Women and Money: Propel Yourself Toward Wealth and Power
It’s not all about dollars. Money puts you in a position of power to give you the freedom to live a life aligned with your beliefs and values. It’s a means to being individually strong, as well as being an equal partner and powerful member of your community.
Challenges Faced When It Comes to Women and Money
Not to whine, but we work more, and more of it is unpaid. We run households, cook and clean, take time “off” to have babies and more often than not afterwards “work” only part-time and for lower wages. We are frequently not valued if we are not bringing in a buck.
We generally experience more interruptions in our careers than fathers. We are sandwiched between caring for our children and our aging parents. We spend more time as unpaid caregivers of parents with dementia. Isn’t that something to look forward to? According to Money magazine, all this adds up to women being in the traditional workforce for an average of twelve years less than men.
Because we are more likely to be unemployed or underemployed, we have less opportunity for monetary income and this gets in the way of building our wealth and power, both as individuals and as a larger coalition of women.
We’re often faced with pay discrimination. I call it the 18% factor. According to a 2016 report from the Bureau of Labor Statistics, median weekly earnings for full-time salaried women are just 82 percent of what men earn.
On top of all of this, women in the U.S. live an average of five years longer than men. That means we have less in retirement assets and yet have longer to live on them. And since life expectancies are increasing, women are more affected by issues like dementia, which increases long-term care costs. The recent HealthView Services report, The High Cost of Living Longer: Women & Retirement Health Care, estimated that lifetime health care costs for a 65-year-old woman living to 89 will be $314,673, on average, compared to $267,395 for men.
The Transamerica Center for Retirement Studies’ 2016 A Compendium of Findings About American Workers should come with a hankie. The survey found that men most frequently cite saving for retirement as their greatest financial priority. For women their top financial priority is just getting by – covering basic living expenses.
Having a passion helps you build wealth
Each day you have a multitude of choices. Having a passionate vision of your ultimate goal will help direct your daily decision making. Imagine yourself as if you are already where you’d like to be. It will help you set your intention in context of what you want to achieve. Creating a visual collage of your ultimate passion that you can look at every day will help give you clarity and constant reminding. It puts the law of intention into play. People will start to show up. Opportunities will appear.
Knowing why you want this vision will help motivate you to put forth the effort. Desire is powerful energy. It helps create the results that you want most. It rises to the top over all the other possibilities that can take you off track. Having no vision produces arbitrary results.
Ask yourself this question, “What is the single biggest action I can take today that will propel me forward to my BIG vision?” Then just do it.