When it comes to your finances, are you someone who is diligent, saves wisely, and knows where every penny you’ve earned goes? Or are you more carefree and you plan to get serious about saving for that “rainy day” when you are in a better place and earning more money? Well, what happens if that “rainy day” arrives unexpectedly and you’re caught without a savings umbrella?
In this episode, Stephanie Groschup, co-founder and managing partner of women-owned firm, GM Wealth Group debunks common myths and mistakes we make when it comes to our personal finances. She also shares the success habits and mindset necessary for building wealth, not just living on your income.
[02:39] About Stephanie
[04:06] Moving to Wall Street
[05:16] From Wall Street Executive to Entrepreneur
[08:54] Learning to run a business
[12:51] Investment patterns across genders
[14:55] Guiding principles of wealth creation
[17:59] Advice for those just starting out
[19:51] Financial reactions to the pandemic
[24:03] Benefits of a financial advisor
[27:58] Women and the money mindset
[29:39] Income versus assets
[31:18] Stephanie’s proudest accomplishment
[32:04] Most important lesson learned
[33:10] Success habits for wealth creation
“Consider yourself important and pay yourself first before you pay anything else.” – Stephanie Groschup
Everyone needs to have an emergency fund. Try to have at least six months of salary and savings at all times.” – Stephanie Groschup
“Block out the noise and distractions coming at you and focus on your goals.” – Stephanie Groschup
“Sit down by yourself every morning and think about what you need to accomplish today. And make sure you focus on your budget.” – Stephanie Groschup
Stephanie is co-founder and managing partner of women-owned firm, GM Wealth Group, and is responsible for guiding the firm’s investment strategy, research and strategic development. With nearly two decades of experience in the financial industry, she is dedicated to helping her clients achieve their financial goals.
Stephanie has overcome career barriers by being the only female in her class to graduate from the Merrill Lynch training program. Having worked in male dominated fields, she knows first-hand how challenging it can be for women to thrive professionally and financially. That’s why Stephanie is passionate about helping women achieve financial freedom. She believes that listening to the client is of utmost importance so she can apply customized strategies to meet specific needs with a thoughtful, yet proven approach.
Specializing in investment strategy, portfolio construction, risk management, and corporate and private retirement plans, Stephanie leverages her extensive experience and professional qualifications to implement highly customized portfolios for her clients. She thrives in helping her clients build wealth and fulfill their dreams.
Stephanie, a native Texan, received her B.A. from the University of Texas at Austin. Stephanie holds FINRA Series 7 and 66 securities licenses, as well as life, health and long-term care insurance licenses.
She is also a Chartered Retirement Planning Counselor (CRPC) ® .
Stephanie’s interests include architecture, wine and travel. An avid tennis player, Stephanie employs strategies to give her clients the advantages of putting the ball in their court.