As a new generation of independent women I wanted to interview a Latino women that would make me realize and understand the concept of finance in another way. I have always been involved in some way with advertising agencies and understood that Elizabeth Sanchez, the controller of J Walter Thompson would be the correct person to interview.
Elizabeth ‘Lilly’ Sanchez studied her bachelor in Marketing at Bentley College. During her studies in Marketing she found out that her interests changed to Finance, it was natural and easier for her. Growing up in Puerto Rico in an all girls school she was taught that she was capable of accomplishing any goals she would set. Lilly had her first interview in an advertising agency in the finance division. Her turning point was during her bachelors when she realized that she could unify both of her passions, marketing and finance. Lilly accomplished her dream by getting her first job in Miami, Fl.
When Lilly got married to her high-school sweetheart she had the necessity to relocate, and it is because of her husband that she moved back to Puerto Rico; where she was born and raised. Here she got established as the controller of a world-wide renowned, agency J Walter Thompson. As part of her professional growth Lilly has done continued study to keep up with different aspects of her career. One of the biggest issues that she has encountered moving from different cities was learning the different taxes of the different states.
Lilly does not believe in the stock market unless you have the money to “gamble” and the time to keep track of it, eventhough no one wants to lose money. There are a lot of different factors that has caused the crisis we are going through right now; but now it has been highlighted since the CEO’s from Ford, GM & Chrysler went and begged for a loan. These companies were asking for a loan because of the bad administration that kept companies losing and the stocks and bonds going down, something that could have been prevented years ago, but it wasn't until now that it is being felt in the community. Definitely the stock and bonds are not a good investment in this moment. There are opportunities in the stock market and it still has not hit bottom, but definitely it is not Lilly’s suggestion. The only investment that she has is the 401K because it is one of the benefits of the company. If she needed to advice me because I want to invest, to only do it in mutual funds, but still just saving right now is the way to go. One other suggestion that she gave me following the saving concept was to put the money in a money market account, this way your money is not tied and you will get a good interest until the economy gets stable and decisions can start getting made. The reality is that we are in a surviving period of the economy. Decisions need to be made in order to survive, personally and in the business aspect. The society is in a survival mode.
For Elizabeth it is a moment in history that everything needs to re-invent itself in order to come out of this crisis. Because of our technologic society and other factors, the time has come for the world to feed the needs. The world needs to diversify. Eventhough of this re-inventing strategy that she understands it is necessary, the best advice is to invest the traditional way, realestate ‘IF’ it is appropriate.
Because we are in a recession one of the best options is to buy properties that are on foreclosures. If someone has the money to invest, infrastructure is the safe way and the most intelligent way to go. One option that always works in Puerto Rico is to convert a property into a collection of one-bedroom apartments for college students.
Lilly also conversed that in another scenery, not in today situation she would advise that I should try the mutual funds are a good way to start in the investments and develop to portfolios when I would be ready to have that ‘big’ step. Lilly also said to not get attached to the stocks that if you buy to just learn the most important concept, buy low sell higher. “Don’t wait for the stock to go down again. Just get half a point from each stock and you are already winning.” Elizabeth Sanchez.