Nineteen years ago, the sudden death of Michelle P. Cooper's husband left her and her two-year-old twins in a precarious position.
Like many women, the then 36-year-old was not in charge of the family’s finances, and she faced a steep learning curve.
Today, Cooper, a distinguished partner and director of Women, Wealth & Wellness at XML Financial Group in Bethesda, uses her extensive investment and estate planning knowledge, and various outreach platforms, to help women maintain their financial prowess to achieve short and long-term investment goals.
Money knowledge, she explains, is not always top of mind because women, especially, have so much on their plates – children, jobs, homes, parents, and at the end of the day they are exhausted from juggling all of their responsibilities.
“Women hold the spending power in a lot of families, but they don’t always understand this,” Cooper adds. “One of the challenges that women have in creating wealth is that we don’t value our work in the same way that men do. So, I advise women to know what their value is and to be vocal about it.”
Cooper, who holds her JD and MBA from Capital University with honors, adds that even top female wage earners in high corporate positions can be timid about investing, leaving their 401K funds in cash. “If we don’t invest the money, we are not going to keep up with inflation and it won’t be there when we need it to retire.”
A former practicing attorney, Cooper was a director of Merrill Lynch’s trust division in Washington, D.C., Virginia, and Maryland for more than 20 years. She oversaw 24 offices and focused on educating some 650 financial advisors and their clients on estate planning and philanthropy.
She was chosen as a Jewish Women International’s Woman to Watch in 2019 and frequently speaks at Potomac-area community events and on numerous podcasts about estate planning and financial literacy—all to help women thrive.
She shares her personal story of resilience after the sudden loss of her husband in her book, “I’ve Still Got Me – A Widow’s Journey to Love, Happiness & Financial Independence.”
Cooper advises women to prioritize financial health, educate themselves, and execute a plan to secure their financial situation. This advice, she says, will help each of us take action for our continued financial security.
When it comes to the financial education process, she says, it’s vital that each of us knows what we own and how it's titled such as real estate and bank accounts, what we owe including expenses and debts, and how we’re going to achieve retirement and other life goals. This means opening your mail and looking at every invoice and statement, so there are no surprises.
“Often, busy women don’t know exactly what is coming in and going out because they are not focused on it,” she says. “My motto is slow and steady wins the race. It doesn’t matter how big your salary is if you spend it all and don’t invest a portion of it,” Cooper adds. “All of the rest of the wonderful things we can do for ourselves comes from having the money and the power to do it.”
Michelle Cooper’s Sage Investment Advice:
Busting Two Investment Myths
You need substantial sums of money to be an investor:
It’s quite to the contrary … slow and steady wins the race here. Investing small amounts (or large amounts) continually over many years is how you create wealth. Anyone with a few dollars can become an investor.
Market timing...when to get in or out:
No one knows what the future holds. No one can predict the stock market. The best time to start investing is now. If someone is afraid to put money to work all at once, then dollar cost averaging (investing a certain amount for weeks or months) is a good strategy.
Two Current Investment Trends
Cash is king:
We have experienced several years of rising interest rates. Investors are taking advantage of cash being an asset class. This may change over time as the Fed starts to lower interest rates, but for now, cash is a good place to be.
Diversification:
Have a well-thought-out investment plan that incorporates different asset classes and investment styles to achieve short- and long-term goals.
“Often, busy women don’t know exactly what is coming in and going out because they are not focused on it. My motto is slow and steady wins the race. It doesn’t matter how big your salary is if you spend it all and don’t invest a portion of it.”
