DailyWorth CEO Amanda Steinberg on how to grow roots and wings.
Do you have roots and wings? And if not, how can you build them?
We at DailyWorth spent the last two days talking about just that on a live Roots and Wings Money Workshop (Watch the replay here). So what are roots and wings, you might ask? DailyWorth CEO and Founder Amanda Steinberg said it best:
“As a child, my mom told me that to navigate life successfully, all I needed were roots and wings,” she says. “Roots (security) meant knowing that you have a family that loves you, and wings (confidence) was knowing how to take risks, so I could fly.”
But… how do roots pertain to money?
Steinberg explains: “Roots are your long-term investments. They’re your real estate, retirement, and investment accounts, and in some cases, a business that you own. Roots grow slowly over time. They require regular watering, fertilizing, and weeding. Strong, long-term roots are key to your net worth. They grow in value over time. When handled wisely, they provide security, like roots holding down a tree,” she says.
And then there are your wings. They help you fly.
“Wings are made up of income, cash savings, and credit,” Steinberg says. “How high you fly depends on how much you earn and save, and how you manage credit. When used wisely, your wings not only fund your daily living but also grow your roots.”
I joined Steinberg on the two-day webinar series, during which I interviewed her on everything from building roots while having debt to the risks that come along with each root, to debating the merits of my graduate degree as a root (still deciding on that one). We also talked about wings and how they help you build roots, too.
One thing that stuck out? The 900 women who joined us live over two days were impressive in their own right. Not only were they taking control of their finances, they were educating themselves further so they can ask the right questions about their money.
Hearing their stories, having a conversation in real time about money, learning what women think about regarding their money and the questions they have about growing it – well, that was pretty amazing.
You can rewatch the online workshop here.
Below are the top questions you asked during the workshops. We’re going to answer them in depth in the coming weeks on DailyWorth.
How to I manage credit card debt? The small payments I’m able to make only seem to cover interest and it seems impossible to climb out of debt.
I have some extra money coming in – should I pay down debt, invest it, put it toward my mortgage, or pay more on my student loans?
I’m 50 years-old and haven’t start saving for retirement yet. What are some retirement catch-up strategies?
How can I start investing?
Should I buy a home even if I have other financial pressures, like debt?
What’s the best way to manage joint finances?
Should I dip into my retirement to pay for my child’s college?
Is there a rule of how much to invest when starting a business?
How can I earn passive income?
Do you need a minimum amount to start investing in mutual funds or ETFs?
How can I invest in a socially responsible way?
Which robo-advisors are best?
We want to know: Did we miss your burning question? What do you want to see covered on DailyWorth? What longstanding questions about your money do you have? Tell us in the comments!