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Author:
Alex Levi
Alex Levi is a founder of Element Financial Group a distinctive, single-source wealth management firm in Manhattan. Alex's unique background in the finance, fashion and entertainment industry, as well as her success as an entrepreneur enables her to understand the challenges faced by both business owners and successful professionals. As their
"financial advocate," Levi collaborates with her clients in the formation of strategies to help create and preserve wealth. In addition, Levi serves on the Executive Committee of the Board of New York Women in Film and Television.
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Alex Levi's* professional successes and her love of finance and entrepreneurship have resulted in the creation of Element Financial Group. She brings to the firm a diversified practice focusing on financial, insurance and estate strategies. She advises established individuals, business owners, and family owned businesses.
Alex launched her first consulting practice at twenty-one, developing financial and tax strategies for individuals and small businesses. Eight years after meeting the challenge of building a thriving practice a client convinced Alex to formally join his company. She did and became CFO of a premier modeling agency headquartered in New York. She led its expansion into London, Cape Town and South Beach, growing income ten-fold to $20 million. The agency led the industry onto the web and into publishing. Alex also negotiated some of the largest and most innovative contracts in the industry.
Later, she became Vice President of Entertainment at a communications firm where she led both the creative and management teams. Under her direction they were successful in developing and marketing a custom animated character to both a leading multi-national retailer and a media distributor. The strategic alliance produced a licensing program expected to generate $50 million in revenue.
After six years in a formal corporate role, Alex's entrepreneurial instinct and desire to help individuals and business demanded she return to her own practice. Alex's unique background affords her clients the ability to work with a financial advisor who understands the challenges faced by both business owners and successful professionals. As their
"financial advocate" Alex collaborates with her clients in the formation of strategies to help create and preserve wealth.
Alex has serves as Vice-President of Development on the Board of New York Women in Film and Television and is also a member of both of the National Association of Women's Business Owners and Women in Insurance and Financial Services. Alex was born and raised in New York City. She and her husband live in Chelsea.
*Registered representative of and offers securities and investment advisory services through MML Investor Services, Inc., Member SIPC, 150 Clove Road Little Falls, NJ 07424 (973 )237 0100. Insurance offered through Massachusetts Mutual Life Insurance Company and other fine companies.
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GAINING FINANCIAL FREEDOM: A GATEWAY TO CREATIVE FREEDOM
Creative passion. It is what gets most of us out of bed in the morning, and what keeps us up at night. We spend all of our time and every ounce of energy in tireless pursuit of the telling of the story that burns in our soul. Sadly, however, many women are left financially vulnerable because in pursuing their passion, they've ignored a harsh reality.
There is no getting around it - whether you are a documentary filmmaker, director or a producer -- as a woman you have some formidable obstacles in your journey to financial success. In addition to the fact that women earn less than men, we live on the average of six years longer. We are more likely to take time away from the workforce for child rearing and family responsibilities. Divorce is as likely as it is unlikely. After divorce our standard of living drops 23%, while a man's goes up 10%.
Women often take a passive approach towards the management of their money, yet at some point in their lives, ninety percent of women will be solely responsible for their finances.
Many female creative professionals are stymied by these facts. They know they should be doing more , but are too distracted by their professional pursuits to do so. But, it not only is possible to do both, it is imperative. No one else is going to do it for you.
The best way to start is by considering what it means to be financial vulnerable. It means accepting projects that you would rather pass on, simply because you need the money. It means having to work well past the age you thought you would have had to, because you have no other options. It means not being able to help a loved one who faces a financial crisis.
It doesn't matter if you are 20, 40 or 60 - working or currently between projects - you need to start thinking about gaining financial independence today so that you can put your financial concerns aside and maintain focus on what is most important to you. Here are five steps you can take:
1. Pay attention. Take an interest in your finances; make them a treasured hobby instead of the dreaded or ignored chore. Be committed to improving your financial skills. Pay attention to where you are spending your money. Are there expenses that could be reduced or eliminated? Being in a profession characterized by often erratic earnings is no excuse for being lax. You do not have to be an expert or even consult an expert to begin saving money; just pay attention.
2. Take an inventory. It sounds simple, and it is - once you get started. Organize your financial junk drawer. Make sure you know where everything is, the name it is held in, and the role it plays in helping you to achieve your goals. Take inventory of your savings, investments, retirement plans, assets and liabilities. Gather your wills and trusts. Record all important account numbers and store legal documents in one safe place.
3. Set Goals. Financial goal setting is not reserved for people with stable earning histories or those entering a new life phase; it is something everyone should do. In fact, if your income is inconsistent it is even more important to understand what you need to obtain your goals. It does not have to be complicated. Simply think realistically about what it is you want to accomplish financially, from both short and long term perspectives. Then you can begin outlining the specific steps needed to achieve those goals.
4. Pay Yourself First. This is often the hardest one for women. You must establish a systematic way to save. Set aside a designated amount of money from each project exclusively for savings and investing for the future. Be disciplined enough to not take an amount out of your current project and put it what your mind's eye considers to be a "lock box" These are funds that you do not dip into, even if the finishing funds on your current project have dried up. Think of it as paying yourself and expanding your future creative and life options.
5. Protect What You Have. Make sure you protect the assets you have worked hard to accumulate by buying appropriate amounts of life insurance, disability income protection and long-term care insurance. Also, protect your free will in the event of incapacitation by working with an attorney to draft wills, living wills, health care proxies and powers of attorney. Marriage - whether it is a first or subsequent marriage - creates another set of planning issues.. Pre-nuptial agreements are not just for the uber wealthy. If you have assets, e.g. film, music rights, or a production company you should consider a pre-nup. No one wants to be divorced, but you should not leave yourself defenseless if it happens. Seek advice from both a matrimonial attorney, and a financial advisor.
There are many resources available to help you craft your financial skills. There is no shortage of great books, websites and television talk shows dedicated to the topic. There often, however, is no substitute for talking with a professional. If you need help, talk to friends and family members about finding a reputable, experienced advisor who talks your language, makes you comfortable and gives you confidence.
Alex Levi at alevi@finsvcs.com
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