We've all had that insurance agent swear that we need to take out an insurance policy and build up some cash value as an investment option. Rashunda Rene, business advisor and social entrepreneur and CEO of The Innovative Entrepreneurs Hub in Los Angeles, recently spoke to someone she trusted to help point us in the right direction about insurance as an investment and what to look for in a financial advisor. She enlisted Kylie L. Sharfner, a financial services professional at Thrivent to help us navigate the sometimes confusing role of securing the right financial advice. Kylie is part of a group of advisors that wants to get $100 billion dollars into the hands of Black families through wise investing.
Some of the takeaways from their conversation:
1. It's a process - finding the right representative is like finding the right therapist - it takes time, but it's important to find someone you feel comfortable with, like and trust.
2. Every person is unique - there are no one size fits all approaches to investing, you must have a financial solution tailored to your respective goals, financial situation, family situation, risk tolerance, health, phase of life and comfort level.
3. Insurance may or may not be a good investing tool for you, factors such as your personal health, stage of life and cash flow play a role.
4. Consider how an advisor will relate to and work with your family. Finances are a family affair.
5. Seek to build a team of advisors over time , to ensure that you are getting the expertise you need across a variety of financial issues.
I think you will enjoy this conversation and feel more confident in your wealth building journey!
About Our Contributor
Rashunda Rene is a business consultant and social entrepreneur with more than 15 years of financial operations experience for a major corporation and the chief visionary behind Innovative Entrepreneurs Hub, where she provides cost-effective workspace, business consulting, and various business solutions for small businesses and entrepreneurs. She is also the Director of Startup Grind South LA, and Co-Founder of Blue Lotus Box, a women’s empowerment bi-monthly subscription box.