A few months ago, Madalyn Sklar of Twitter Smarter tweeted at me that she was joining this tweet chat. I decided to join last minute. I was like whoa, this thing is fast, but I'll try to keep up. It's really hard when you don't have the questions in advance.
The Twitter chat I was joining was for something Winnie Sun, managing director and founding partner of Sun Group Wealth Partners, was doing. Afterwards, Winnie invited me to do my own Twitter chat on personal branding. Then a few months went by and we finally had time to sit in her office, where she interviewed me on camera for her show Renegade Money Show on the topic of building your personal brand.
While we were talking, it was as if I was discovering a childhood friend. Did we go to the same elementary school together? How could someone be so sweet, fun and caring, yet be so successful?
Then I realized this was the key to her success. And this is also why I'm putting my money where my mouth is and having her manage my portfolio.
Since Winnie is one of the few people in the world who has maintained a clean record with FINRA for 17 years and had such a successful background in managing the money of the stars, even through the recession of 2008, I felt this was the perfect opportunity to ask Winnie what her best money tips were for people like me and you.
These are Winnie Sun's top 5 money tips to follow for 2017:
1. Change your mindset about saving.
Winnie understands that it's not about giving up your lifestyle, but it's about choosing to invest in yourself. It provides you a cushion when you're ready to leap to start your own venture, want to take some time off from the grind, or even jet set across the world. It's what you deserve and only you can make that happen. There is no better feeling than financial security.
2. Find the box that is right for you.
Winnie's plethora of experience highlights the fact that it's not just about investing in stock and bonds that's important, it's about picking the best "box" to put your money in. For example, for many of us, sheltering 28%+ in federal taxes plus returns is better than just the returns. If you have time on your side and are excited about saving, think about tax-sheltering your money. Oftentimes, a 401k plan, an IRA, or defined benefit plan could help you grow your wealth that much faster.
3. Control what you can control.
Even Warren Buffett, one of the most respected investors in the world has duds in his portfolio from time-to-time and so will you. This shouldn't stop you from investing in quality companies. Winnie's biggest tip is to setup auto-investing just like you do autopay for your credit cards. And, keep some cash on hand for dramatic corrections in the market so you can buy more if your time horizon is long. Take the Brexit news for example, that would have been a good buying opportunity if you had plenty of time to weather market volatility. Winnie says that for Millennials like me, the best thing to do is to think long term, embrace the 'sale', and move on.
4. Get professional advice.
There is something enticing about DIY when it comes to a lot of things, but with certain areas such as investing, filing your taxes, and root canals, it pays to enlist a professional. They have tools, research and experience in getting you from point A to point B. So how do you find an advisor? Check the internet, ask friends and interview. You want to feel a connection and trust with your money and your financial partner.
5. Go out there and hustle!
Let's face it, without money to invest, there's no money to grow. And Winnie's clients are brilliant at what they do and get paid well for it. Instead of dwelling on your investment portfolio, checking the numbers every hour, go out there and hone your craft, follow experts, and contribute to society and your bottom line. Winnie's most successful clients happen to also be some of the busiest people.
Do you have any other money tips to follow in 2017? I'd love to learn more! Comment below.