Creating wealth will often come with a degree of risk. Taking on that risk can be daunting on your own, but it is
especially worrying when you are responsible for others.
Dr. Shawne Duperon, author, media trainer and founder of multiple organizations, spoke about just this issue
during our Detroit Comerica Bank Women's Business Symposiums.
"Women have a tendency to weigh financial risks heavier than men because we have a tendency, as a gender, to be over-responsible," said Duperon. "So not only are we over-responsible in making sure we have enough budget to meet basic needs, like getting the groceries, but we're also working and many of us are doing the household chore ... We've got a lot on our plates."
However, risk doesn't have to be a barrier to strategies that focus on wealth. Instead, understanding it can help
you identify the best opportunities relative to your situation while also minimizing risk. Three important strategies that can help you achieve this include:
1. Establish a strong relationship with a financial services provider
Funding is key when building wealth, but shopping for loans based on rate alone can potentially leave you exposed if you don't understand the nuances of the arrangement and opportunities in the marketplace. How can you be sure a bank is offering the right loan for your needs if that bank doesn't really know you?
Moving from product-focused lenders to a bank that focuses on relationship-building and consulting can be
invaluable. When you build a relationship with a financial services firm, that organization can offer you advice in achieving your goals, highlight a range of potential products based on knowledge of what you're working toward and provide stability as your wealth grows.
2. Leverage insurance and similar services to protect your wealth
Having a strong relationship with a financial risk manager can enable you to protect your wealth as your investment
and business strategies lead to personal gains. Whether you are considering legal assistance, insurance or similar services, the right partner can help you identify the financial ramifications of those decisions and create a cohesive
strategy to blend a variety of solutions to protect your assets.