An article I read recently from USA Today caught my eye, because it said that women’s financial power grows faster than their savvy.
As a woman who runs my own freelance business and as someone who interacts with other female entrepreneurs, I found this kind of alarming.
Even though women make up the majority of college graduates, are nearly half the work force and are the primary earners in many households, most of them remain out of the loop when it comes to talking with their partner about managing money.
What I’m wondering is, how can women be effectively successful in the workplace and running their own businesses, if they aren’t properly educated about the financial stuff?
To help solve this problem, here are three ways to increase your financial savvy as a female entrepreneur.
Don’t Be Afraid to Ask
I am a firm believer in the whole “knowledge is power” and the best way to do that is to educate yourself. I actually learned this lesson myself this past week.
But before you can become financially savvy, you have to realize that you have a problem, and come to grips with the fact that it’s not okay to dig your head into the sand about your financial issues.
Your business and your future are at stake here ladies!
Start by reaching out to a financial advisor, or start reading blogs, books and other resources that can help empower you with the confidence you need.
If you’re lucky enough to find someone who’s had experience with something you’re facing, or is an expert in a certain area, take advantage of their expertise. Don’t be afraid to ask for help!
Find the Right Tools
For most men and women, managing your money and following a budget isn’t something you think is fun, but it’s a vital part of becoming financially savvy.
In reality, tracking your money can actually be a fun experience, if you have the right tools! With the vast amount of tools at our fingertips, thanks to the internet, there’s no shortage of resources out there.
And you might just learn something new about yourself in the process. Maybe you’ll find out you have a love for spreadsheets, a digital geek who likes to work with mobile apps, or you’re an old fashioned pen-and-paper kind of girl.
Whatever your preferred method, finding the right tools could make all the difference between financial success or failure.
Surround Yourself with Like-Minded Entrepreneurs
One of my biggest goals for this year is to connect with people on a one-on-one basis. In order to make that happen, I have to go outside my comfort zone and invest the time it takes to network with other like-minded entrepreneurs.
“You are the sum of the average of the five people you spend the most time with.” – Jim Rohn
If you surround yourself with financially savvy men and women, that’s what you’ll start to become. And likewise, if you surround yourself with people who are careless with their money, their behavior will influence you too.
There are a two key types of support your like-minded peers can offer:
- Emotional support. Sometimes you just need someone to share in your success, or pick you up when you’re feeling down. The right kind of peers can give you that shoulder to cry on, or a comforting pat on the back.
- Practical support. Most business goals require time, energy and physical resources. Fellow entrepreneurs can offer help in practical ways like connecting you with a knowledgeable colleague or recommending a good resource.
So be careful who you surround yourself with, find the right tools to keep you motivated and don’t be afraid to ask for help.
Doing these three easy steps will put you on the right path to creating a life and business that makes you happy and supports your dreams!
This post was inspired by Genworth Financial. As usual the opinions expressed here are 100% my own. For more information about women and finance, visit the Genworth Financial website.