Women & Money: Lessons From the Financially Independent

Living below your means is a tried and true method to gain�and keep�your wealth

So what are some lessons we can take away from this peek into the other side of financial independence?

Whatever your means, live below them.

Take a holistic approach to your money and view wealth as a source of empowerment versus a measure of success. Viewing wealth as a measure of your success often means that you have to find ways to let others know successful you are and that can lead to overspending.

Step up to the plate. Be involved in the money management process and not just in writing checks. Taking control means a lot more than that.

Involve your children in the process early so they can grow with an understanding of money management and they do not have to repeat many of the mistakes you made.

Get professional help if you need it. The right professional help can not only save you money, but they can save you precious time as you travel on the road to financial independence.

Patricia Stallworth, CFP® and CDFA, is the president of PS Worth, a financial education company, the author of Minding Your Money, and the host of the Minding Your Money Minute™. Learn more by visiting MindingYourMoney.net.

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  • Lisa

    Can you recommend a company that helps repair credit?

    • Financial Peace University

  • lzug

    I think the title of this article employs a very loose definition of the phrase “financially independent” since the majority of the women surveyed in the study either inherited their wealth from their families or married into their wealth. The last category in the study, “Wealth Creators” is dubious, because it seems to include women who run already-established and successful family businesses.

    Living below one’s means is an established mode of generating an sustaining wealth for first-generation, patriarchal families. However, that level of frugality has been shown to dissipate after that first generation. Sure enough, this survey seems to support the fact that the same rule applies for women — the Wealth Building category seems to be more frugal and have a better understanding of money as compared to women who inherit. The stand-out gender difference may well be what the survey describes as a commitment to philanthropy in subsequent generations, but I don’t know what those statistics are for men who inherit wealth.

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