Building Wealth as a Woman

Not at all but this is a continual theme that I encounter because I primarily coach women. Women who don’t ask for the raise or increase their prices in their businesses can hold themselves back or worse – limit the possibilities for their future and building wealth.

We’ve known this for a long time, but there’s a gap in who holds the most wealth in the United States. The majority of it being in the hands of men. That statistic is changing, but slowly. I want to make a bigger ripple effect and continue to close that gap and the sooner I can tell you this the sooner you can change your life and impact other women around you.

According to US Bank, women hold:

  • 27% of executive/senior level positions

  • 21% of board seats

  • Fewer than 6% of CEO positions

Not to mention women are much more likely to take time out of the workforce, request more flexible schedules, or work reduced hours so that they can raise children or care for their aging parents.

Because of this – it results in lost income, stifled career growth, less savings, and potentially lower social security benefits. Not only that, but it can mean increased vulnerability if a spouse dies or marriage ends.

Women are starting to take their careers into their own hands meaning that

  • 44% of women have a private net worth of over $100,000 are self made

  • The number of women-owned businesses has grown 58% since 2007

  • Over ⅓ of women say they’ve asked for a raise and 74% say they’ve received what they’ve asked for

Despite that, 35% of women would use the word “wealthy” as a self-descriptor. Whereas 52% of men would.

Here’s what happens – women bring emotions into the conversation of money and men typically don't. They’re more interested in leaving a legacy and affording to buy stuff that they want to have. Women are more focused on finding contentment where they’re at and bringing stability and comfort.

That’s where the difference comes into play – interesting huh? Now, as a financial coach – I want you to have financial comfort and stability, but I also want you to be able to fund your dreams. You can have both. This isn’t an either or situation – it’s a both/and.

Here’s how to lose the guilt when it comes to building wealth:

  1. Take a page from the men's book and look at the legacy of wealth that you want to leave for future generations

  2. Focus on the good that can be done when you build wealth – both in your family and externally

  3. See money as the tool that it is to bring you the comfort and don’t