The more women I talk to, the more I realize that any women still lack financial confidence.They often fear making major financial decisions like where to invest, so they procrastinate.They fear tracking their spending, so they feel clueless about where their money goes. Yet, these money habits can help them create wealth.
Why aren’t women more confident with their finances?
Could it be that women unconsciously stop themselves from being assertive? Many highly capable women leave their financial lives up to their husbands, boyfriends or parents. Consequently, they give away their power around money.
How do I know?
Because I use to do that, too. I was left broke and penniless at the end of a fifteen-year relationship with a man who promised I would never have to worry about finances. Because I believed him, I quit contributing to my 401K, and never gave my future financial security another thought.Until we split up.After a huge financial crisis, I learned the hard way that financial empowerment for women must come from within.Ladies, we must seize our financial wellbeing with all the fervor we can muster up. We must embrace an unshakable determination to take control of our financial lives.We must tell ourselves that we are capable of financial empowerment. We must not let outdated notions of gender and money hinder our goals for financial success.
Let us keep the acronym EMPOWER in mind as a reminder of why your financial power matters:
E – Empowerment must come from withinM – Motivation comes from your valuesP – Protection against riskO – Ownership of your financial securityW – Worthy of your time and attentionE – Education is a key component to grow your wealthR – Responsibility to yourself and your financial wellbeingNow if that doesn’t motivate you, I don’t know what will.Related: Baby Boomer Women Wish They Had Saved More Money for Retirement