I’ve started coaching women about the women financial confidence.
It’s brought me to one realization: women rock at managing money. They just don’t know it yet.
It’s all about confidence. In my conversations around money management, somewhere along the way women arrive at self-doubt for various reasons. Either they are about to say something that they perceive as self-promoting (even if it’s just a fact: they are good at sales), and they preface the statement with, ‘I’m not bragging, I’m just saying…’. This from someone about to go into a salary negotiation. Or they start the conversation by saying they don’t know anything about money and then proceed to tell me how they hit all the big money management boxes:
- they don’t spend more than they make (they save)
- they are conscious spenders (they look for deals and try to shop local)
- they pay off their credit cards each month
- they avoid all debt (and are trying to pay off their school debt as fast as possible)
To me (and those finance peps that like to tell you what to do), that’s rocking it. Level one complete!
Now, we want everyone to move to level 2 (investing–making our money work for us), but to do that we need confidence to take risks that are right for us and to understand what we’re doing.
Why do we lack confidence?
It appears there is a lack of confidence because we’re always comparing ourselves to men.
Time. To. Stop. That.
Data show that there is a large confidence gap between men and women, particularly in developed countries. The authors assert that the more developed the country, the more the people (i.e. men in power) living in the country are idolized–think the ideal Hollywood male. In contrast, women (and minority groups, who don’t fit the image) lack self-esteem because they will never fit into the mold that is idolize. Interestingly, in Asian countries, women are less likely to compare themselves to men as opposed to other women, and their self-esteem is higher since their ideal is not an unattainable image of a person with genitals they don’t have.
What if there was a Women’s Finance prototype?
It’s time to stop comparing ourselves to men, ladies. In regards to careers, in regards to finance. Hell, in regards to our emotions.
It’s our time to step into the world as true partners and equals. The other half of the yin/yan equation. We are making more money these days than ever before. We are becoming more educated than our male counterparts. In terms of overall investment loss, we tend to be better investors because we take less risk and stay in when the going gets tough. We are collaborative, not competitive. We want our spending to reflect our ideals.
We don’t have to do it the boys way.
Ladies, hear my cry: We are a brave, smart, courageous sex. Women financial confidence is a must. We are growing to be true partners, equal contributors, and counterparts in this world. We can do it and we can do it on our own terms. We can manage our money and grow our wealth.
Next step: Let’s define the prototypes of Female Wealth Warriors.