Learning to turn dollars into millions
Women makes career out of teaching others to be money wise, how to amass wealth
Teresa Martin knows what it's like to struggle financially.
Martin lost everything during 9/11 when her business in New York's financial district downsized. Her finances were destroyed.
Martin, an attorney, real estate investor, and now entrepreneur, developed WISE, which is known as women's investors strategic exchange.
"We want to focus on your money, but it's more important than money, it's also how to grow and manage your wealth," said Martin.
The agency empowers and educates women to build generational wealth in the areas of financial education and personal development, real estate investing, stock market Investing and business ownership.
Martin wants to help women who have struggled financially. Women like Natasha Vaughan who thought she did everything right; she she was top of her class, climbed the corporate ladder and became vice president at her firm.
"And then I got the pink slip," said Vaughan.
Vaughan had little savings and became homeless.
Martin offers some principals for amassing wealth and to avoid getting into financial trouble.
1. Find residual income, such as real estate. It's the only way to become financial free.
2. Start paying into your own Roth IRA and put in the maximum allowed by the Internal Revenue Service.
3. Research four or five stocks to buy that you will hold on to for 40 or more years.
4. Set up trusts to shelter your dollars from taxes you'd have to pay in the future.
5. Learn to live beneath your means, and be able to afford everything you need.
Wise members also believe having the proper guidance and encouragement around you is important and it should be more than just your financial planner. It can be your spouse, family or friends as well.
For more information on WISE, click here.
Copyright 2014 by ClickOnDetroit.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.