Money doesn’t grow on trees. So we caught up with Jill Ross of First Commerce Bank to learn what women should know about how to build wealth and create a financially independent life.
Plan your wealth
It’s very unlikely that you’ll accidentally stumble upon a sum of money to give you and your children a financially stable future (fingers crossed for that lottery ticket, though). So the first thing to do when it comes to building wealth, says Ross, is come up with a plan.
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Jill Ross- First Commerce Bank
“You have to have a plan of what you’re building and why,” she says. “Some people build it with business, real estate, inheritance, it really depends on what they’re building. And sure, people can fall into stuff, but then, I had a client who won the lottery and it was gone within 2 years. Millions of dollars.”
Budgeting the right way
Budgeting doesn’t always mean saving as much money as you possibly can, says Ross – unless that’s what you’re going for. But once you know what steps you’ll take to build your wealth, include that in your budget with the rest of your spending habits.
“We have a lot of baby boomer parents who didn’t grow up with much but they built a lot of wealth because they didn’t spend,” Ross says. “They lived a modest lifestyle so they could pass on their wealth.”
Build a relationship with your bank
There’s a pretty good chance you’re not taking advantage of everything your bank has to offer, says Ross. “It’s important to have a relationship with a bank and be honest with a bank so they can help you in the right ways.”
Resources like First Commerce Bank’s upcoming financial coaching corner – which will have tools like a financial literacy program for adults and K-12 students – are a perfect example of a tool to help you be more confident with your finances.
Don’t be afraid to ask questions
We don’t know what we don’t know. And as women, we sometimes are nervous about asking questions to gain knowledge – even with someone as non-judgmental as our banker. But Ross urges anyone looking to build wealth in their lifetime to push past that feeling.
“It’s about not being afraid,” she says. “I think people think they seem stupid or ignorant when asking questions. But you must have the courage to ask. Don’t worry about what it looks like. You’re not alone.”