There are a few things a woman is taught not to disclose once she ventures into womanhood: her age, her weight, and most notably, her finances; that is, until her hand is forced — a job loss, the death of a spouse, a divorce — in which case you deny, deny, deny.
Despite our advanced degrees and extensive buying power, the subject of women and money remains taboo; and, in some instances, a source of comedic relief. Remember the “Sex and the City” episode where Carrie couldn’t afford a down payment on her apartment because she had spent so much money on shoes?
At the time, it was laughable, but as I get older and witness the women around me left in financial ruin due to their financial negligence, I’m no longer amused.
As women, we’re trained from birth to marry well and place our financial futures into someone else’s hands. According to the report “ Own Your Worth “ by UBS Global Wealth Management, more than half of married women still rely on their spouses for major investing and financial planning decisions. This study also revealed that more than half of women admit to a lack of investment knowledge, while nearly 70 percent of men were confident about investing.
But as the gender wage gap prevails and women continue to outlive men, we can no longer afford to remain clueless. A recent study by the nonprofit National Institute on Retirement Security revealed that retired women are 80 percent more likely to live in poverty than men.
It’s nothing new that most Americans work paycheck to paycheck and have little to no savings. The few who manage to save and invest in their 401ks soon discover it’s simply not enough to achieve financial freedom.
So what now? Do we kick up our heels, forgo our red bottoms and swear off skinny lattes in hopes of securing a better financial future?
I started this blog to answer the question that plagues every woman at one point in her professional and financial life: How did she do it?
More and more women millionaires are popping up every day. The number of female multi-millionaires increased 31% between 2017 and 2018.
Can any woman become part of the 1% club? Or, is this just another fairytale knockoff designed to keep us striving for the unattainable?
From watching my dad sketch blueprints on the kitchen table and growing up in a family of entrepreneurs to later embarking on my own start-up life, these questions have echoed throughout my entrepreneurial and financial journey–and this blog is where I’ll dig up the answers.