Why it is So Important to Become a MoneyWise Woman Now
I must admit, when I started to write my book, Become a Money Wise Woman in 6 Simple Steps, some of my friends were thrilled but others were hesitant because the idea of having moneywise and woman in the same sentence worried them a bit.
They were worried because they had bought into the idea that somehow they didn’t have the smarts to pull off becoming moneywise — that because they weren’t good at math or some other made up excuse — they couldn’t take control of their money. But it’s simply not true, and I ask them and anyone else who has such limiting beliefs to challenge them and work through them. Why? Because it’s never been more important to become a moneywise woman than it is today.
Challenges Women Face
Aside from all of the political battles regarding control over our bodies, we face a multitude of financial challenges starting with the fact that we earn less than men (sometimes for the exact same job). In fact, according to a 2017 report by Closing the Women’s Wealth Gap, U.S. women own just .32 cents for every $1 a man owns, and that amount is even lower for Black and Latina women.1 Plus, we tend to live longer so that means we either need more money to live on or we need to do more with less. And, the fact that more than 80 percent of us will be totally responsible for our financial lives at some point makes it more important than ever.
Become A MoneyWise Woman?
To be clear, becoming a moneywise woman (MW) is not just about having more money than you know what to do with and accumulating a lot of stuff or even achieving a certain status (although that can be part of it if that’s your goal). Instead, it’s about understanding the real power of what money provides, and that’s freedom. Freedom to not have to worry about money all the time. Freedom to wake up every day and do whatever makes your heart sing. Freedom to offer your gifts and talents to the world—to fulfill your life’s purpose.
A moneywise woman is one who is in control of her money instead of the other way around. She is actively working toward or maintaining her definition of financial success. For many financial success equals financial freedom — that place where you have enough money to live life on your terms — to work because you want to not because you have to.
3 Important Steps to Get Started
Becoming an MW is not a get-rich-quick scheme or an overnight transformation. In fact, depending on where you’re starting and your definition of financial freedom, it may take some time to arrive. So, think of this as a long, long, long car trip—one where you stop along the way to enjoy each part of the journey instead of one where you rush to get there as fast as possible. After all, the goal of becoming an MW, of achieving financial freedom, is not one where you arrive one day and then you move on the next. It’s a state of being, not a specific destination. So, once you arrive, the goal is to remain there forever!
“A wise woman wishes to be no one’s enemy; a wise woman refuses to be anyone’s victim.”
—Maya Angelou
Steps to get started:
- Define what financial freedom or success means to you. Create a picture of what your life would be like if you achieved it. The clearer and more specific the picture, the easier it will be to make it a reality. As I mentioned, this could take some time, so determine if this is something that would be worth the journey for you.
- Determine what’s stopping you. In other words, why are you not there already? Some common answers include a lack of education, poor money habits, or not enough money — all fixable.
- Map out some next steps and get started (even if you don’t have all of the answers). Remember, perfection is the enemy of progress and success. For example, if a lack of education is what’s holding you back, get some. Financial education is easy to find but choose a reputable source. If you’re plagued by poor money habits, change them. Start by tracking your income and expenses — create a budget so you have a job for every dollar. Finally, if you don’t have enough money, find out if that’s really true by creating a budget, and if it is, look for ways to increase your income.
Now What?
Obviously, there’s a lot more to becoming a moneywise woman than the three steps I outlined above, but it’s a good place to start. If you would like more help on your journey, stay tuned for more informative articles and tailored events to make for a smoother journey.
Let the journey begin!
1 The Gender Wealth Gap: Why It Matters, and What You Can Do To Change It (fool.com)
