As a Reporter for the Fox Business Network, Shibani Joshi has seen first hand the ups and downs of today's economic turmoil. Shibani, who started her career in investment banking at Morgan Stanley and who holds an MBA from Harvard, is well aware of the challeneges we all face. Her advice? - Review your finances and plan for the future!
Here's what Shibani has to say:
"With hardships come opportunities. We are seeing the financial markets start to turn from a turbulent place to a place where people are starting to dip their toes into it with some money because they see opportunities over the long term. Everything that has happened in the last year has brought money and economic issues to the forefront of Americans’ minds. The markets performance, while turbulent, empowered me, personally, to retake control of my finances. Even with my MBA and having worked in finance for many years, I wasn’t actively managing my money in a manner as disciplined as I would have liked. Basically my investment plan was on cruise control. Cruise control doesn’t work on a rollercoaster ride. Many of us, especially women, were forced to finally look under our hood and confront our finances, some for the first time."
"The fantastic opportunity we have as women right now is the chance to take control of our finances. This is not something that should be saved for the fellas. This is the time to ask the questions you may have been embarrassed to ask. Today is a great day to look at your mortgage rates, credit card balances, 401k contributions and figure out where you want to be, financially, in 5 years. There is no better time to walk into a financial planner’s office and say: “where do I go from here?” Look at what you spend. Do some soul and sole searching (if you’re a shoe lover, like me) – after examining your expenses, figure out what you can live without like, perhaps, an extra pair of Jimmy Choos this month. Save vigorously and spend conservatively. There is no excuse for not knowing what is going on in your financial house. It may feel daunting or, worse yet, scary to face your financial obligations, but everyone is cleaning house right now and you should be too. If you do the hard work now, you’ll be able to reap the rewards in the years to come. That’s when you will see your investment accounts sprout healthy returns because of your careful seed-planting today."
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