Welcome to FinTech TV.
I'm Remy Blair.
Wealth means accumulating enough money to achieve financial security, retire comfortably, and hopefully leave something behind to build generational wealth.
Now women often face unique financial challenges from the gender pay gap and career interruptions to higher costs and lower investment confidence that can slow their wealth building journey, but overcoming these barriers also.
Starts with strategic action and joining me here at the New York Stock Exchange to weigh in is Dana Alcox, founder and CEO of Fix Coaching and Consulting.
Dana, welcome.
Thank you so much for joining me.
Thank you.
Thank you for having me.
I look forward to this conversation.
Yeah, absolutely, because this is a very, very important topic.
So can you tell us what's really holding women back when it comes to building wealth and what can be done to change that?
There are a few things, Rey, that are really holding women back to building wealth.
A couple of them are, one, just fear of negotiation, asking for their work.
Many of them don't really understand what their worth is.
That's the other other problem that we have.
But then also it's really how to navigate the financial space um and really be strategic in how they go about building wealth.
And so that's one of the things that I'm on a mission to help with.
Yeah, and what are some of those strategies that can help women out there?
So one of the things I'm really leaning into is business acquisition and the reason why I'm focused on business acquisition is because it is a way, it's super weapon if you will um to building wealth in the sense that you can acquire a business.
For little to no money down, we don't have to trade time for money and be in the day to day operations of that and accumulate wealth through the operations of that business.
It's already cash flowing.
It has teams.
It has systems and things in place.
You can now add your vision, your expertise to that to grow that that piece of um your portfolio.
Yeah, and Dana, you bring up an important point because nowadays that seems to be a very popular way for not just women but both men and women to build wealth when it comes to acquiring businesses.
But I think it's important to dispel some myths out there.
So give us your take on what it takes to really buy business. and make them flourish and succeed.
The the one myth is that it's only for the wealthy or large corporations, which is really not true.
You don't need a trust fund to be able to acquire a business and you can be an average person and be able to acquire a business.
I did my first acquisition in a matter of 8 weeks with 25. $100.
I did it with a group of friends and it was one of the best things that I've ever done.
It's to buy a company that is a flourishing financial services company and we were able to add in our value as far as our expertise and we were able to see a way that we can huntreact that business just by sharing our visions with it, but the teams are in place, the, the, um, processes are in place, the customers are in place because it's already a cash flowing business.
And Dana, I do have to ask you how can professional women out there go from merely surviving to actually building true wealth.
They really can.
So one of the things that I'm doing is I'm hosting a free webinar to really teach some of these strategies around business acquisition and what it takes to really get started.
Um, I think knowledge is power and so that's really the first place is getting knowledgeable about what your options are.
So I would love for the audience to join.
On the web and you're here at the New York Stock Exchange and we think about all the businesses that have been around not just for a decade but for many decades, and we know a lot of work goes into that, a lot of expertise, especially when you're a public company, but for people out there who are wondering what does success really look like, what is your definition of that?
I think that everyone gets to define what success looks like for him or for her.
And no one can really define that but yourself. um, for me what it looks like, what it looks like today is very different what it looked like for me 10 years ago.
Um, right now I'm in a season where I just really want to pay it forward and help educate women and others into how they can actually build a life that loves them back and they can truly have true joy and happiness and, and, you know, spend life with their, I should say spend time with their family and their loved ones.
Yeah, and you mentioned teams earlier when you were talking about your business.
So why is collaboration so important?
Collaboration is really important because you can't do everything alone.
It really is.
You have your secret sauce and your special unique powers, but when you collaborate with someone who is strong in areas that you are not, it really allows that thing to come alive and it allows you to really accomplish so much more.
And Dana, I think one wonderful thing that came out of the post-pandemic era is the fact that there's a lot of awareness nowadays in terms of work-life balance.
That is something that's been thrown around a lot, but in reality, all of us are individuals.
We have our unique needs as well as wants, as well as expertise.
So what have we learned? coming out of the pandemic, I have learned burnout is very real.
I've I've I've done that twice, Rey.
I've actually burned out and come back twice.
But it's really important to be clear about what looks like for you.
There are times when your family is going to need more of your time and attention, whether it's a loss or a health concern.
And then there are other times when your business or your career will require more of your time and attention.
I don't really think of it this fifty-fifty thing.
I think of it's more of a um ebb and flow as to what it really looks like and if you have a family, it's making sure that you're communicating very openly and honestly with your family as to where you are and what the needs are for this particular season and time.
