Day 2: Women of Power Attendees Learn Power of Financial Independence

In “The Women’s Wealth Imperative” session hosted by Merrill Lynch, speakers Sharon Epperson, Racquel Oden and Black Entperise’s Senior Editor and Money Expert Stacey Tisdale talked about the importance of financial independence and the need for women to take charge of their money management.

The session was moderated by Black Enterprise Women of Power TV co-host Shartia Brantley, where panelists spoke to a standing-room only crowd about three things: how to get wealthy, stay wealthy and pass the wealth to future generations.

With a Merrill Lynch research report given to each of the session attendees, the audience gained insight on why they need to be more involved in investing. Oden, who is the head of strategy and development for Merrill Lynch Wealth Management, elaborated on the report, which found that men are more confident about their finances than women and encouraged the women to go into investing with a purpose and goal.

Adding to Oden’s point about knowing your financial purpose, Tisdale says that women must ask the following questions: What am I saving for? What am I investing for? What does my ideal retirement goal look like?

Epperson, who serves as CNBC’s Senior Personal Finance Correspondent, gave a breakdown to the ladies in regards to what they should be doing now to create a future of wealth. She expressed the importance of putting 60 percent of your salary away for expenses, 20 percent away for long-term saving, 10 percent away for short-term saving and 10 percent away for yourself.

“The bottom line is to make sure you stay true to your goals,” said Epperson who echoed the other panelists advice on saving and investing with a purpose.