How a Smart Girl Creates Her Own Path To Successful Wealth Building
Women are Important to the Future of Wealth
The Future of Wealth Creation: Women and the Gender Pay Gap
Who Owns the Wealth?
Not women.
The statistics show that women own less than 1% of the world's wealth. This statistic is alarming as it means that women have little access to financial stability and independence.
One contributing factor is the gender pay gap. The gender pay gap is a well-known issue in the United States. Women are paid less than men for the same work, and women also have less access to jobs and education. When women get jobs, they are often in low-paying fields such as childcare and service work.
Women are also more likely to live in poverty than men, making it challenging to build net worth. Poverty can lead to poor health, lower levels of education, and a lack of financial literacy or access to credit.
Awareness of the low-wealth participation of women is the first step. Next, devise a plan to cultivate a change.
Women tend to put others' needs ahead of their own, which is okay until it is detrimental to our growth.
Women often need more time off than men, affecting their careers and ability to maintain a stable income. When taken out of the workforce, women tend to return with fewer opportunities, equating to less money and less opportunity to build wealth.
Women also take on a larger share of childcare responsibilities, leading them to take on lower-paying jobs with fewer hours or not work at all. What happens next — they have less to invest in themselves, in growing their knowledge and learning ways to grow their net worth.
Women are not just victims of the gender pay gap; they are also less likely to own property or inherit money from their parents or grandparents. Women make up more than half the world’s population but receive only one-tenth of its income and own less than one percent of its property.
All is not lost; with awareness comes the possibility of change.
We are changing the narrative to grow assets.
We’ve all heard the saying, “when you keep doing the same thing, you will get the same results” That works for the good and the wrong results.
When we become aware of a problem, we can be a part of the solution, learn more to understand, or do nothing.
I see a problem and want to be a part of the solution. This solution means changing the narrative and eradicating that pervasive notion of having WANTS as bad.
Women want to be in a place where they can take control of their finances, business, and money, and this is not a bad thing.
Here are three ways to take steps toward a financially independent future as a woman.
Fashion Your Vision—the foundation for building financial plans that work for you. Your plan should be personalized and designed to help you achieve your future goals and desires.
Fill Up Your Intention. Your intention is where you will focus your energies and attention. Everyone has their own goals; if you are a high achiever, for example, a day never goes by without having an intention of why and how you will get things done.
Feed Your Focus - Monitoring your goals will give you the rewards to remember the big success. You must be intentional on your way to your net worth; following your unique path to wealth takes discipline.
You don’t know what you don’t know, Yet.
Once a woman understands what she wants from her money and has the education to create a plan that provides more financial freedom, she will be in control of their finances, which will give her more control over what happens in her future.
Financial empowerment is a journey that starts with discovery. Financial independence begins with figuring out what you want, setting an intention to focus on it, and then putting a plan in place to achieve successful wealth building.
What steps will you take today to make your future self proud? I invite you to begin with 25 minutes today. Tomorrow wake up recognizing your first steps to a net worth plan and less worried about what the future holds. Click here to schedule.
Tenicia is an attorney & wealth coach to empower women across the globe to create more wealth and achieve their goals. If you're ready to tap into your wealth potential, Contact Me
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