(A Tribute In Honor of Women’s History Month)
Personal Finance is just that – personal. How we manage our money is linked inherently to our personhood and identity.
What works for one individual, may not necessarily work for the other. I exclaim, “Real estate.” You may swear by, “Roth IRA.” They say, “Ease up on the lattés.” Others shout, “Get to know your barista!” Each of our perspectives, situations, and financial positions are unique.
While there are common principles which apply to us all, women – in particular – should internalize and maximize some key ideas when it comes to money and building wealth.
1. Recognize Your Worth
The gender pay gap is still staggering after all these years. On average, women earned 82% of what men earned as part-time and full-time workers in 2022 according to research. These sobering statistics remind us that we need to acknowledge our own value and take stock of how we contribute to the workplace and society.
As appropriate, we also need to advocate for our worth to be recognized. This may mean asking for a raise, financial compensation, or a simple reckoning with the fact that our time is precious and we may need an extension on that work assignment. Breathe, it’s ok. That sales pitch or document submission by 2 PM can take a back seat for a few moments so you can cheer on your child at their school’s daytime performance. The team can handle it and things won’t go off the rails if you prioritize what matters to you.
Speaking up for what we want and deserve is an internal conversation first. By reclaiming the time to think, we can purposefully direct our own personal and professional lives.
2. Invest in Yourself
Sign up for the course or finish the degree. Pursue the certification and credentials. Dust off that paint set to create again. Enjoy that podcast everyone has been raving about. Take a long walk. Or just allocate time to read, write, or reflect.
Everyday presents opportunities to make deposits for your soul. Use positive affirmations. Be grateful. Recognize your growth and successes through reflections. Try not to take yourself too seriously and cut yourself some slack if you make a mistake. We can be our own best friend or worst enemy, so choose to give yourself some grace.
3. Remember Self-Care is not Selfish
Women are natural caregivers and nurturers. We often assume numerous household responsibilities, including care for children and other loved ones, such as aging parents.
Research suggests that women experience depression more often than men. Thus, the need to be attuned to our mental health and wellness is paramount.
Take time to ensure you are using your resources to help you refuel in the ways that bring you a sense of rejuvenation and fulfillment. Maybe it’s paying a few extra dollars for childcare so you can attend that Zumba class? Or coordinating a potluck lunch with a group of friends? The price tag of the experiences you design will obviously vary, but the standard and objective to fill your cup should be routine and standard.
4. Leverage Your Feminine Superpowers
While research suggests women and men have the same cognitive and neurocapacity, many women are known for the ability to multi-task and prioritize well. This asset can be leveraged to have a positive impact upon finances, too. Whether you’re living single or with a partner, you can use this particular strength to find good deals and save money.
With research and patience, we can plan ahead to grab a good bargain, meal plan, and more. These are skills and ideas our partners and children can learn to maximize as well.
5. Set You and Your Loved Ones Up for Generational Success
As women, we do not need to rely solely upon our partners to fuel our power to build wealth. Instead, we should recognize and unleash our own sense of agency to advance and design our dreams through entrepreneurship, investing, professional advancement, and more.
Oprah Winfrey, entertainment mogul and philanthropist, said:
“What you want is money and meaning. You want your work to be meaningful, because meaning is what brings the real richness to your life.”
Oprah Winfrey
Passing along assets and wealth in service of our families and communities are powerful testaments to the responsible and considerate decisions we have made. In addition, using our resources and teaching the next generation the values we hold dear are ways to foster our eternal legacies. For example, the intangible lessons like hard work, creativity, and resilience are timeless principles to pass down and also spread around.
6. Celebrate Sisterhood
Sometimes women are known to be catty. Envious. Petty. Think: Any reality series on Bravo network! Albeit a bias or stereotype, there is some credibility to the human element of wanting what others may have. The latest Louis Vuitton purse? Those red bottom stilettos? The vacation and crystal blue waters on folks’ Instagram Reels?
Sheryl Sandberg, former Chief Operating Officer of Facebook (now Meta) and author of Lean In: Women, Work, and the Will to Lead, said:
“The more women help one another, the more we help ourselves. Acting like a coalition truly does produce results.”
Sheryl SANDBERG
Life is not a competition. Everyone has their own individual race to complete. Some of us will go fast, others may hobble along. Networking, in general, is a positive move to learn more open and expand your horizons. Could it be that we might be able to accomplish our goals faster and with less headache, by simply increasing our ability to collaborate and synergize with other women, too?
