When the real estate market collapsed in 2008, I learned some valuable lessons. The first, is to never have all your income and investments tied into the same industry. The second is the advice from corporate employers to “Max out your 401K and you’ll be set for retirement” doesn’t take into account the economic impact of our real lives. As Realtor/Investor and single Mom during the recession, my
401K I had built for 20+ years became a 201K from market losses and was the only asset left to lean on. With 10% penalties plus taxes, what was supposed to set me up for life, quickly disappeared. Though I had a financial advisor managing that IRA rollover since 2003, I was not educated about how to protect my assets and properly craft a wealth strategy. I share this story to offer hope because in the 10 years that followed, I pivoted into an entirely new industry earning $1M in the first 5 years. But what I learned was it is not earning more that gets you into the end zone, it’s the strategy of what you do with it along the way. These life experiences drive my passion for helping women today. Disclosures: Securities and advisory services offered through Madison Avenue Securities, LLC (MAS), member FINRA/SIPC, and a registered investment advisor. Madison Avenue Securities, LLC is not affiliated with Empress Investment Group.
