by Nancy Schneider, Co Founder
Jessica and Samantha Scott are the third generation of a family who founded a financial advisory business located in Framingham. They specialize in educating and supporting women to achieve self-sufficiency.
They are sisters and believers that information is power and that women need to take control of their financial lives by making smart decisions.
They volunteered their time at a recent Professional Women’s Group meeting for Dress for Success Boston and their enthusiasm for success filled our conference room. They offered a primer about stocks and bonds and mutual funds and the advantages of getting into the market and staying there for the long term.
Young and approachable, the Scott sisters were perfect to answer questions for our newly employed clients who are navigating a new world where decisions need to be made.
In simple terms, they defined IRA accounts and differentiated them from Roth IRA accounts and compared them to the 401K accounts that seem to baffle the newly employed.
Best of all, their excitement was contagious. As advocates for women and folks whose client base is largely women, they understand the challenges for people entering the workforce to deal with risk and security.
Their first piece of advice? Pay off the credit card debt. Right away.
Next? Have a three-month nest egg saved so that when the unexpected hits you can go to it and not the credit cards.
Getting some financial traction can make all the difference down the road. Financial security gives a woman the freedom to make better choices about her life—not just choices to stay afloat but choices that allow her to thrive and have power.
The sisters passed out a booklet that covered things like creating a budget, creating a timeline to a goal and how to calculate one’s net worth.
There were lots of questions. In this relaxed and respectful atmosphere, the twenty women who came to hear them felt comfortable and willing to share their hopes and dreams. Investing involves some risk and Jessica and Samantha faced that concern head on and described the investments by the amount of risk involved in each vehicle.
And then they discussed the miracle of compounding.
By investing a small amount to start ($500) and adding a modest amount every month and leaving the money untouched for 10-15 or 20 years in an investment paying a higher rate than a bank account, it is possible to turn that money into five figures.
Magic? Blue smoke and mirrors? Not at all. With good advice and saving discipline it becomes a reality.
At the end of the evening, the Stock Sisters offered individual consults to our clients. They took email addresses and promised to be available to answer questions and to guide the audience in making their first investment.
As I listened and watched this presentation I was struck by the power of women helping women and that when ambition meets knowledge–the sky is the limit.
The women we serve have not had the experience of making long term financial decisions. In many ways they strangers in a strange land.
With information and support, this can change.
Sometimes it takes more than a suit….
Scott Advisory Group
550 Cochituate Road
Framingham, MA
http://www.ScottAdvisoryGroup.com
Dress for Success Boston 