In 2020, almost 60% of women in the United States were solely responsible for making investment decisions and around 40% out-earned their husbands, according to State Street Global Advisors, an investment management company. Guess what that means for us, ladies? Financial success is 100% in our own hands! There are certain must-do money moves for financial success, and there’s no better time to get them done than now.
We’re living in a time where women are making more, out-earning their partners, investing for the long-term and building true wealth. It’s a wonderful time to be a woman making money, but with the lack of financial education growing up, it’s up to us to bridge the knowledge gap.
When it comes to budgeting and money management, certain activities are guaranteed to set you up for long-term success. I’m sharing 6 must-do money moves for financial success, so you can get the ball rolling. The time is now to build the life of your dreams!
6 Must-Do Moves for Financial Success
#1 Save for retirement
Think about this for a second: full-service nursing homes in Austin, Texas charge $10,000 per month. Senior living apartments charge $5,000 per month, with utilities and food included. Regular apartments run upwards of $2,000 per month, with nothing included. If you don’t own a home or don’t plan on owning one in retirement, you still need to pay for a place to live!
If you do own your home, but you purchased it later in life (which is common), you’ll still be responsible for the mortgage. If your mortgage is paid off, you’ll always be responsible for property taxes. If you’re retired, how do you plan to pay for it all?
Relying on social security is a poor plan. Relying on your kids or family to take care of you is a poor plan. Do your future self a favor and start saving for retirement now. Cost of living is on the rise, and that means we’ll need more than we think saved in preparation for retirement. Check out the article 5 Signs Retirement May be More Expensive Than You Think.
The earlier you save for retirement, the more you’ll have come retirement time. But that doesn’t mean you can’t start right now, regardless of how old you are. If you want my top move for financial success, this right here is it.
#2 Start investing
When you contribute to a retirement plan, you already are investing. However, if your budget is in check and your debt is minimal, additional investing on your own is one of the best must-do money moves a person can implement. Historically, the average rate of return from investing in the stock market is 8-10%. You will never see those types of returns on a general savings account.
Because investing requires you to lock cash away for long periods of time, it’s important you have a few things in place before you begin. I recommend paying down your high-interest debt and building a liquid emergency fund before you put too much extra income towards investing. However, once those things are accomplished, you’ll want to dive into investing to build wealth faster!
#3 If you don’t know, learn
The excuse of “my parents didn’t teach me how to budget” will only take you so far. The excuse of “I didn’t learn how to manage money in school” will only take you so far. In fact, any excuse around not learning how to budget or manage money will only take you so far. Okay. You didn’t learn. Most of us didn’t. What are you going to do about it?!
A major must-do money move for financial success is being proactive about learning what it takes to be financially successful. Work with a coach. Take a college class. Join my 8-week Money Management Mastery program! My point is that there are SO many resources out there that can help you bridge the knowledge gap. You just have to take the responsibility for learning.
#4 Work with a life coach, finance coach or therapist
If you know me, then you know my money journey started from a place of materialism. I was living in Los Angeles and trying my hardest to keep up with the Joneses. I may have looked the part, but my bank account was always close to empty. That’s because there is so much more to money than knowing what to do with it. Our emotions, experiences, and past memories play a role.
If you want to be financially successful, you have to go back to the experiences that shaped your current thoughts and actions with money. Working with a life coach, a money coach or even a therapist can help you bring those experiences to light. You can learn so much about your current money behaviors by looking at your past.
#5 Get your head in the game
When it comes to succeeding with your money, you have to want it. You have to be willing to sacrifice. You must be willing to discipline yourself. You’ll have to say “no” to things that don’t help you get ahead. If you don’t have your head in the game, you’ll be wasting your own time (and money).
When you make the decision to turn your financial situation around, make sure you’re ready for it. Make sure you can commit to doing the work and sacrificing. It’s only a temporary situation, but it’s a necessary step to get to the next level.
#6 Start having money conversations (friends, family, your boss, partner)
Money is still considered a taboo topic to talk about. While our country is getting better about promoting money conversations, we still have a long way to go. That doesn’t mean you can’t get the ball rolling now! One of my favorite moves for financial success is talking about money! Be transparent, up to your comfort level, with your friends, family, boss and partner when it comes to money.
If you’re on a budget or working towards some goals, share it with your friends and family. If you’re looking to grow in your career and make more money, let your boss know! Don’t be afraid to share where your head is when it comes to finances. Also, don’t be afraid to be the sounding board for others as well. You never know what you could learn just by listening to someone else talk about their money situation.
Related: 23 Money Moves to Implement in 2023
Here’s the thing about money – if you don’t control it, it will control you. As more money makes its way into women’s hands, we must take charge. We must control what our money does, especially if we’re working towards bigger, lifetime goals. Financial success is on the horizon for us all, we just have to move in the right direction.
What do you think of the must-do moves for financial success? Which move can you implement ASAP? Share your thoughts, questions or experiences with money by posting a comment below!