I’m a Financial Expert: 5 Investing Moves Young Women Should Make To Get Rich

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Kelly Ann Winget is a private equity firm founder, alternative investments expert and CEO of Alternative Wealth Partners (AWP). She believes that through building confidence and making the right investment choices, any woman can build wealth.

“When it comes to women investing to build wealth, planning ahead is vital, considering longer life expectancies and the need for ample retirement savings,” she said.

In this “Financially Savvy Female” column, we’re chatting with Winget about the best investment moves young women can make now to build wealth for the long term.

Invest Any Money You Don’t Need in the Short Term

“Having your money invested is the best way to keep your money working when you don’t need it,” Winget said.

“Your short-term savings need to be in a liquid account — checking, savings, money market, etc. — something easily accessible so you can withdraw it at any time with little to no penalty. Your long-term savings can be in an account that might have a little less liquidity, but is earning a much higher return — CDs or invested in stocks, bonds, etc.”

Invest in Alternative Assets

“There are a few things that you can put into a portfolio to generate higher returns over longer periods of time — you just have to be willing and ready to take on risk to beat inflation,” Winget said. “Alternative [assets] — everything outside of stocks, bonds and cash — provide a non-correlated hedge to public markets that often generate high returns.”

These assets can include real estate, oil and gas, and venture and private equity investments.

“Real estate and oil and gas can generate long-term passive income and wealth through equity growth, and venture and private equity investments can generate huge returns when those companies sell or go public,” Winget said. “Having a portion of your investment portfolio in alternatives can give you the boost that is going to be necessary when the traditional ways of saving fall short.”

While alternative assets can be considered “risky,” they have long been utilized by the wealthy.

“Generational wealth and financial security aren’t obtained by saving money or investing in mutual funds or simple retirement plans,” Winget said. “Alternative assets have been used by high-net-worth and ultra-high-net-worth individuals, family offices, endowments and pension funds to protect and grow wealth since the beginning of time.”

Invest More Than You Save

“Millionaires invest their money,” Winget said. “Find a balance in your budget that allows you to start investing more than you are saving. Once you have broken through the paycheck-to-paycheck mindset, you can focus on making your money work for you by investing it in assets that will grow while you are still earning income. Your cash loses value every day, especially in the high-inflation world we are living in today.”

Stay Disciplined and Patient

“Building wealth is a gradual journey,” Winget said. “Embrace discipline and patience through market fluctuations and economic cycles. Consistent saving and investing, with automated contributions, can help propel you towards long-term financial success.”

Follow the Golden Rule: Buy Low, Sell High

“Pay attention to the market cycles of the assets you are thinking about investing in,” Winget said. “Take the time to learn at least the basics about the industry you have money invested in. Don’t panic sell when asset values are down — stick to your strategy and adjust based on calm, cool, collected rationale throughout your investment journey.”

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