Wealth Building For Women - 4 Valuable Tips To Help Any Woman Increase Their Wealth

Most women are raised to inherently believe that somehow their wealth and financial well-being will be taken care of by others (i.e. marry, inherit). 

Because of this, most women aren't taught how to build their own wealth, or even think to learn it on their own. 

If you're a woman who desires to build more wealth, here are 4 valuable tips to help you get started: 

Tip #1: Get clear

When we experience negative events (such as our parents telling us there isn't enough money), we subconsciously block out or avoid our painful memories. This process of avoidance actually insures that the event will get stuck in the body, at the cellular level, because it is never fully processed and cleared. So, clearing these beliefs is crucial to your wealth. To start, make a list of any negative beliefs you determine you have about money or wealthy people, including the belief that your financial well-being will somehow be taken care of by others. Use a clearing technique like EFT (Emotional Freedom Technique) or whatever works best for you, until you feel clear. 

Tip # 2: Stop your most costly money drains

Money drains sabotage our efforts to accumulate and build wealth. The best way to take control of your wealth is to be aware of where your money is going. I'm not asking you to be perfect, and I don't want you to get overwhelmed with this, just look where your money is going and "plug" any money drains as you see fit. Common money drains include: having more house or car than you can afford, dining out too much, alcohol, cigarettes, fancy coffee drinks, excessive shopping, too many paid subscriptions, happy hours, expensive vacations, not automating a regular savings amount, keeping up with The Joneses, constant parking or speeding tickets, paying overdraft fees, incurring credit card fees and/or interest, late payment fees, lending money to others, wasting food, overpaying insurance (not checking your policies regularly), bad credit, and anything else that is unnecessary and is keeping you from investing or saving. 

Tip # 3: Show Some Respect

You need to consistently show your subconscious mind that you respect money, you are interested in your finances, and you are serious about wealth building. This includes keeping your purse neat and organised, ensuring you organise your bills as you receive them, and pay them by the due date. Have a filing system for all your financial documents and keep it current and organised. Don't use credit cards to buy things you don't need and can't afford. Always know your net worth (= assets - liabilities). 

Tip # 4: Get serious about wealth building

Once you get clear, seriously look at where your money is going, and begin to plug your money drains, you should have additional "free" money every month to start wealth building. 

Here are a few things to consider: 

1. Pay yourself first, and show your subconscious mind that your wealth matters. Determine a set amount (even $5 a week), and have it automatically deposited to your savings account. Don't touch it, just let it grow

2. Automate the payment of your bills as much as possible so you aren't always focused on or worrying about them

3. Focus on eliminating any unsecured debt (i.e. credit card debt). This will give you a great sense of freedom to see the amount steadily decrease and ultimately reach a zero balance

 4. Create an emergency fund and add to it gradually (final balance to target should be equal to 6 months of your income). This will give you a sense of comfort and freedom 

5. Look into ways to create more income (i.e. start a business or side hussle)

6. Start researching and learning about different investments. However, don't ever invest in something you don't understand

Article Source: https://EzineArticles.com/expert/Jeanne_Ewen/719706

Ladies - Our Money Matters

Sooner or later nearly all women, because of divorce or other lifestyle changes, come nose-to-nose with the financial area of our lives, this is a given. It's true - you do not want to learn how to handle money matters in a crisis; it's better to learn while you can be patient and reflective and embrace your financial well being.

But so many of us confront our cash concerns only at the worst moments in our lives-when we divorce, when our partners die, when we lose our jobs, or when we face a health crisis. When is a good time to start caring for our financial future? 

Today! It doesn't take a course in economics to see that the longer we wait, the worse off we may be. The facts aren't always easy to face, but they are potent persuaders. They show the need to create a sound base for our future financial life now, whether you're married, single, widowed, divorced, or partnered. All women, working and non-working, need to provide for the years when our earning power has diminished or ended altogether. We wil need cash-just as Sophie Tucker said: "From birth to age 18, a girl needs good parents. From 18 to 35, she needs good looks. From 35 to 55, she needs a good personality. And from 55 on, a girl needs cash."

We all know this to be true, or we should, because we live in a time of extended longevity. According to the Centres of Disease Control (CDC), a fifty-five-year-old woman today has about 26.2 years left to live. Thus, she can anticipate living to the age of eighty-one. A man's life expectancy is a few years shorter-seventy-five. And the truth is that with good health, we can live well into our nineties. 

Most women can expect to be on our own at some point in our lives. Many, of course, remain single. Others, by either choice or circumstance, become single. At least half of all first marriages end in divorce or separation, and so do more than half of all second marriages. Many women base their lifestyles on a two-income household, and women who work at home as mothers and homemakers choose to depend on their husbands or partners for financial support. Our longevity means that most of us will be living for a long time. So divorce and other life circumstances are likely to leave many of us women in charge of our financial lives, regardless of income, and whether we are ready or not. 

Many men are providers for their wives and children and carefully plan for the time when their spouses-whether working or nonworking-will be on their own. Others, however, are less responsible, through either ignorance, carelessness, or unwillingness to face the harsh realities of life. In too many cases, this means that these men are leaving their wives and children to slide into poverty after they die. 

If you've digested all this, then your stomach may be burning by now. Every single one of these contingencies is a serious challenge to us.

And these realities shed a very different light on the belief that many of us have- that saving and investing money is inconvenient and risky business. If you take these considerations very seriously, then you'll realise that spending your money as you earn it, without putting it to work, is the real risk you face, and it's a far greater risk than the chance that you'll lose money by having an agreement with yourself to regularly invest your money in a way that nurtures and benefits you. The real risk most women face is failing to invest actively. 

And part of this life process is being patient and trusting the reality that your money needs time to grow. This is a reality that it's not going to sprout overnight like a flower. It's going to grow based on consistent investment action, and not based on hot tips, inside information, advice from a psychic hot line, or by chance. Believe it or not, your money can grow for you and substantially ease financial worry.

I am encouraging you to realise your superpower as a woman and accept what might seem a revolutionary concept: You can, you will, and you must have control over your financial life. Taking financial control is part of our natural evolution and the last step in our liberation as women. The freedom we enjoy today came in stages: from education to the vote, to control of our health to increased employment opportunities, to more power in our relationships. 

Most of us have gone to work, and some of us have made a lot of money in these changing times; others have remained at home, working in alignment with a partner to raise families and run households. In either case, today's generation of women has greater freedom and opportunity than previous ones. But have we made this new freedom work for us? The truth is, regardless of age, occupation, marital status, or future promise, we must all go to the next level and actively develop our financial well-being - we must have 'financial legs'. 

It's not that we consider our financial lives unimportant. Nor do we purposely shirk responsibility. But centuries of cultural biases, misconceptions, and fears conspire us to hold us back. We are not supposed to be interested or involved in money matters some think; in reality, many of us are unprepared to tackle the issue and we put it out of our minds. Certainly, like so many passages in life, taking charge of our financial life is a path to new challenges. (Plenty of men are intimidated about money matters, too-even if they're too macho to admit it.) But investing is also one of the most enjoyable things you'll ever do because it leads to your financial security. 

Watching your money work for you is a singular treat, one that can give you pleasure as it raises the quality of your life. How can you envision financial opportunity? Begin by understanding and dumping the influences that keep you from this very important stage in the cycle of life. 

At stake is a secure future for yourself and your family. The bottom line-for you and me and everyone-is that you will probably have to manage a large sum of money-perhaps millions-by the time you stop working if you hope to live as well as, if not better than, you did during your working years. So if you don't begin the process of investing now, you can't be certain of a healthy-and happy-financial future. 

Anyone can successfully manage her money life. It doesn't matter whether you're young or old; married, partnered, or single; divorced or widowed; employed or unemployed; rich or poor. What is important is that you see yourself as a woman with cash and investments. 

Now is the time to nurture yourself to develop strong, sensible money strategies, whether you're just starting out or have already made some headway with investments. Handling your money, you will realise, it is a fascinating journey towards emotional and personal wholeness. 

Article Source: https://EzineArticles.com/expert/Joan_Perry/216137 © 2021 EzineArticles

5 Reasons Financial Planning Is Different For Women Than Men

Financial planning saves a lot of stress and anxiety over money. Both men and women - single or married - should take part in planning for their future. But women face a different set of challenges. 

This article is not intended to express how difficult it is for us to be a woman. We have tremendous opportunities and have already come a long way in the working world. 

That being said, our financial planning needs can be altered in many ways by factors that may be out of our control. 

The 5 reasons we need to plan differently are outlined below. They may not be applicable in every case, but we are more likely to experience these factors than men. With clarity, a well thought out and evolving financial plan, we as women can achieve financial confidence, independence and peace of mind. 

Increased Longevity 

Women are estimated to live 5 to 6 years longer than men. This increased longevity means that our retirement savings needs to last longer. During those extra years, we may incur even more expenses. Health concerns may surface or the need for skilled care may arise. All of this amounts to increased expenditures during our later years of life. Longevity that isn't planned for can put a strain on retirement savings. We should not plan on receiving or inheriting money from our spouse. People remaining unmarried or marriages ending in divorce, a monthly income from a spouse's pension, may not be an option. We need to plan for personal longevity because of this. 

Break In Employment 

It is not uncommon for us to take a break from employment when children are being born and raised. Some women decide to quit their corporate gig and become a stay at home mom. Or... they trade in their higher paying job for one that offers more flexibility and better hours. This puts us in a position where less personal income may be coming in. This has a significant impact on our ability to save for retirement. 

Also, getting back into the labor market right where we left off can be difficult. After years away, technology, younger workers, more experienced workers, and industry changes can make this harder to do. Women taking a break in employment to raise a family may face these obstacles when trying to re-enter the workforce. 

Life as a Woman Costs More 

It doesn't come as a surprise that we generally spend more in certain areas than men. The entire beauty and cosmetic industries are largely focused on women. Generally, women spend more on makeup, hair and skin care products. We generally spend more on clothing, shoes and accessories as well. The above expenses tend to occur on a much more frequent and recurring basis. Men don't spend nearly as much on these. 

Additional financial planning and budgeting can help reign in any excessive spending in this category. In most cases, even tightening the belt on some of these items may not solve the problem. Life as a woman... still costs more. 

Women Are More Likely To Experience Independence 

Whether it is due to outliving our spouse, being single, widowed or divorced, we are more likely to be the sole financial decision maker at some point in our life. This is another reason why it is important to have a financial plan that prepares for the future. In previous generations, women were accustomed to taking a back seat with finances. This is no longer the case. Today a proactive approach to future financial needs is always advisable. 

Women May Earn Less Than Men 

This is a long standing concern. We still statistically earn less than men. Women may take a break in employment which may hinder their salary growth, or we are less likely to ask for a raise which causes us to be treated differently compared to our male counterparts. 

This may have a significant effect on our future financial situation. The good news is that both men and women have the same opportunity to prepare for retirement. The sooner you are able to start investing and planning for your retirement, the better prepared you will be. The longer you allow your money to grow and compound, the more stable your financial future will be. 

In Summary: 

All of these reasons need to be factored in when determining your financial plan. Woman tend to be challenged by these 5 concerns more often than men. Regardless of salary or marital status, the sooner and more focused we are to take control of our finances... the better off we will be. 

Article Source: https://EzineArticles.com/expert/Chelsea_Maderer/2425629

Empowerment, Equality and Your Finances

 The slogan "girl power" has been used for decades to encourage and celebrate women empowerment, independence, and confidence. The term used most often relates to sports and employment; however, new studies are showing that women need to exert their girl power when it comes to finances and financial planning. 

A recent study released by UBS shows that 58% of women worldwide defer long-term financial decisions to their spouses. This study included nearly 3,700 high-net-worth married women, widows and divorcees in 9 countries. The results of the study showed that 85% of women were responsible for the day-to-day finances; just not the long-term. 

What is really interesting is the generational span of this survey and, most notably, the generation most likely to allow someone else to control their decisions: millennials! 

Millennials are a generation well known for promoting equality and empowerment. Unfortunately, the survey results indicate the helicopter-style parenting millennials were raised with, where someone else is always ensuring their well-being, has bled into the financial realm. 

59% of millennial women aged 20 - 34 are more likely to allow their spouse to take the lead compared to 55% of women over 50. 

The general excuse from the younger women is they have "more urgent responsibilities than investing and financial planning". Even more contradictory to the equality movement is they "believe their spouses know more about long-term finances than they do". 

The challenge this arrangement poses is the lack of preparation and understanding should a life event such as death or divorce occur. The report noted that 74% of the widowed and divorced women it surveyed reported "discovering negative financial surprises after a divorce or death of their spouse." Hindsight resulted in 74% of these respondents wishing they had been more involved in long-term financial decisions while they were married, rather than trying to navigate them while coping with such significant life changes." 

The ideal solution is for both partners in a relationship to be aware of both the short- and long-term aspects of their finances. Whether you are married, engaged, common-law or committed, financial planning is another part of creating a responsible long-lasting arrangement between two parties. 

In this age, knowledge really is power. So be powerful, take control of your money. 

Like the saying goes, the first step is recognizing the problem. Take the next step in addressing the problem. 

 Article Source: https://EzineArticles.com/expert/Doug_Buss/1032256