth.
These are my top three tips for making smart investments and minimizing money worries.
The first step is to write down your biggest goal for your business. What is it you really want to achieve? Is it to make six figures in fewer hours, or perhaps to build a big company that you will lead with lots of employees? Getting clear on this will protect you when you come across “shiny objects” — complex websites, funnels or branding that the sales world will try to convince you is absolutely necessary. We usually succumb to these entreaties when we’re not focused on our end goal; when we procrastinate and look for quick fixes. Deciding what is just a shiny object or a really good investment starts with the question, “Will this investment help me achieve my goal faster?”
Only when it’s a yes should you consider the investment seriously.
Work out your boundaries
Next, you need to decide if the investment is in alignment with what you want to achieve and how you want to get there. Write down what you are and are not willing to do to hit your big goal in your business. For example, will the commitment of the investment mean you’ll have to work 50 hour weeks when you only want to work 10? If so, then it’s probably not a good fit.
It’s also a good idea to write down your values. Don’t let your feelings or mental blocks get in your way. Take your time so your fear doesn’t interfere. You might think that you don’t want to do sales calls. However, sales are a big part of a successful business. So, is it actually true that you don’t want to sell and thereby help other people, or could it be that you simply don’t want to feel like an old-fashioned salesman cold-selling by knocking on doors? If you were to feel good about selling, would selling be aligned? Most likely it’s a yes.
Essentially, if your boundaries and values are in line with the investment, you should move forward to the last step.
Assess the level of support
Investments are a vehicle for getting you from A to B, and it’s up to you to decide how you want to travel. Think of it like an airplane: You can go from London to Paris flying economy, Business or FirstClass.
If you know that your money is tight and you are willing to have less support on your journey, an online course could be the way. If you know that you are willing to find the funds to get fully supported and get to your goal easier and faster, bespoke one-on-one coaching could be an option. If you want to be around other high-achieving entrepreneurs to push yourself and achieve more, a mastermind could be a great investment.
This is when you need to ask yourself the question, “Is this investment providing the right level of support that I want?” If that’s a yes, you’re on the right track.
Overthinking is often a massive pitfall, making you say no to things you really want and ending in you missing out on great opportunities. Investing in something is supposed to make you feel nervous and excited at the same time, and will most likely be a true game-changer in your business.
When I started out, I had no savings at all, only debt. But I wanted to move fast, and my family couldn’t afford for me to not make money, so I found a way to make it happen.
I started with “smaller” investments — $500 or $2,000 — which felt just as scary as the six-figure investments I make now. Since then, I have learned from experience that if the investment is not a stretch, I’m not really taking a risk, so the likelihood of me building success momentum is small.
Today, women invest with me at all levels — from $ 1,000 to $ 100,000 — and I celebrate them all for making the commitment financially, mentally and emotionally. Investment is always a risk, and having the tools to help you decide if it’s one worth taking is essential.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets climbed to their best week of the year.
“It’s been almost a complete opposite or retracement of what we saw last week,” said Philip Petursson, chief investment strategist at IG Wealth Management.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
While last week saw a “healthy” pullback on weaker economic data, this week investors appeared to be buying the dip and hoping the central bank “comes to the rescue,” said Petursson.
Next week, the U.S. Federal Reserve is widely expected to cut its key interest rate for the first time in several years after it significantly hiked it to fight inflation.
But the magnitude of that first cut has been the subject of debate, and the market appears split on whether the cut will be a quarter of a percentage point or a larger half-point reduction.
Petursson thinks it’s clear the smaller cut is coming. Economic data recently hasn’t been great, but it hasn’t been that bad either, he said — and inflation may have come down significantly, but it’s not defeated just yet.
“I think they’re going to be very steady,” he said, with one small cut at each of their three decisions scheduled for the rest of 2024, and more into 2025.
“I don’t think there’s a sense of urgency on the part of the Fed that they have to do something immediately.
A larger cut could also send the wrong message to the markets, added Petursson: that the Fed made a mistake in waiting this long to cut, or that it’s seeing concerning signs in the economy.
It would also be “counter to what they’ve signaled,” he said.
More important than the cut — other than the new tone it sets — will be what Fed chair Jerome Powell has to say, according to Petursson.
“That’s going to be more important than the size of the cut itself,” he said.
In Canada, where the central bank has already cut three times, Petursson expects two more before the year is through.
“Here, the labour situation is worse than what we see in the United States,” he said.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
— With files from The Associated Press
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
