Financial independence can sometimes be an illusive concept. So I think it is always helpful to take a peek into the mindset of those who have achieved it. Take a look at these comments from a survey about two years ago by Wilmington Trust and Camden Research: “I live below my means. … I live very modestly”; “It’s the same house that I raised my children in since elementary school”; “I live simply and really focus on saving.”
If these comments sound like something you might be aspiring to because of the recent recession, you might be surprised to know that the women who responded to this survey have a minimum net worth of $25 million, so they can well afford to live richly even during a recession.
But according to the study, there is a wealth paradigm shift going on and affluent women who once took on the traditional woman’s role are now taking control of their futures. The study concludes that they are “focused not on viewing their wealth as a measure of success but as a source of empowerment to achieve their goals and independence.” And this view was shared among women who worked for their money as well as those who inherited it.
Here are some other key findings of the study:
— Women are seeking a holistic approach to wealth management, which includes establishing family governance structures and fostering dialogue, particularly with their children, about wealth management.
— Even though the women surveyed said they were raised in households with traditional views of a woman’s role, they are emerging with a commitment to develop their professional skills and to be viewed in their families and communities as having equal opportunities and status as men.
— Women are stepping up to new levels of involvement in the management of their families’ wealth, with 88% of those in the study playing a high-to-moderate role in the management of family assets. They are meeting regularly with advisors, reading investment performance reports, and trying to compile a complete wealth picture.