Ask Our Expert Women and Investing in 2024

Women and Investing in 2024 – Ask Our Expert with Rossi Getskova

6-minute read

 

Rossitsa (Rossi) Getskova is a Vice President and Portfolio Manager at United Wealth Management. She joined United Wealth Management in 2005 and served as Head of Equity Research before becoming a Portfolio Manager. Rossi earned her BS and MBA from the University of Charleston with an emphasis in business and finance. Rossi holds the Series 7 and 66 securities licenses.

An active member of the community, Rossi is the Investment Committee Chair for the WV Bankers Association, serves on the West Virginia Independent Colleges & Universities board of directors, and is a member of the University of Charleston Financial Planning Advisory Committee. She is also a member of the Investment Committee for the YWCA and a former member of the Board of Directors of the Charleston Ballet.

The Thrive team spoke to Rossi about her expert perspective and guidance on how women can best approach and navigate investing in 2024.

Why is a diversified portfolio important for women, especially with the current market uncertainty?

“Women tend to live longer and are likely to change careers over the course of their professional path. That’s why staying the course with a diversified and regularly updated portfolio – even in the face of market volatility – can help secure financial independence throughout life and pay meaningful dividends upon retirement.”

“We should also not overlook the power of starting early and compounding interest, which can help you exponentially grow your wealth. From a practical perspective, since women are expected to live longer, it is even more important for us to start early so that we can live comfortably in retirement.”

“Building the foundation of financial independence early on in life will give women the tools to succeed and build confidence, avoiding the daunting financial burden that comes with being unprepared.”

What are some of the areas you see women investing in now?

“As investment professionals, we are always looking for the next great idea, but we shouldn’t overlook the basics before venturing to high-risk opportunities. We’re currently seeing more women-led organizations actively pursuing investments in other women-led companies and investments.”

“Additionally, we see that investing in real estate and rental properties continues to bring passive income as the appetite for homebuying slows and more people are continuing to rent.” 

On average, women live longer than men and it has been reported that women are opening investment and retirement accounts earlier than in the past. What are the implications of this longer investing life cycle?

Investing early is non-negotiable! I realize that starting early is easier said than done, but don’t lose focus. Start small and start early! From a dollar perspective, even just a few extra years of retirement savings and investing can have a huge impact because you’re essentially earning interest on your interest. Starting early can translate into peace of mind in retirement.”

“We also encourage resisting the urge to exit stocks too soon. As we grow older, it’s often tempting to lean toward a more conservative investment strategy. But given the reality that women are generally living much longer, avoiding the temptation to cash out can help cover many more years – if not decades – of living well during retirement.”

“We owe it to ourselves to become better stewards of our own future.”

Are there unique approaches to investing that women should consider?

“Invest in yourself and be a lifelong learner. Commitment to advancing your skills can lead to future long-term success. As the economic landscape is constantly evolving, it is crucial to be able to switch gears quickly at times of economic transition. Investing in yourself, acquiring new skills, and having a diversified résumé is just as important as a diversified portfolio. And no one can take those away from you.”

“Invest in your community, which includes supporting small businesses led by women and minorities with goals and missions that align with yours. Building a network of people can bridge to other opportunities and investments. Stay connected and network.”

“Start with the basics and build those out before you reach for the riskier venture investments. Before you go for the big idea, make sure your savings account is solid (accounting for at least nine months’ worth of expenses), max out 401k, IRA, or other retirement accounts, then explore riskier ventures. In the current housing market, with interest rates soaring and home inventory dropping, we’re finding that fewer people are buying, and more are continuing to rent. Rental properties are a great way to bring in extra income if you’re looking for a tried-and-true approach.”

There is inherent risk in investing. How can women decide on an investment strategy that they can be comfortable with?

“The first step is an honest assessment of your current financial state; start with things close to your heart professionally and personally, be true to your goals, and know when to change course. Outside of that, when I talk to clients, I try to give them tools to understand their investments. The key is to listen and assess their needs and goals because not all are the same, and each may need different guidance. This is why it’s beneficial to work with a financial advisor.”

“At United Wealth Management, our open architecture investment platform ensures that we always recommend the mix of investment strategies best suited to each client’s unique situation. We learn about their mission and goals and determine their investment objective. Having a thorough understanding of a client’s risk tolerance and liquidity needs helps us determine the optimal mix for their portfolio. Then, we create a mix of assets to maximize the potential return for each individual’s given risk level, strategically allocating them based on the client’s objectives, as well as economic and market conditions.”

How can women support each other and the community through investing?

“Invest in businesses led by women and minorities, seek partnerships, support local communities and collaborate. Organize events which will feature those businesses and your own at the same time.” 

How can women find new investment and growth opportunities?

“Educate yourself about the opportunity. Be visible, network, dress up, and show up! Be reliable, have a great follow-up, and follow through! And I cannot stress enough the importance of taking the time to write a thank you note!”

“It’s also a great idea to look for professional mentors. Find someone who has taken a similar path to the one you’ve chosen, pair with them, check in periodically, run ideas by them, and ask questions. Your network is one of your most powerful assets. You should be maintaining and strengthening these relationships, and you shouldn’t be afraid to use your connections, especially when you’re just getting started.”

Any final thoughts and advice?

“I believe women take a measured, mindful approach to investing. They invest with purpose, and they care about the socially responsible aspect and long-term impact on society and communities. While women and minorities are investing more earlier, and are better educated than before, we still have work to do. We need to focus on the younger generation and start them on the path to financial literacy in early years.”

“Once the foundation is built, venture into other investments with measured and well thought out risk.”

Rossi’s financial stability and success hierarchy model for women:

 

At United Wealth Management, we are first and foremost fiduciaries and stewards of your capital. That means we are responsible for acting in your best interest – and we do. With United Wealth Management, you gain a partner with a long-standing reputation for excellence and customized, client-first strategies. Our commitment to your success is rooted in transparency and a thorough understanding of your circumstances and aspirations. Learn more

Rossi’s financial stability and success hierarchy model for women:

 

At United Wealth Management, we are first and foremost fiduciaries and stewards of your capital. That means we are responsible for acting in your best interest – and we do. With United Wealth Management, you gain a partner with a long-standing reputation for excellence and customized, client-first strategies. Our commitment to your success is rooted in transparency and a thorough understanding of your circumstances and aspirations. Learn more


Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency
This information is not legal or tax advice and past performance is no guarantee of future performance.