Empowering Women Financially | HowMoneyWorks
Back to Blog

Empowering Women Financially

January 9, 2024
Financial Literacy
Personal Finance
A Journey Beyond Wealth

In our world today which is constantly changing and evolving, the concept of wealth for women is undergoing a considerable transformation. Wealth is no longer solely focused on just financial security, but extends to include a broader spectrum of financial knowledge as well as emphasizes the importance of empowerment and holistic success.

As women leaders, our journey towards financial freedom is paved by more than just how much we earn. It is paved by overcoming obstacles, making  well-informed decisions along the way, and gaining wisdom from some good-old-fashioned experience. Embracing this multidimensional journey to wealth allows us to cultivate a legacy of lasting significance while inspiring others to reach their full potential as well.

The Power of Financial Literacy

Possibly the most crucial aspect of empowering women financially is getting a financial education. Learning how to manage money is definitely important, but truly understanding core financial concepts in order to be better decision makers when it comes to money could change the trajectory of our success. Learning these concepts as early as possible in our journey truly enables us to make a difference in our lives and the lives of our family members as well. By equipping ourselves with knowledge, we gain a deeper understanding of key concepts involved in successfully budgeting, investing, saving and retirement planning. Being informed about these main concepts enables us to make smart financial decisions that align with our goals and values. Who wouldn’t want to do that?

Furthermore, financial education serves as a foundation which can be built on as we develop the skills needed to navigate the ever-changing economic landscape and adapt to new opportunities. Everyone can be susceptible to financial exploitation or manipulation, but the statistics are even higher for this happening to women in our ever-changing world. A financial education equips women to stay away from threats like this and be confident while taking control of their finances. By investing in financial education, we invest in the empowerment and independence of women, creating a ripple effect that benefits individuals, families, and communities as a whole.

Breaking Through Barriers

Despite significant progress being made in recent years, there are still pervasive barriers that hinder women from attaining the financial success they work hard for. One of the most prominent and persistent challenges is the gender pay gap, a phenomenon where women continue to earn less than their male counterparts for performing the same job roles. This unjust disparity not only affects women's current earnings but also has long-term implications on their retirement savings and social security benefits, perpetuating a cycle of financial disadvantage. It is crucial that we continue to address and dismantle these barriers, working towards a more equitable and inclusive society for all.

Another barrier is the lack of access to financial resources and support systems, especially for marginalized communities and developing countries. This can be addressed through initiatives that provide financial education, and entrepreneurship opportunities for women in need.

Paying It Forward

Challenges will always exist on our journey towards financial independence and equality, and along our way there will be women who lend us a hand, give us guidance and provide us with support in the way in which we need at the time. It is crucial for us to pay it forward by extending our support to other women who may be facing their own challenges along the way. One of the most impactful ways we can do this is through mentorship programs, where we can share our knowledge and experiences to uplift and empower women who may not have the same opportunities as we do.

Although it may sound simple, another impactful thing we can do is set a positive example and share our success stories. When we do this, we inspire other women to believe in themselves and their own capabilities. Together, we can create a ripple effect of change that will benefit not just ourselves but also future generations of women.

How can you help? Engaging in volunteer work and philanthropic initiatives allows us to create a positive ripple effect in the lives of women, helping them overcome barriers and providing them with the resources they need to thrive. A perk of living in the information era: a Google search will provide you some with organizations that have opportunities where you can help. Together, let's create a community that embraces and supports one another, fostering a better future for ALL women.

Redefining Wealth: Knowledge & Empowerment

The contemporary woman leader, in her pursuit of wealth, recognizes that it extends far beyond monetary measures alone. She perceives wealth as a harmonious blend of knowledge, empowerment, and financial independence. This comprehensive perspective on wealth is absolutely crucial in today's world, where women are shattering glass ceilings and reshaping societal roles across all domains.

The path to wealth, therefore, unfolds along two interconnected avenues: 1) acquiring financial literacy and 2) working with a financial professional to make well-informed decisions with an unwavering confidence. By proactively going down these two avenues, we are poised to unlock a world of possibilities and create a lasting impact.

The Must-Reads for Aspiring Women Leaders

To aid in this transformative journey, books can offer profound insights and invaluable guidance. Books can often help us navigate life's financial challenges with wisdom, cultivate personal growth, and unlock all women’s full potential when it comes to acquiring wealth. Here are five must-read (or must-listen-to) books that will ignite your imagination, challenge your perspective, and inspire you to embrace your own journey of self-discovery and empowerment:

  1. Think and Grow Rich for Women by Sharon Lechter: This book is not just about growing rich in the financial sense but also rich in experience, knowledge, and wisdom. Sharon reinterprets Napoleon Hill's famous work through the lens of the female leader, providing a roadmap that is both inspiring and practical.
  2. How Money Works for Women by Sharon Lechter & Kim Scouller: Sharon and Kim present a guide specifically tailored for women, addressing unique challenges and opportunities. It's a book that demystifies financial concepts, making them accessible and understandable.
  3. Build an Empire by Elena Cardone: This book takes the concept of wealth beyond the individual. Elena inspires women to think big - not just for themselves but for their families, communities, and beyond. It’s about building something lasting and impactful.
  4. Smart Women Finish Rich by David Bach: David provides a pragmatic approach to achieving financial independence. This book is a comprehensive guide that covers everything from investing to saving and spending wisely.
  5. Women With Money by Jean Chatzky: Jean offers a fresh perspective on how women can approach money with confidence and clarity. It's about understanding one’s worth and making money choices that resonate with personal values and goals.

"You are where you are today because of choices you've made before today. If you want something different, simply make different choices."
Sharon Lechter

The Path to Empowerment

These books provide incredibly valuable insights and strategies to navigate the complexities of the business world, as well as create your own path to success. They empower you with the knowledge and mindset to thrive in the male-dominated financial industry, challenging societal norms and paving the way for future generations of women leaders.

For the aspiring woman leader, these books are not just a source of financial education but a powerful catalyst for personal growth. They inspire you to think differently about wealth, recognizing it as more than just a number, but as a tool for achieving your dreams and aspirations.

So, I encourage you dive into these empowering books and unlock YOUR full potential. Let them be your personal guiding light as you embark on an incredible journey of both personal and financial growth. On this path, wealth is not solely measured by material possessions, but by the person you become through the transformative process of knowledge and self-discovery. Embrace the company of these literary treasures and let them guide you towards a future filled with endless possibilities and fulfillment.

- Lauren Mathews Fairey