Behind the Scene: The Power of the Purse – Empowering Women to Wealth
Behind the Scene: The Power of the Purse – Empowering Women to Wealth
The “Power of the Purse” event, presented on Wednesday, May 4, 2016, was a fantastic way to inspire women to have financial stability to be successful throughout the course of their lives. The event was beautifully hosted at the Brantford Golf & Country Club for the second time in row and quickly sold out. In addition to empowering women to wealth, the event is in support of Brantford’s Nova Vita organization. They aid women, children and men who have suffered from domestic abuse by providing them with clothing, shelter, food and emotional and financial support. All proceeds from the event’s silent auction and ten dollars from each ticket sold were donated to Nova Vita; to ensure the amazing organization can continue to be successful in helping people recover from their heart breaking misfortunes. Anne Ruddell, a representative for Nova Vita, spoke about the importance of the organization with a high degree of compassion. The Power of the Purse attracted many ladies to help show their support for Nova Vita while learning valuable life skills about dealing with money.
In comparison to the first “Power of the Purse” event last year, this event was more interactive with plenty of room for discussion and brainstorming among the presenters and the audience. Shannon McMannis: Certified Financial Planner forCornerstone Capital Financial Groupi, was the host of “The Power of the Purse”. Her vision is to shine a light on the astounding efforts Nova Vita contributes to the people in our community, and to help women feel confident and knowledgeable with their finances. She confidently stated that, “Women should be educated because the more you know, the better!” Shannon has a clear passion for helping women to become financially successful in life.
The evening was organized so thoughtfully and elegantly. The women were all very excited to be a part of the event. Anne Manson: Vice President, Cl Investments Inc. along with Rebecca Moore: Consultant and Researcher, presented the interactive workshop, “Women and Money.” The workshop had five steps to financial success; 1. Be prepared, 2. Gather as much valuable information as possible, 3. Have those difficult conversations about finances with loved ones, 4. Seek professional advice, and 5. Focus on your well-being. The presentation was extremely thorough in addressing the importance of having financial stability as women. In the past women were not typically the “breadwinners” of the household, but of course that has changed so women must know how to properly handle their wealth. Anne Manson explained that together, your inherited family values towards money, your money personality, and your acquired knowledge about money determines your financial behaviour. This event spoke to women in the pre-retirement and retirement stages of their lives, as it can be a challenging transition for many people in terms of dealing with wealth. Anne and Rebecca allowed the women in the audience to share their stories and ideas which was a refreshing take on the presentation. The women were left feeling empowered about the next steps they should take to lead to wealth in the future.
This event was made possible by the amazing women listed above along with many generous sponsors from our community. It was an informative evening that sparked new ideas about how to live a financially successful life and how to give back to the community. The “Power of the Purse” event was well received by the women who attended. It was a realistic and inspiring perspective towards women and finances today.
Submitted by: Valerie Sawicki
Photography: Yvonne Morrison-Miller
For the full article please visit B Scene at http://www.bscene.ca/bscene/behind-the-scene-the-power-of-the-purse-empowering-women-to-wealth/
Women and Money event will empower women to wealth
Second installment of The Power of the Purse to be hosted May 4
By Colleen Toms - The Brant News
Shannon McMannis shows off some designer handbags that will be sold by silent auction at the second The Power of the Purse event at the Brantford Golf and County Club on May 4.
By Colleen Toms
Women have the power to take charge of their financial wellbeing. Sometimes all they need is encouragement and real-world advice to do so.
Local women have the opportunity to learn how they can ensure a financially stable future by attending the second installment of The Power of the Purse – Empowering Women to Wealth on Wednesday, May 4.
Titled Women and Money, the interactive and intimate workshop will explore how women’s upbringing, money personality and decision-making can impact their financial wealth.
“It’s all about women helping women,” Shannon McMannis of Cornerstone Capital Financial Group, said.
The event is hosted by McMannis and features guest speaker Anne Manson, vice president of CI Investments Inc. who was recently named a Woman of Influence by Wealth Professional magazine.
Manson travels across Canada to deliver programs that educate women about their financial decision-making.
“It was a great partnership because it’s about empowering women,” McMannis said of having Manson as guest speaker. “Again, it’s about information. It’s geared to the 45-year-old to 65-year-old females, looking really at their snapshots of where they are right now and providing a lot of information about what can happen and what you should be doing.”
A maximum of 35 seats are available to ensure an intimate setting where women will be comfortable asking questions.
The Power of the Purse will partner with Nova Vita once again to raise funds for the women’s shelter. Gently used clothing and purses will also be accepted for Closet Couture, which is one of Nova Vita’s main fundraising initiatives.
A full-meal – including dessert by Stacey Farrant of Sweet Bakery – swag bags, and a silent auction of designer purses will also be included.
All proceeds of the auction will be donated to Nova Vita, along with $10 from each ticket sale. Women will receive a $10 charitable tax receipt from Nova Vita.
Tickets cost $35 and can be purchased online at ThePowerOfThePurse.ca. There are a limited amount of tickets left.
Women and Money will be held at the Brantford Golf and Country Club from 5:30 p.m. to 8:30 p.m. Cocktails can be purchased at the cash bar starting at 5:30 p.m. and the three-course dinner will be served at 6 p.m.
For the full article please visit: http://www.brantnews.com/news-story/6510098-women-and-money-event-will-empower-women-to-wealth/#.Vx2CtO7o59E.facebook
7 Sins of Financial Planning
By Shannon McMannis CFP®, President, Cornerstone Capital Financial Group
If you are doing your own financial planning, you may think you have a handle on your financial well-being, but do you? As a Certified Financial Planner® (CFP) I have witnessed some common mistakes that I like to call the 7 Sins of Financial Planning.
#1 Believing that you can’t afford to invest.
You can’t afford not to invest! The earlier you start – the better. It’s as simple as putting $100 a month away at age 20 and letting the power of compounding work for you. Using the “Rule of 72” At 7.2% interest you would save much more money than someone investing $5000 a month starting at age 50. Begin by reprioritizing your budget, stop spending on things of little value, and start saving today!
#2 Using all your money to pay off your mortgage.
This is something your parents or grandparents may have taught you however, doing this may make you house rich and cash poor. You may be better off to invest in an RRSP and take the money you get back from tax grants, and pay down your mortgage. Diversify your portfolio, as mortgage rates are very low and investments generally offer a higher rate of return which means more money for your future.
#3 Making only minimum monthly payments on credit card debt.
If you continue to pay only the minimum monthly balance on your credit card, you will never pay off your debt! Some credit cards like those in department stores have interest rates as high as 28%. Contact your bank and negotiate a better interest rate or consolidate your debt into one easier payment and cut up those cards until you have paid it off. Be sure to pay off the debt with the highest interest rate first.
#4 Purchasing Mortgage Insurance instead of Life Insurance
Mortgage insurance sold by banks and mortgage brokers is generally underwritten at the time of death, creating a greater chance of a refusal to pay. Your mortgage has a declining balance as you pay it down, but your insurance costs remain the same. As you age, and your mortgage decreases you will likely have to pay more at renewal time for less coverage. Buy a separate Life Insurance policy to ensure your family is looked after that is not part of your mortgage payment. Protect your assets.
#5 Buying a brand new car instead of a used one.
This is a very common misconception. After all, a brand new car must be better, right? Not necessarily, especially when you consider that the minute you drive it off the car lot, it depreciates in value by thousands of dollars. And car payments can be as big as a mortgage payment. Why not buy a one year old car or a demo for much less with little depreciation? You will get more value for your hard earned money.
#6 Investing all your money into GIC’s when you retire.
People are living longer now than ever before, and your money has to go further. Most GIC’s don’t keep pace with inflation rates. It’s time to look at alternate investment options that could offer a better return and tax efficiencies at a suitable rate of risk. For example dividend funds that are taxed at a lower rate than GIC’s that are interest bearing and not Registered Retirement Savings Plans (RRSP).
#7 NOT hiring a professional Certified Financial Planner® (CFP)
Would you do your own surgery? It just makes sense to hire someone who is knowledgeable and informed about the variety of financial planning tools and strategies available today. Someone who knows the law, is ethical and looking out for your best interest. A good financial planner will expertly guide you through the many available options and make your life a lot easier. Just like having one family physician you can trust, it pays to have one Certified Financial Planner® (CFP) handle all your financial planning so they know the big picture about your whole financial situation, goals and objectives.
It doesn’t have to cost a lot, each person’s current financial situation and planning needs are unique. There are many forms of compensation. Make sure your financial planner is a Certified Financial Planner® (CFP).
Shannon McMannis CFP®, President of Cornerstone Capital Financial Group has successfully guided her many clients through the maze of Investment Solutions, Insurance Options, and Assets Management products and services for more than 18 years. Contact Shannon at 519-752-0735 or 226-920-5956.E-mail firstname.lastname@example.org.
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