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Why Most Women Aren’t Wealthy

Women are behind the curb in the wealth building game because we are only going the safe route; we are putting all of our efforts and energy into climbing the corporate ladder and neglecting the other piece of the puzzle.

While society applauds our ferocious climb, it’s simply not enough. We lack the resources to build our own roads to success. Climbing the corporate ladder is a great way to increase our income, but we need to go further in order to create an impact for future generations.

The next step is building wealth: the ability to provide capital so that we can have a direct stake in the advancement of women.

Unfortunately, no matter how many degrees or certifications we achieve, we haven’t graduated in the wealth building needs of our communities.

Here are a few reasons why most women aren’t wealthy:

Most Women Don’t Understand Money

Do you know where money comes from? Most women work for money but have no idea how money works. There’s more to money than transactions. Transactions are the purchases of goods and services in the marketplace. But there are other sides of money that less women are familiar with. For example, capital is the type of money you use to fund a business. Capital is money that is allocated for business purposes. Many women are not distributing their money in a smart way.

Most Women Don’t Pay Themselves First

For some women, paying yourself first is a foreign concept. You were taught to be a “responsible citizen” and pay everyone else on time while neglecting yourself. You’re even more comfortable paying more for housing than you pay yourself every month. If you pay $1200 in rent but can’t even afford to pay yourself $300 a month (25% of rent), that’s a sign that you are diminishing your financial value.

Here’s the truth: If you pay yourself last, you will always be behind. If you pay yourself first, you will always be ahead.

Most Women Don’t Know Anything About Investing

Most women know nothing about the art of multiplying the money they worked so hard to make. You will never fully live up to your financial potential if you don’t know anything about investing. Investing is about learning how to make your money work for you instead of working for your money all the time. The only thing most women know about investing is paying thousands of dollars for an educational service that will help you accumulate or enhance your skills in the marketplace.

Most Women Waste Time With Timid Thoughts

Women have great ideas but less than 25% come to fruition. Why? A sense of doubt and fear takes over that leaves women procrastinating, waiting, and delaying their ideas. Being timid is a waste of time. You have to be bold enough to just do it, embrace the process, and learn as much as you can.

Most Women Seek the Approval of Others

Women often need validation from others before they boost their brilliant idea. And it possibly stems from childhood. Women have been rewarded for following the rules. Women need to get over the state of mind that you need to have the wisdom of crowds in everything you do. The reason that men have been so successful throughout history is that they didn’t ask for permission; they created the approval standards that have allowed them to rise.

Most Women Are Afraid of Failure

How do you know how tall you can stand if you’ve never given yourself permission to fall?

Women have to stop being afraid of failure. Failure is feedback. Men understand that failure is not the end of the world. Women have to think “if you fail, what is really going to happen to you?”

As a woman wealth warrior, we have to understand success is fearless and we are its master.

Most Women Would Rather Be Owned Than Own

Most women are confusing security with ownership. You’re not being secure when you stay at a job you don’t like; you’re being owned. You would rather someone else tell you what to do versus create a game plan for yourself.

The wealthiest women in the world create their own path through ownership and/or having a seat at the table. Other women wait for someone else to direct their careers and determine if they are ready for the next level.

There are also women who buy liabilities and allow those debts to control them because you have to work harder to pay them off. It dictates your lifestyle and how you live every single day.


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Disclaimer: Wealthy Women Daily is solely education and informational, and is not intended to give investment or trading advice of any kind. Not all asset classes are suitable for all investors. Wealthy Women Daily is a research academy that provides you with the data and analysis you need to make an informed investment decision. 

About Charlene Rhinehart, CPA

Charlene Rhinehart is a Certified Public Accountant, Founder of Wealthy Women Daily, and Editor-in-Chief of the Dividend InvestHer and The Wealthy Woman Investor. Charlene is currently the Chair of the Illinois CPA Society Taxation Individual Committee. With over a decade of experience in the financial services industry, Charlene is one of the few leaders who design insights specifically for the woman investor. Charlene’s work has been featured in a variety of publications including the Huffington Post, Black Enterprise, and the American Institute of Certified Public Accountants. In 2019, Charlene released her book “Dividends Are a Queen’s Best Friend”, on Amazon.

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