Finance is an ever-evolving landscape, when you think you’ve finally caught up with the latest data, something is bound to change. But there is a pivotal change on the horizon and it's essential to recognize the significant role that women play in shaping our economic future.
And I don’t mean shopping.
Traditionally, financial matters have often been managed by men. However, we're witnessing a powerful shift and women are stepping into the forefront, reclaiming their voices, and asserting their influence. Did you know that 30 percent of affluent and married women are the ones making financial and investment decisions? It's a testament to our growing presence in the financial world. Additionally, women are the majority owners of 13 million businesses, generating a remarkable $1.9 trillion in revenues.
Moreover, women are not only earners but often the primary breadwinners, with nearly half earning the same or more than their partners. Over 5 million working women in the United States have salaries exceeding $100,000 annually. These statistics highlight the increasing economic power wielded by women in today's society.
Looking ahead, the future of finance is decidedly female. By 2030, women are expected to control close to $30 trillion in financial assets. This represents a monumental wealth transfer, with women anticipated to become the new decision-makers of our economy’s wealth.
With this shift, there is the potential for more opportunities, like taking control of our financial destinies, making informed decisions, and paving the way for a brighter future. But along with opportunity there is also added responsibility.
1. Education.
It’s not just about having funds or access to funds; it’s about knowing how to manage and grow them wisely. There are so many investment options available, from diving into the stock market, exploring real estate investments, or planning for retirement, knowledge is your greatest asset. Take the time to educate yourself about different financial instruments, investment strategies, and long-term wealth-building techniques. Attend financial webinars, read books, follow reputable financial news sources, and don't hesitate to ask questions.
2. Work with someone you can trust.
While empowering yourself with financial knowledge is crucial, it's equally important to have a trustworthy tax-intelligent partner by your side. Finding someone who understands your goals, values, and concerns can make all the difference. Look for someone who prioritizes transparency, communication, and your best interests above all else. Because at the end of the day, this is your plan and your future.
3. Plan for your future.
As the saying goes, failing to plan is planning to fail. With the impending wealth transfer on the horizon, now is the time to start planning for your future. Set clear financial goals, whether it's buying a home, starting a business, saving for your children's education, or enjoying a comfortable retirement. Create a comprehensive financial plan that outlines your objectives, timelines, and strategies for achieving them. By taking a proactive approach to financial planning, you'll be better prepared to weather any storms and capitalize on opportunities as they arise.
As we continue to witness the rise of women in finance, let's remember the importance of education, trust, and strategic planning in securing our financial futures.
So, in the end, what does this all really mean? Well, ladies, I think we can do a little more than buy ourselves flowers.
Whether you are new to your career, recently promoted, or are looking to retire in the next few years, I would love to be your partner on your financial journey.
Contact me today to schedule an appointment at letstalk@linkwealthstrategies.com.
1 United States Census, American Community Survey, 2018, accessed October 2020.
2 TD Ameritrade, Breadwinners Survey, March 2020
3 McKinsey & Company, “Women as the next wave of growth in US wealth management,” July 2020.
4 American Express 2019 State of Women-Owned Business Re