I coach women about the wealth mindset. This coaching on personal finances for women has brought me a number of realizations, but the one that stands out most: women rock at managing money, they just don’t know it yet.
That why I love the phrase financial feminist. It’s all about women having confidence. Saying to the world, I am a woman and I am worthy. I am a woman and I deserve access to wealth and financial equality. I am a woman, and I am essential to a healthy economy. I am a woman, and I deserved to be paid.
When I coach women about money management, a common thread of self-doubt emerges. In general, women are not great braggers. In fact, self-promoting statements are often started with, ‘I’m not bragging, I’m just saying…’ (and this is not a strong way to begin a conversation about salary negotiations with your boss!).
So here are what I’d call the levels of personal finances for women (and really anyone in general, but these are my clientele) so that you can successfully say, I’m nav.ing my money, I’m a #financialfeminist, and I am not afraid to say it it (hello, mindset shift).
Level 1: Live within your means
In coaching sessions, I’ve had women start our conversations by telling me they don’t know anything about money but then they proceed to list how they hit all of the big money management boxes:
They don’t spend more than they make (they save).
They are very conscious spenders (they look for deals and try to shop local).
They pay off their credit cards in full each month to avoid accrued interest payments.
They avoid debt (and are trying to pay off their school loans as fast as possible).
As a financial coach – that’s what I call rocking it. And if you’re not quite there yet, it’s pretty simple to set up a budget with the Nav.it app that identifies your lifestyle goals along with some realistic financial goals.
Level 2: Investing–making your money work for you.
Like I said, when I coach on personal finances for women, it appears there is a lack of confidence because we’re always comparing ourselves to men. Time. To. Stop. That.
In fact, Asian women statistically have higher self-esteem because their benchmark of success is other woman. When you see another woman succeed it makes you believe your success is achievable. That’s why women supporting women, women championing other women, women celebrating other women’s wins, only benefits us all (#shinetheory).
It’s our time, ladies. We are making more money these days than ever before. We are becoming more educated than our male counterparts. In terms of overall investment loss, we tend to be better investors because we take less risk and stay in when the going gets tough. We are traditionally more collaborative than competitive. We want our spending to reflect our ideals.
All this to say: we don’t have (and shouldn’t) to do it the way the boys do.
They haven’t been thinking about us as they’ve built their empires, so let’s pave our own way! We can compete equally in the financial world and we can do it on our own terms. We can manage our own money and grow our own wealth. Financial Feminists believe women’s access to money and wealth is not only essential to move our society forward, but that when women have full participation in the labor market and wealth management, our society becomes more innovative, more creative and more equitable. Here’s to the future!
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