wealthy women.png

Be A Wealthy Woman

Studies show that many women resist getting in the game, and therefore have a dysfunctional relationship with money, much more so than men. This is not a sexist or inflammatory statement. Think of it this way, as a woman, your relationship status on Facebook with your money is most likely “It’s Complicated”. Not for all women, but certainly for many. Let’s zoom in.

This assertion is based in fact, and backed by many recent studies, where many women start out with money at a young age with a disadvantage. It’s not a level playing field with men. We all know that women make less money than men. According to a recent study..women have more debt than men – and less of it is actually paid off. And most telling, women are significantly less confident when it comes to investing.

 

The relationship between women and money is often characterized by not having a strong enough connection. A recent poll by the wealth management division of UBS found that while 85% of women manage everyday expenses, only 23% take the lead when it comes to long-term financial planning.

 

Another study found that most women, 92%, feel comfortable with short term finances, such as managing their household finances, but less than 73% of women are confident in their ability to invest money smartly, compared to 87% of men. This lack of confidence translates means that women invest 40% less money than men do.

 

Most important than the numbers and analysis above is the fact that not enough women are stepping up to their financial plate – where they can make a huge impact for themselves and their families by taking the time and interest to build wealth for their financial future. They put way too much trust and control of their money to a spouse or loved one and don’t take ownership to get to know their money.

 

To provide more context here, realize that money and women have a complicated relationship from the start as I alluded to earlier..money is often seen as taboo, so women don't discuss it even with those closest to them. This conundrum means that lots of women lack confidence around money and miss out on valuable financial opportunities because they are afraid of being judged wrongly by - or judged more harshly than - their male counterparts for taking smart financial risks.

 

In addition, may women aren't familiar with the financial world, so they are scared to make mistakes that they think could potentially lose them all their hard-earned money. That fear causes often causes unnecessary paralysis and inaction, and ultimately costs women plenty. They could have been building wealth but they are forever sidelined by fear. Doing nothing, fear and inertia is costly for many women.

 

I want to tell about a tragic, powerful personal story of mine that underscores and illustrates this point quite well. A story about a woman I knew who paid a very dear price with this kind lack of education and knowledge about getting to know her money. When I was an investigative reporter, I interviewed “Jane Doe” who was in a domestic violence shelter, hiding from her abusive and violent husband. Like many of these crazy men, he had violated restraining order after restraining order. She lived in constant fear, and did not even feel safe in the shelter.

 

She told me during the interview that she wished she knew more about money, finances and investing so she could get away from this man and not feel so financially vulnerable. But she never did. Never had the time. Or just did not make the time.

 

She said that maybe she could have moved out of her house and gotten away from this horrible man by establishing a strong, independent financial footing, and financial freedom. Her own bank account, Her own investments. Her own money. But sadly, she never took the time to get to know her money.

 

Tragically, her husband broke into the shelter and murdered her about a week after I interviewed her for this story. I was in shock, and the reverberations have lasted until now. Little did I know that years later, part of my abiding mission and passion in life is to help women with their money and finances to honor “Jane Doe” by helping teach women what they need to know to build wealth the right way, protect their money and build independent wealth and finances.

 

As with this tragic story, lack of education is a root cause of this dysfunction with women and money, and for all of us…for that matter. Inexplicably there are no classes for wealth building and wealth protection. My staff and I have studied and analyzed this and looked high and low, but there are almost no finance classes…at any level..that really wealth building and protection.

 

Here’s the deal..as a woman, you MUST take the time to learn more, money and wealth as if your life depended on it…is too important to leave to someone else, least of all your husband, wife, or partner. This is why as The Money Protector, I help so many women with basic finances and wealth building tools that most had no idea about and were so gratified to learn about. Why? Because Knowledge is power. You need to get to know your money. Let’s look at one other example that is also quite unfortunate, but illuminating.

 

Sadly, there are many financial horror stories I have heard from my female clients and even from friends of mine, often much more profound and telling than most of those that happen to men. One woman told me that after her husband died suddenly, in the aftermath of her grief two days later, she cried uncontrollably because he was gone after realizing she had not idea at all about the couple’s money, finances, wealth.

 

She never took the time to be involved in the finances for she and her husband. She delegated this all to him. She thought they were financially sound, because that’s what her husband always told her.

 

But the truth was brutal and just the opposite. It turns out the couple’s finances were mired in debt. He never paid the premiums on their life insurance policy for her in case he died, so there was no insurance money for her at his death.

 

Unpaid bills and debt that was now her burden to shoulder. The weight of this ultimately meant that she lost not just her husband, but also her house, because it soon went into foreclosure because of the mountainous debt her husbanded racked up that she never knew about.

 

I know it is hard to hear these stories, but they are real, and I hope you learn from them. So, it’s time for you to be an empowered woman. Learn the basic blocking and tackling of finances. Educate yourself about investing and other financial topics. Become financially literate. Financial literacy=Empowerment.

 

You need to be financially independent and have your money be as strong as you are as a woman. Not tomorrow. Today! Don’t put it off. That’s what Jane Doe did. She procrastinated until it was too late. She wanted to learn more about finances and money, but she didn’t do it.

 

She may have had all kinds of pressures and responsibilities that conspired together to make it hard for her to become financially literate, but she did not. And in so doing, made a choice. Life is often the sum total of the choices we make or don’t make. And the brutal truth is this may have cost her her life. It’s not her fault. Please understand I am not blaming her. I feel profound grief, visceral sadness and empathy for her still, many years after this happened.

 

In addition to getting to know you money, here is a financial commandment you need to follow at all times. No matter your circumstances, never, ever ever depend on a man…or anyone for that matter..for your money or finances. And never ever give them complete, unilateral control over your money, finances and investments.

 

This is why, as The Money Protector my wealth advisory is doing a “Wealthy Woman” education and wealth tips series every March, in honor of Women’s History Month. There are so many important new things you need to learn in your journey to Get To Know Your Money. As a woman, your money needs to be just as strong as you. You need to learn to build wealth the right way, and be the captain of your own ship. And that means learning how to protect your money like a billionaire.