Recently I read an article from Morgan Stanley stating that by 2030 women are going to control over $30 Trillion dollars. That is 2/3 of all the assets in our nation. WOW! Talk about a great wealth transfer. Unfortunately, over the last few months, as I have met with dozens of women, I have realized that women lack the knowledge, confidence, and time to really understand personal finance. So it raises the question, what is this wealth transfer going to be like? How are we going to control this money? My personal thoughts can be summed up in one word: YIKES. I foresee an overwhelming number of women feeling crazed and scared simply because we don’t get it.
Today, it is critical that women understand money. But if you don’t, I can’t place the blame on you. Personal finance is not taught in many public schools, which makes financial concepts elusive, complicated, and extremely frustrating. People simply don’t get it because we were never taught it, and this lack of knowledge creates problems in our families, from sleepless nights wondering how a bill will get paid to maxing out credit cards. Most Americans blame money and finance for so many of their issues.
The lack of understanding, available education, and the wealth transfer to women is why I entered the industry. For over 20 years I specialized in coaching, educating, empowering, and giving accountability to women. I also know that women are underserved in the financial services industry because when you lack understanding of something, like money, talking about it becomes taboo, and seeking help becomes hard. Because of this problem, many women believe that working with an advisor is only for the wealthy, a stereotype I need to break because that is not who I am. I am someone who listens to understand what is going on. I love to meet people where they are and develop a map to get them to where they want to be. I am someone who checks in and pays attention in order for you to follow through on making your goals a reality. I am someone who understands that sometimes it takes a little extra motivation to reach a goal and that progress towards that goal is always more important than giving up. I believe in people even when they have a hard time believing in themselves. Ultimately, I transform lives. And that job title is amazing.
The future of money is female, and it is critical that women begin to understand it so we don’t screw up what is our responsibility. It is time we jump into growth mode and begin to properly educate ourselves. It is time we grow in confidence as we inherit wealth from our parents and spouses. It is time that we feel empowered and in control of our spending. This isn’t a pitch to come talk to me, though I am here to provide a judgment-free space to listen to and understand your concerns and questions and to educate you on how money can work for you. But, this is a plea that you take your knowledge about money more seriously. In just 6 years the need for women to understand money is going to change drastically. Start learning now. Put it on your goals list. Take action by asking questions. Build that confidence. Spread the need to others in your life. Support one another, grow together, and take this transfer with control, power, and excitement. I want to change that thought about the wealth transfer from YIKES to YESSSS!
