What does building wealth mean? And why should you focus on it now?
Ladies, please don’t sell yourself short and tell me you are waiting for “the” job or Prince Charming to start saving for your future!
When you are in charge of your money – you’ll be creating your own destiny for a solid financial future!!
Ok, let’s start from the beginning and define what wealth is. According to Wikipedia, wealth can be defined as:
Wealth is the abundance of valuable resources or material possessions, or the control of such assets.
So knowing that, building wealth is the strategy you use to actually gain the valuable resources and/or material possessions.
It is the idea that you can meet your own personal financial goals for the future.
I hate to say it, but I don’t think most women are focused on this important area of personal finance.
Most of us think we can do it later or when our circumstances change.
But it is important to know that you must start to prepare for your financial future now!
Did you know that:
- More women filed for bankruptcy in 2003 than graduated from college.
- Since 1981, the number of women filing petitions for bankruptcy has increased 662%.
- 38% of women 30-55 years old are worried they will live at or near the poverty level because they cannot adequately save for retirement.
- 54% of women have little to no money left to save for retirement once they pay their bills
- Americans save somewhere around 1% of our wages –less than any other industrialized nation
- On average, we live seven years longer than our husbands and over three quarters of all women are widowed at an average age of 56. Women comprise a horrifying 87% of the impoverished elderly.
- One survey from the National Center for Women and Retirement showed that of those women who say they feel in control of their lives, 56% of them saved and invested monthly. Of the 42% who said they felt out of control, only 17% made saving and investing for retirement a priority. There’s a direct correlation between how well a woman takes care of herself financially and how well she feels about herself.
- 61% of all part-time workers are women with little or no access to 401K plans.
These are scary numbers ladies! It’s time we start to wake up and take control of our own financial future!
Before you tell yourself that learning about investing is too hard or it’s something you can’t do, I want you to stop right there! The thought of investing or managing your own money can be scary, trust me I get that. But you can learn how it works, even if you have no intention of managing your own investment portfolio.
The first thing I want you to do is listen to the episode of the Smart Girl’s Guide to Life & Money where I interviewed Jon Stein, the Founder and CEO of Betterment. I think you are going to find that investing really isn’t as bad as it seems and you (yes YOU reading this) can do it!
The next thing I want you to do is take a look at the list of resources I’ve put together for you. These resources are going to get you started with terms and help build your knowledge about investing:
Drive Wealth – DriveWealth is an investing platform that gives individuals around the world affordable access to the US Stock Market. Create a free practice investing account, download the easy-to-use mobile app, and learn about the markets as you invest!
Financial Tutorials – This list contains more information on investing as well as other areas of personal finance.
20 Free Online Finance Courses – List of 20 online college courses you can take for free on various economics, investing & personal finance.
If you haven’t already done so, make sure you grab my free Investment Planning Report with more great investing tips.
Remember – learning about investing doesn’t have to be scary.
Start with one area you are interested in and start to learn more about it. As you get comfortable with that, start to build on it and move on to something else.
Even if you don’t want to manage your own investment account, learning how they work will help you know more so you can ask your financial planner better questions. After all, no one will watch out for your money better than you!
You can start today by getting access to Personal Capital to help you pay off your debt and start building wealth! Additionally, why not check out some of my podcasts & articles on the subject?