Erin of NLL (No Limits Ladies) takes charge of the Frugal Spa with a well-timed flight towards fiscal management. With attitude, fashion and business smarts, NLL provides a hip voice of reason in the personal finance universe.
Big Thanks to NLL for serving as the Friday Spotlight Guest Columnist.
Frugal Duchess Air Flight #190: NLL Managing Risk
(To be read in a quick but calm higher pitched female voice...)
Welcome aboard Frugal Duchess Air Flight #190. My name is Erin, and on behalf of NLL, I'll be serving you today on your journey to financial freedom.
You may have been a little nervous to get on this flight; the seats you bought trying to save money are close and uncomfortable; what can be said about the sip of soda and peanuts we’ll throw at you, except the price is right (free); and yes, that guy next to you will smell and complain the whole way. I'm going to be running you quickly through some investing safety guidelines to help ease your fear and manage risk, making for a more enjoyable ride.
First make sure that all checks and balances are in their proper place, and that all numbers are in the upright position. In the unlikely event that something should not go as planned, know all your possible exit strategies. You may need to use savings as a floatation device, or you may find yourself bouncing out the door on the inflatable slide to cut losses (never bringing on board more than you are willing to lose).
Make sure you place the financial oxygen mask over your own face first, before attending to the needs of small children (grown children college tuitions, weddings, parents, and other people's financial 'needs'). For more information refer to the card located in the seatback in front of you (or blogs, books, advisors, etc.).
Keep your seat belt fastened until the captain has indicated otherwise, sit back and relax, and please try to unclench the death grip you have on the arm rest.
There may a bump or two, but one thing is for sure... you're going to arrive at your financial destination a lot faster than if you had only saved, focused on becoming debt free, tried to live as cheaply as possible, or focused on job security (all of which interestingly enough can put you more "at risk" than learning to manage risk and invest).
We here on Frugal Duchess Air realize that you have a choice in how you spend your money. Being frugal may be uncomfortable for a little while, however, it doesn’t have to be your goal. It should serve the purpose of funding investment vehicles that help you reach your financial goals more quickly, and allow you to enjoy your stay even more once you arrive!
We hope you’ll come and see us again real soon! Buh Bye!
--Erin of No Limits Ladies