What does building wealth mean? And why should you focus on it now?
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!
You can start today by getting access to the Wealth Accelerator Tool to help you pay off your debt and start building wealth!
Lets Connect!