Not many people know that by 2030, women are expected to control approximately $30 trillion in U.S. financial assets as beneficiaries of the Great Wealth Transfer. That means women will become one of the largest and most influential groups of financial decision-makers in history.
But many women still defer investing, retirement planning and long-term financial decisions to a spouse or partner simply because they haven’t learned about money or how to make it work for them. This is why my mission to support women as they build their financial and personal legacies is more important now than ever.
The future belongs to financially informed women and I want you to be one of them!
Let’s grow your financial literacy and investing confidence, so you can take control of your finances in your time and in your way, not because you’re forced to do it by an adverse life situation.
Why Waiting Can Leave You Vulnerable
I’ve seen incredible and powerful women hand over financial decisions to their partners simply because they don’t have the financial education they feel they need to make confident choices about their money.
Unfortunately, this leaves them vulnerable, particularly in adverse situations. When you are dealing with a traumatic, unexpected or very difficult time in your life, the last thing you want to be worried about is your ability to cope financially as you work through it.
Thankfully, the remedy is simple. It takes just a little bit of education.
My goal is to make learning about money feel a lot less intimidating and far more empowering.
The truth is, none of us start out knowing how to invest, set up an emergency fund, reduce debt or understand the various ways we can build wealth. We all have to learn, so let’s do it together!
To take your first steps on the journey, the first thing you need to know is that women usually deal with money differently from men.
This is because:
- We relate differently to money
- If we are taught about money, the education tends to focus on saving and budgeting rather than investing
- Women tend to have lower salaries, even in the same jobs, giving us less money to invest
- There are wage gaps from maternity leave or taking time off to care for loved ones
- 80% of men die married, while 80 of women die single.
- Women live longer than men, so our retirement funds have to stretch farther
All these situations create different considerations than men may have, which is why learning how to make money work for us and taking control of it as soon as possible helps to protect us from vulnerable financial situations, now and into the future.
Financial Literacy Gives You Options, Confidence and Independence
The more you know about money and how to make money work for you, the easier it is to build your wealth confidently and effectively. Every bit of information you learn and apply will increase your confidence as you make decisions about your money.
To get started on building your financial education and wealth-building strategy, it is important to understand where you are right now and where you want to go.
Explore your:
- Level of financial literacy
- Financial Values (they will guide your investment choices)
- Vision for retirement and the future
- The kind of lifestyle you want
- Risk tolerance when investing
The more you know about yourself and your preferences when it comes to money, the easier it will be to empower and protect yourself with a financial strategy that is customized to support your future, your lifestyle and your goals.
Once you have a general direction, it’s time to get to know your numbers and more about your current financial situation.
Every woman should understand and know:
- Where bank and investment accounts are held and where financial records are stored and any related passwords
- Their estate planning documents and where wills are kept
- Insurance coverage and the beneficiaries of each policy
- Monthly income, expenses and cash flow
- Rates of good debt and bad debt
- Their current retirement savings and any long-term investment strategies
- Personal situations that might affect their available income (e.g. aging parents)
- How to build a spending plan
- How to set up an emergency fund
- How to establish her own credit, not related to her spouse’s credit
There is a lot to know about money, which is why I always encourage every one of my clients to do their research.
Remember, building your financial confidence is done one step at a time. There is a lot to know but you can get the information you need by doing things like:
- Reading books and articles or watching videos about personal finance and investing (make sure it’s a trusted source and that the person has proven methods with great reviews)
- Learning how to build a budget
- Finding out about real estate investing, stocks, bonds, etc.
- Creating a year-round tax planning strategy
- Meeting with a financial planner or money mentor
Your money mindset is your greatest asset. The more curious you are, the better off you will be.
Why not make it fun and get your girlfriends involved?
You could set monthly dates to learn about women and investing, various techniques of money management for women and explore stories about women building wealth.
You could even start a book club and pick different bestselling finance books each month or quarter and discuss how you can apply what you learned into your lives right now.
Learning together is a great way to support each other and make learning about money a lot more enjoyable, as you all take control of your future and build your financial confidence.
You Deserve to Feel Confident About Money
Money is only scary, intimidating and overwhelming when we don’t understand it.
By simply developing a mindset to learn as much as you can about financial planning for women, the more empowered you will feel.
Then as you take steps to build your financial independence, your confidence will build with it because confidence grows when you take action.
Every woman needs to know that building wealth isn’t difficult. It simply takes a little knowhow.
If you want an easy starting place, I encourage you to read How Money Works for Women – Take Control or Lose It because it provides practical solutions for the unique financial challenges and opportunities that women encounter throughout their lives from paying for college, to starting a business, to raising children, to taking care of elderly parents, to planning for retirement and long-term care needs.
CLICK HERE TO GET HOW MONEY WORKS FOR WOMEN NOW!
I know it will serve you well on your financial journey, just as it has for thousands of other women around the world.
Customer Reviews of How Money Works for Women – Take Control or Lose It
Every woman needs to read this book – no matter your age or financial situation – it covers the specific needs of a woman in every stage of life, as shown by the various characters in each decade of life…and in the common situations they find themselves in: business owner, student, caregiver, divorcee, widow, etc. Read this book and encourage all your women friends to get this valuable financial resource! – Julie Johnson, Oregon
This book helped me understand that no matter where I am in my financial journey, there’s hope and help out there. Thank You [Sharon Lechter and Kim Scouller] for taking the time to write this book ! – TC
This book is a must-read for any woman who wants to take control of her financial future. It breaks down complex financial concepts into simple, practical steps that anyone can follow. I appreciate how it speaks directly to women—addressing the real challenges we face when it comes to money, confidence, and financial independence. It’s not just educational, it’s empowering. A great reminder that if you don’t control your money, it will end up controlling you. – Sara C