Of all the women I’ve interviewed, the ones with the highest net worth didn’t necessarily earn (inherit or marry) the most money. The whopping majority worked with financial professionals…most often with a whole team (including a financial advisor, an estate attorney, a CPA, and a bookkeeper).

I’m a big fan of hiring financial experts. I wouldn’t fill my own cavities or set my own broken bone. Would you? We’d leave that to a specialist, someone who’s had extensive training and that’s pretty much all they do.

But I must warn you: Financial professionals make lousy Prince Charmings. Don’t ever hand over your money, close your eyes, turn your back, and hope they take good care of you. You need to be educated and involved. A good advisor will make sure you are.

Another Warning: Resist the urge to sign up with the first advisor you meet. Interview at least three. Ask questions such as these, then go with your gut instinct:

1. Would you tell me about yourself?
2. Do you specialize in certain investment
3. Who are your clients?
4. How do you charge for your services, and what costs might I incur working with you?
5. How often do you communicate with clients, and how often might I expect to hear from you?
6. Would you be willing to educate me about investing and finances in general?
7. Have you ever been involved in any lawsuits, arbitration, or disciplinary problems?
8. Is there anything you want me to know about you that I haven’t asked?

Need more help? I’ve written a booklet filled with great advice: Finding A Financial Advisor You Can Trust. It’s available here.

You’ll learn about hiring the right professional and protecting yourself by being a good client.

If you enjoyed these “Words of Wealth”, head over to my website and sign-up for my FREE weekly newsletter at: www.barbarastanny.com

One day, I was glancing at the Wall Street Journal, when 5 words grabbed my attention. “The survival of the focused.”

I knew those five words carried a powerful message. A message quite familiar to High Earners. But one Underearners have failed to grasp.

Financial Success belongs to the focused.

Without focus, it’s easy to get sidetracked by multiple distractions fighting for your attention. But with focus, conflicting objectives cease to control you, making it easier (and less stressful) to take decisive action without second guessing.

What’s the trick to getting focused? Prioritize. Put your attention exclusively on your priorities. All else goes on the back burner.

Sadly, most of us don’t know what our true priorities are. We carry around lengthy to-do lists, then berate ourselves unmercifully when we don’t cross everything off—a sure-fire recipe for failure.

What if, instead, you take everything on your list, all those items you simply must do, and narrow them down to 5 items—the 5 tasks that are really truly essential, that reflect your most cherished values, what’s most important to you?

Those 5 are your priorities. They take precedence when scheduling your time. If it’s not a priority, it’s a distraction.  Each time you cross one task off, you can add another.

Does watering your plants or cleaning the kitchen carry the same weight as working out at the gym or playing with the kids?

There’s no one right answer, only the most truthful one.

Need help determining your true priorities? Try this Values Clarification Worksheet.

If you enjoyed these “Words of Wealth”, head over to my website and sign-up for my FREE weekly newsletter at: www.barbarastanny.com

“There has literally never been a 20-year period in the past century or so that has resulted in a negative return for stocks, so investors with the patience and constitution to see their portfolio through an admittedly rough start to the year should be rewarded regardless of the gloom and doom.”— Marketwatch.com (1/15/16):

You can’t predict what the market will do. No one can. But you can stack the odds in your favor. One way is by Respecting the Time Factor.

Stocks will fluctuate. It’s a fact. They go up, they go down. Even the very best will take some tumbles. But market fluctuations only matter when you sell your holdings. It’s the Rule of the Roller Coaster: You only get hurt when you jump off.

You can protect yourself by Respecting the Time Factor.

Here’s how:

• Money you’ll need in the next 3 to 5 years should be in cash (so you don’t have to sell when the market is down).
• Money you’ll need in 5 to 10 years can be in conservative stocks and bonds.
• Money you won’t need for 10+ years can be in more volatile stocks, bonds, real estate or even commodities, because you have more time to ride out the highs and lows.

If you enjoyed these “Words of Wealth”, head over to my website and sign-up for my FREE weekly newsletter at: www.barbarastanny.com