We all have money stories—and most of them are hard-luck tales. That big investment you didn’t make…or sold before it took off. The house you decided not to purchase, only to watch its value skyrocket. Maybe you invested in a business that went belly-up, or passed on the chance to invest in something that went through the roof. Then there’s that timeshare you disastrously bought on your honeymoon…
In our business, we deal with issues that affect our personal finance all the time. The big luxury listing we didn’t get. The house you sold right before the market took off. It’s part of the job.
The truth is, we all make money mistakes. And the odds are good that we’ll all make a whole lot more of them before we’re through. The key is to remember that these mistakes are a big part of life, and that hopefully you can learn from them, or at least not repeat them.
If a little schadenfreude will ease the pain, here are some examples of very successful and accomplished companies and/or people who made massive business mistakes.
- The four respected record companies who passed on signing The Beatles
- Billionaire investor Warren Buffet decided not to invest in Google
- Blockbuster Video passed on purchasing Netflix for $50 million
- Groupon (remember them?) said no to Google purchasing them for $6 billion
Not all bad money decisions have to be epic fails like those. Just take a look at our industry. How many people have gotten in over their head in debt with ill-advised home refinances? Not to mention the subprime mortgage crisis of 2008.
Upcoming Financial Events for What Moves Her
Make no mistake, our money decisions—even if they happened years, or even decades ago—can often impact us permanently. They shape the way we perceive wealth, and affect the way we approach our personal finances.
One of our main goals at What Moves Her is to help our community members get closer to their financial goals. That is why we continually sponsor financial wellness-themed events, featuring speakers who can offer keen insights and thought leadership on the topic of finance, as well as many other relevant topics.
If you haven’t yet signed up, we urge you to register now for our upcoming Roadmap to Financial Success Workshop, featuring a conversation between our own Sue Yannaccone and Bola Sokunbi, Founder and CEO of Clever Girl Finance.
Roadmap to Financial Success Workshop
Featuring Bola Sokunbi, Founder and CEO of Clever Girl Finance
Monday, December 13, 2021
What Moves Her™ is proud to partner with Bola Sokunbi, Founder and CEO of Clever Girl Finance, to host a Financial Wellness Workshop as part of the Money Moves Her series, to help women in real estate reach their financial goals. The objective of this workshop is to equip you with the knowledge and confidence to help you handle your money, get out of debt, and create a sound financial future for yourself. Take control of your life and finances with the help of this workshop! You’ve got this!
Real Life Financial Advice
Our What Moves Her community is a truly tremendous resource in terms of knowledge, experience, and diversity. That’s why we’ve asked a cross-section of women from the from the What Moves Her community to share their best advice as it relates to personal finances. We believe you’ll find their answers both informative and inspirational, and can help you get a better handle on your personal finances.
Q: What is one step you would advise women to take today that can help them achieve greater financial wellness?
- I highly recommend hiring a financial manager or wealth advisor who has a holistic approach and will look at all your investments including non-qualified, qualified (401K, IRA), your income/debt ratio, real estate holdings and insurance. They will help to advise you on how much you need to save to meet your long-term goals or your life lists. – Lisa Piccardo, Global VP Lead, Affiliate Services, Sotheby’s International Realty Affiliates LLC
Q: What is your best advice related to personal finance for women?
- First, do not sit on the sidelines, be a part of your personal financial future. Too many times women don’t take an active role in their finances because it is deemed a “man’s world” or “not in their wheelhouse.” Secondly, be active and engaged as early as possible. Don’t wait to buy that first home or condo until you are settled into a relationship or until you start a family (there is no such thing as a “forever house”). Start investing early in real estate and other assets, and you’ll find that without too much effort your financial future is robust. Even a small personal portfolio can give you the kind of flexibility and freedom many women lack, and with a little luck you’ll never have to justify that luxury shoe purchase to anyone. – Ruthie Ravenel, CFO, Daniel Ravenel Sotheby’s International Realty
- Personal finance conversations have generally been considered taboo. However, this year I’ve had more fluid conversations within my community of women than ever. We allowed ourselves to be vulnerable, shared where our financial focus was and allowing us to do a check/balance when it came to our gross income verses what we were truly netting. Before I knew it, we were sharing our personal tips and tricks of how to cut out unnecessary expenses and invest in our systems, assistance, and our business model. I’m a firm believer that when you give to your community, it will circle back in more ways than you can imagine. – Xio Sandoval, REALTOR®, CENTURY 21 Realty Masters
Now It’s Your Turn
What’s the best personal finance advice you’ve ever received? What were some of the roadblocks you had to overcome on your journey to financial wellness?
This material has been prepared for general informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors for answers to specific questions and before making any decisions. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser; Realogy and its affiliates do not recommend or endorse the contents of the third-party sites.