Women, Wealth, and Abundance

It's Women's History Month!

Ladies, it’s time to take charge. It’s time to change our mindset from one of limiting beliefs to one of abundance. It’s time to move from complacency to action.

“When you begin to think and grow rich, you will observe that riches begin with a state of mind, with definiteness of purpose, with little or no hard work. You, and every other person, ought to be interested in knowing how to acquire that state of mind which will attract riches... Observe very closely, as soon as you master the principles of this philosophy, and begin to follow the instructions for applying those principles, your financial status will begin to improve, and everything you touch will begin to transmute itself into an asset for your benefit.” –Napoleon Hill, Think and Grow Rich, 1937

Confidence (n): A feeling of assurance, especially of self-assurance. Woman college graduates have out-numbered men for the last 35 years, and this gap continues to grow; however, we are significantly less sure of ourselves when it comes to our ability to accumulate wealth and financial security. For the graduating class of 2013, the Department of Education estimates that overall 140 women will graduate with a college degree at some level this year for every 100 men. Yet during this same period, women are less confident in their financial knowledge and ability with complex financial issues. A recent Allianz study shows that 57% of women, regardless of income, fear running out of money in retirement and becoming a “bag lady.”

Fear, a lack of confidence, and limiting beliefs only serve to hold us back. As a gender, we have come too far from the days of fighting for the right to vote, equal rights, education and career, to allow ourselves to live small. We should live in abundance, educate ourselves, take control, continue our personal development, and serve as examples for future generations of young women. We are leaders. We sit on boards, we are heads of Fortune 500 companies, and we are positioned for great opportunity- especially as our graduation rates continue to outpace men. Imagine if we were also in control of our own financial destiny.

It is possible. The same Allianz study reports that 62% of women express strong interest in learning more about their finances and retirement planning. They say that becoming more involved in managing their finances has made a real difference in their quality of life. History has shown that if women want to succeed, then we will rise to the top.

As the great Martin Luther King once said, “Faith is taking the first step even when you don't see the whole staircase.” Learning how to manage your finances is no different- just take the first step. You don’t have to have all of the answers right away, but you do have to educate yourself. Find a trusted mentor or advisor. Learn how to ask the right questions. Your financial wellbeing is in your own hands, and security starts with you.

In my practice as a Financial Advisor, I cater to women and regularly host “Women and Financial Security” workshops. Together, we discuss the financial concepts that all women need to know in order to take control of their financial wellbeing. We have engaging conversations about our financial mindset and self-awareness about money as well as strategies for savings, retirement, financial protection, debt management, and how to communicate about money. Many women decide to move forward and apply financial strategies that they learn, while others continue to sit on the sideline. Financial success starts with education, and ultimately evolves through action. It’s time to take action.

Please do not hesitate to contact me if you would like to schedule a workshop, or for a personal consultation. Together we can work to reach your goals and dreams, address your concerns, and cultivate a mindset of abundance.

Women, Wealth, & Abundance
Authored by: Megan McAvoy
The Bulfinch Group
160 Gould Street Needham, MA 02494 • (781) 449-4402 
meganmcavoy@bulfinchgroup.com