Finding a Financial Mentor: Why Every Young Woman Should Have One

It is not a surprise to women of any age that we think differently than men, which includes our thoughts about money and finance. This is why it’s so important for young women to find a financial mentor who will understand them, educate them on financial literacy, help navigate the emotional ups and downs that happen on every financial journey, and give guidance to build a financial strategy that works for each young woman’s personal situation. 

Why is having a financial mentor important?

It is so important for young women to have a financial mentor because our financial journeys are impacted by the decisions and situations we face. We typically make less than men in the same positions; we often have to take time off work for maternity leave or child care, which means lost wages; and on average, we live longer than men, so our retirement funds must stretch farther.

Moreover, money can be a very emotional subject, and any time we experience high emotion, we tend to make poor decisions, which is not effective when we are trying to get ahead financially. This is why it’s important to find a mentor who can understand your needs and can teach you how to focus on your finances, and building assets, so you can get ahead and stay there. The sooner you can do that in your life the better off you will be!

What are the benefits of a female financial mentor?

Working with a female financial mentor can have many benefits, not the least of which is someone who understands where you are because they’ve been there too, and since they have been in a similar situation, knows how to get around the obstacles you face.  

A female financial advisor can help you:

• Recognize it’s normal to have emotions around money. 
• Understand how your emotions are impacting the financial decisions you make. 
• Identify your values, fears, needs and wants, and structure a financial strategy that honors each.
• Make a spending plan instead of a budget. 
• Build a debt reduction strategy.
• Prepare for the unexpected.

When you work together on these things, it will increase your confidence in your financial decision-making skills, improve your financial literacy, and help you design a financial plan that works for you and where you are in your life and career. 

What should I look for in a female financial mentor? 

There are many things to consider when you are looking for a female financial mentor. The first is a great personality fit. You have to be really comfortable with the wealth mentor you choose, so you can talk openly. Debt and money are very personal topics, which is why you want to work with someone you can trust.

On top of that you want someone who:

• Has a proven track record in financial mentoring.
• Will maintain confidentiality.
• Shares financial methods and strategies that fit you, your financial situation and your current stage of life.
• Listens to your financial goals and gives guidance based on them.
• Values you as a person.

When you have a wealth mentor that you connect deeply with, you will be able to do so much more with the financial strategy you build together because of the level of trust and understanding between you. 

While women face decisions that could set them back on their wealth journeys, it’s important to note that the investment portfolios of women who invest regularly tend outperform men’s. Yet another great reason for young women to find a financial mentor to help them build their wealth strategies early in life!

If you’re a young woman who wants information specifically designed to assist you on your financial literacy journey, I invite you to get your copy of How Money Works for Women – Take Control or Lose It. It follows nine women, each in a different stage of life, and it will give you financial information that’s relevant to you! CLICK HERE to get your copy now.