The current polarization of the political climate paired with the uncertainty of the economy, a gridlocked job market, and now the current battle between Israel and Iran are the contributing factors to financial panic for many. In honor of Women’s History Month, which has come to an end, two female financial experts share their insight on how to navigate various aspects of personal and business finance.
Award-winning and personal finance expert, Ange Matthews spoke to Our Weekly to discuss practical steps to managing investments, emphasizing the importance of not panicking and making emotional decisions as Americans navigate financial situations. She is the founder and CEO of The Happy Investor Method. The New York native now resides in Atlanta and is very transparent about the beginnings of her financial journey.
A federal tax attorney who represents business owners, entrepreneurs, and individuals navigating complex IRS happenings across the country also shared her thoughts about financial literacy during tax season.
Once in a financial rut, Matthews had six-figure debt on a 40K salary, something that many can relate to. In order to get through financial hurdles, Matthews taught herself to invest and has since empowered over 30,000 people to build lasting wealth.
“We’ve been through many uncertain times. We’ve had the pandemic; we’ve had the war in Ukraine; we have had elections. We’ve had so many things that I think Americans typically forget that we are quite capable of handling unprecedented, uncertain times, because they’re happening so much more now,” said Matthews.
She encourages people to examine their emotions first as they navigate their financial decisions, whether it be to save or invest.
“First, observe how you’re feeling, and then actually observe what’s happening with your money.” She continued. “It’s okay to panic. That is a human response, and that’s perfectly normal, but make a decision to take action or not take action.”
In terms of investing, Matthews noted that the S&P 500 is currently at 14 percent and advised taking agency in making informed decisions.
“Even though things are uncertain right now… overall, the S&P 500 is up 14 percent for this year. Then you want to… make a decision to take action or not take action, and it’s okay to sometimes not take action. There’s nothing wrong with just sitting it out and just watching what’s happening,” she said.
According to data compiled from the CivicScience survey, Reuters, and Northwestern Mutual:
• More than half of Americans say they feel unsure about how to invest during uncertain economic periods.
• The Dow dropped nearly 300 points in one trading session amid geopolitical tensions.
• 77 percent of Americans say they’ve already changed spending habits due to economic uncertainty.
• 45 percent of Americans say their financial security is getting worse.
Matthews encourages women to adopt the Warren Buffett approach within their mindset towards personal finance, meaning women should view money as a tool for creating long-term value. In short, whatever is done with money, it should not sit in a standard savings account because it is losing value; it should sit in a brokerage account or high-yield savings account to at least compound interest, even if it is not being invested at the moment. Buffett, a well-known businessman, investor, and philanthropist, is the chairman for Berkshire Hathaway.
Matthews then referenced a quote from Buffet that she applies in terms of the mindset she has towards investing.
“He has a wonderful quote that simply says, ‘In times where people are greedy, be fearful, and when people are fearful, be greedy,’ which simply means that when everyone is afraid and unsure about what’s happening… that’s the time that you actually need to take action and move because that’s when things (investments) are actually cheaper,” she expressed. “That’s when you get a really great bargain if you’re investing in a value-based company, or you’re trying to build active wealth; that’s when it’s not as hard.”
On March 23, Matthews held a virtual event called the Women and Wealth Summit. The event was created after her collective called “Wealthy Her” was established to help women “level the playing field” once Matthews realized that after working for nine years at The Happy Investor Method, her male counterparts had better results with their clients than her female counterparts due to their difference in understanding finances.
“I created the Women and Wealth Summit so we can proactively level the playing field and show women there’s an opportunity for their money to grow on their terms,” said Mathews.
Dawn Delia, a federal tax attorney who often speaks about female and financial empowerment, stressed the importance of maintaining tax compliance amidst geopolitical uncertainties to protect assets. She founded Delia Law in 2011 and is a seasoned tax attorney who understands how to navigate high-level, complex tax issues. She advised business owners and individuals to take control of their finances by paying their taxes on time, offering general expert tips for all people.
“The economic issues, the political issues we have going on right now are not novel. However, the speed at which the change is… it is pretty crazy, and everything is changing so quickly, and we are all trying to adjust,” said Delia.
“A lot of business owners tend to ignore their notices or put it off until it’s too late. So being informed and getting the right tax professional is crucial.”
She continues, “Taxing compliance and paying your unpaid, you know, tax bills are always going to protect your assets. So coming from a tax attorney and a tax perspective, that is probably one of the most important things you can do.”
To watch and find out more information about The Happy Investor Method’s virtual Women and Wealth Summit, visit www.happyinvestorcourses.com/womenandwealthvirtual. Also, for more information about Dawn Delia and tax questions, visit deliataxattorneys.com.
