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Ladies, 10 Ways You Know You’re Ready to Invest

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Ladies, 10 Ways You Know You’re Ready to Invest

Years ago, did you feel squeamish when you contemplated investing your sweat-soaked paycheck?

Now, do you keep hearing things like, “You can’t afford not to invest,” and “Will you have enough for retirement?” 

“Oh, gosh. Will I?” You wonder.

What’s this? You’re swapping your old insecurities for curiosity — or even a willingness to jump on the investing ship and sail on. If this is happening to you, it’s a good thing.

You’re in the majority if you’ve ever felt insecure about investing. Many women have doubts about their ability to invest. This should make you feel better. Fidelity’s findings show:

  • Women earn higher returns. Fidelity’s analysis shows that women performed better than men by 0.4 percent. Doesn’t sound like much of a difference? Actually, over time – it equates to quite a bit of money. 
  • Women are savers. Fidelity’s analysis also found that women consistently saved a higher percentage of their paychecks than their male counterparts — at every salary level! Women saved nine percent of their paychecks and men only saved 8.6 percent of their paychecks. Women also save more in other types of accounts — an average of 12.4 percent compared to 11.6 percent for men.

If you’ve started to d o any of these 10 things, it;s time to run, not walk, to an online broker or financial advisor. 

1. You start asking questions about investing.

Do you seek out that super-smart friend in your life who’s been investing since he was 16? Do you ask your coworkers to tell you about their paying-off-the-mortgage approach? Do you ask all the questions during your company’s retirement lunch and learn (and take allll the notes?)

You might be ready to get serious about investing. Or, if you’ve already started investing, you might want to get more serious and goal-oriented about what you’re already doing. You may want to get more organized!

You might be asking questions like: 

  • How much money should I invest? 
  • How do other people invest?
  • What are my friends and family doing to invest?
  • Which investments are best for me?
  • What are my long- and short-term goals?

By the way, the best thing you can do to get your questions answered is to reach out to a financial advisor (or do your own research if you want to go the DIY route).

2. You have access to a retirement plan.

The minute you have access to a retirement plan means you’re ready to invest. Sorry if that seems abrupt, sister! 

But now’s the time to do it because if you don’t, you may leave money on the table. Here’s what I mean. Many companies offer a percentage on the dollar that you invest yourself.

A pretax account is a great idea because you put your money to work instead of losing part of it to taxes. In other words, you earn a dollar and pay taxes first. 

Check with your company’s human resources office to find out if you have a retirement plan. Then, don’t waste any time. Sign up for it so you get the benefit of your company chipping in money, too.

3. You read things like, “Best Investments for 2020” and “What is a Mutual Fund?”

You know you’re ready when you scroll Facebook over your lunch hour and notice that finance-only posts show up in your newsfeed. Or instead of reading juicy romances, you dive into financial blogs instead. 

Whether you’ve grown up or unfurled a brand new set of interests, what you’re reading signals a curiosity about investing that says you’re ready to invest.

Sometimes that insatiable curiosity leads to your willingness to invest on your own — there’s nothing wrong with tackling investing by yourself. Robinhood, Vanguard and other brokerages allow you to very easily get going on your own — and it’s typically cheaper to do so because you don’t need to pay a financial advisor, or middleman, extra fees. 

4. You think more and more about the future.

You’re playing those “what-if” scenarios in your head. What if… 

  • “I die suddenly and I don’t have a will?” 
  • “I don’t have life insurance to leave my family?”
  • “I run out of money during retirement?”
  • “I can’t retire because I haven’t saved enough?”
  • “Do I really want to bag groceries when I’m 75 — because I have to?”

Do you find yourself thinking about these kinds of questions? Now, they don’t have to be all doom and gloom! Your thoughts can trend toward “what-if” scenarios like this: “What if I want to…

  • live in Costa Rica when I retire?”
  • leave a lasting legacy for my children and grandchildren?”
  • have over $1 million when I retire?”

You’re thinking more about the future. It’s a sure sign you’re ready to invest.

5. You’ve experienced a life-changing event.

You may be fully aware that you need a financial checkup after marriage, divorce or if you recently became a widow. (You know this from your financial literature absorption!) You’re wondering what to do differently, and that’s a perfect excuse to get on the investing wagon.

It’s time to do some research, get a financial advisor, open an account at Vanguard — whatever route you decide to take.

6. You’ve got a stuffed-to-the-brim emergency fund.

Is your emergency fund plump? The rule of thumb is to have at least three months’ worth of expenses in an accessible, liquid account. Read: The money is easy to get to and you can withdraw it at any time without penalty. A money market account or savings account is a great place to stash emergency money — and good for you if you already knew that!

It’s even better to have six months — or more! — of backup expenses. You never know when termites threaten to overrun your home or when a hurricane blitzes through your property. 

7. You end the month with a money surplus.

Got an extra $1,000 just hanging out in your checking account every month? 

Lucky duck. 

It’s time to move it somewhere that sees more action. Where? Anywhere that gives you more returns than a checking account or savings account — but that’s another topic for another day.

8. You paid off all your high-interest debt.

You deserve a giant slushie. The biggest ice cream sundae ever. A gargantuan glass of champagne. 

You sledgehammered your credit card debt or other high-interest debt. 

Once you pay off your high-interest debt, it’s time to move toward investing. You have more freed-up money because it isn’t going toward paying off your high-interest debt. Whether you have an extra $1,000 or just $100, it’s investable. You don’t have to be rich to invest. 

9. Your goals keep you going.

What are your goals? You know you want to save for college for your kids. You know you want a glorious retirement — whether that’s living next door to your grandkids or lounging in a hammock in Costa Rica. 

You know it takes careful investing to do it. The only way to get there is to plan. So start planning for that mountain home in the Smoky Mountains. So what if you change your mind about where you end up? You’ll be happy you saved for it — whatever “it” is.

Don’t forget to think about your right-now goals and short-term goals. Those are worth considering, too.

Write down your goals. It’ll make it more likely that you’ll achieve them. The other thing you can do is tell everyone you know about them. You want your friends and relatives to keep checking on your goals and push you along. They can be great motivators.   

10. You know you’ve got it in you to learn more about investing.

What seemed complicated 10 years ago might actually seem palatable now. (See, all those articles about best investment firms and best bond funds finally mean something to you!) 

You’ve dug into something deep inside yourself — whether you’ve been nervous, scared, in debt, whatever it was that held you back from investing — and overcome it. You’re ready. You know you can do it! You’ve renewed your courage. You’ve heard an inspirational podcast. You know you can take action. Luckily, that’s our next step.

Take Action!

All along the way, we dropped a couple of hints: 

  1. Invest on your own.
  2. Get a financial advisor on board. 

By now, you may have done plenty of research and know exactly what — or who — you want to invite on your investing journey. Maybe you’ve interviewed friends and family about their financial advisors right in your town. Maybe you’re intrigued by Robinhood or E*Trade or Fidelity or another broker. 

Ultimately, it’s best to get started. Don’t get bogged down by the details. You’ll learn more as you go — and you can always move your money if you’re not happy with customer service or excessive fees or more. 

Just get started. 

Plus, get that slushie, ice cream sundae or a giant swig of champagne — you’ve done something amazing for yourself.

We will provide you useful and timely information you can use to be #financiallyfearless

Important ways to Financially Empower your Daughter

Important Ways to Financially Empower Your Daughter

 

We live in a world where women are 80% more likely to live in poverty after retirement, make only 85% of what their male counterparts earn, and sit in the CEO position of just 7% of Fortune 500 companies. Put simply, it’s a world without equality, and it’s a world in which we should refuse to raise our daughters. It’s true that we are progressively moving in the direction of a better future for our girls, but having these conversations with future women is absolutely crucial to continue our societal growth toward equality. 

In order to have a generation of women who are financially secure, self-reliant, and empower with their money choices, parents today must consciously make decisions that support this. Financial empowerment isn’t something that happens by itself. Instead, we must make the intentional decision to open up and have these conversations, leading by example, and teaching as we go.

Open a Savings Account for Her

Learning to actually save money is probably one of the most challenging lessons for people, so why not introduce the idea from an early age? A savings account is a great way to help make your daughter’s funds feel more “official”, while also relaying the message that you are confident in her ability to understand and manage money. In the beginning, before she has a job or other reliable income, this may just be a place for your daughter to save gifts or allowances she receives over the years. That’s okay! This is an account designed to grow as she does, providing a safe place for her money, allowing her a sense of independence and self-reliance. 

Make sure to bring your daughter to the bank (or allow her to see the screen) when accessing her account, and walk her through some of the words and phrases that may be used in a financial environment. Teach her about interest, and allow her to make some decisions about her own account. It’s not really about the amount of money that’s in the account by the time she’s ready for college (though that might be something she expresses interest in focusing on), but more about getting used to feeling in control and in charge of her own money.

Teach Her to Challenge Gender Stereotypes

While it might seem easy to get caught in the societal trap of perceived gender roles, using phrases like “girl chores” and “boy toys” around your daughters can cause significantly more harm than you might believe. Think about the message you’re sending before you make comments relating to gender, and consider the way it may make your daughter think and feel. 

Instead of simply going with what society has always done, encouraging girls to only nurture baby dolls, dress up in princess dresses, and practice their makeup, make the effort to also surround her with STEM games and financial decisions. Discuss gender roles, and how you see them in the world and on TV. Assure that she is having conversations with male and female role models about money being a shared resource and how everyone can contribute equally. Make sure the conversation always stays open so she knows that she can come to you with any concerns. 

Surround Her with Empowered Women

There are so many women out there who are doing some amazing things for the world. Make it a point to expose your daughter to them. Place lots of focus on reading books with a strong female character and consciously choose movies with an independent girl lead. Show her all the different roles, careers, and titles that can be held by other women. 

By giving your daughter a larger number of women to relate with and look up to, you are only improving her own self-worth and confidence. 

 

…make the intentional decision to open up and have these conversations, leading by example, and teaching as we go.

Talk With Her about Money

Personal finance can be a touchy and stressful topic for many people to discuss, so it’s no wonder parents naturally feel inclined to shelter their children from the discussion. However, this is probably one of the biggest disservices we can be doing for our daughters, as it is a parent’s job to prepare her to deal with money. 

Of course, there is no reason for your daughter to feel anxiety or any other negative emotion surrounding money, so your discussions should mostly highlight topics like the importance of having an emergency fund, preparing for job loss, and talking about where money actually comes from. Many experts are even beginning to agree that there is no age too early to begin talking with our daughters about money and preparing them to make it.

 

Final Thoughts

History has taught us that shying away from the tough topics does nothing to solve them, and the same can be said when it comes to the inequality that women face financially. If we want tomorrow’s women to know their self-worth and create their own financial independence, we must not be afraid to have these conversations with even the youngest of them. Don’t ignore the value behind being honest with your daughters about financial successes and insecurities, and always remember that it takes a village of strong, powerful, financially independent women to raise one.  

…there is no age too early to begin talking with our daughters about money and preparing them to make it.

4 Forward-Thinking Reasons to Support Women-Owned Business

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4 Forward-Thinking Reasons to Support Women-Owned Business

 

Believe it or not, women-owned businesses are a vital part of the economy, making up approximately 40% of all privately-held firms, and employing more than 9 million people, according to the National Association of Women Business Owners (NAWBO). Women are the rising entrepreneurial stars of our economy, generating trillions of dollars of revenue per year. Just last year, the US was named the top country for female entrepreneurs by the Mastercard Index of Women Entrepreneurs.

But, there are always two sides to every story, and women entrepreneurs continue to be underrepresented and face obstacles that their male counterparts do not. For example, women are much more likely to face a lending gap, being offered loans that are, on average, 31% smaller than those offered to male-owned businesses. They also experience significant bias when it comes to media reporting, being featured in only 5% of economic news stories, according to The Global Media Monitoring Project

Despite the adversities, women-owned businesses continue to drive substantial economic growth, paving the way for the future female entrepreneurs, and shaking up the traditionally seen male-owned economy. There really are a number of reasons why we should be making conscious decisions to support women-owned companies, but these are our top five. 

1. Women are Better at Building Customer Relationships

In the traditional sense, women are often perceived as the more nurturing and empathetic gender, often being portrayed in roles like nursing and childcare. But the truth of the matter is, empathy is required in all industries, from teaching to construction. In order for any business to do well out there, the owner and employees must be able to connect and communicate with their customers, allowing them to feel valued and appreciated. And research says that women exceed in this arena. Because women tend to be better at multitasking and more empathetic than men, they tend to find common ground with their customers more quickly, looking for solutions to meet the initial problem and help their clients feel whole again. 

Another great reason women are more successful in customer service is that, in a wide range of industries, women are the primary customers. They know what people are looking for and how they want to be treated, giving customers a different experience than what they’re used to having. 

2. Women are Incredibly Innovative

When it comes to penetrating new economic markets, growing a company from the ground-up, and keeping organizations relevant in today’s ever-changing world, innovation is absolutely critical. Today’s entrepreneurs must be adaptable while continuously providing creative solutions for their consumers. From brand-new products and processes to imaginative marketing approaches and business practices, organizations today must constantly be bringing innovation to the market. And, though they may not own quite as much of the market as men, women consistently show that they are just as innovative. 

Research has revealed that, despite the existence of an innovation gap, women entrepreneurs continue to put their innovative ideas into practice just as much as their male peers. There actually are no real gender differences when it comes to implementing creativity into action, with approximately 8 in 10 female entrepreneurs implementing a product or service innovation in their business. 

 

3. Owned Companies are Under-Funded

While most people are aware of the gender pay gap, more attention should definitely be brought to the fact that businesses owned by women receive significantly less financing than those owned by men. In fact, less than 3% of all venture capital in the U.S. goes to female founders, and they make up only 4% of all commercial loans. The reason for these drastic differences in funding is thought to be due to underwriting bias, different mindsets, and outright sexism. 

 Not only do lenders seem more hesitant to trust women business-owners with larger amounts of money, but they also ask them questions that are more negative than the ones they ask men and are taken much less seriously. Some sources have even discovered that women are only about half as likely to request funding from third-party lenders, and this could be because they are 20% less likely than their male peers, to be approved. 

…women entrepreneurs continue to be underrepresented and face obstacles that their male counterparts do not.

4. Women Entrepreneurs Often Outperform Men

Despite the fact that men seem to own more businesses (more than 75% of businesses are owned by males), and have had the opportunity much longer, than women, female business owners seem to generate more revenue and create more jobs than those owned by their male counterparts. Some data even suggest that women are more effective leaders, with their startups significantly outperforming those owned by males, and many of their companies making the ranks as some of the most valuable organizations in the country. 

Some of the reasons why women seem to outperform men in the leadership sector are due to their higher levels of emotional intelligence and seemingly inborn negotiation skills. Women seem to value relationships more than “winning”, or simply doing business and, in the long run, catering to the human side of business comes out on top.

Final Thoughts

Up until now, women haven’t really been given the opportunity to hold leadership positions or launch their own startups. But, now that they can spread their wings and pour their creativity into these new avenues, consumers are beginning to expect something new. Female entrepreneurs truly bring a new, but very much necessary, level of innovation, creativity, and empathy into the business world, and they are doing exceptionally well. 

Unfortunately, due to years of suppression and blatant sexism, most female business owners must claw and fight for everything they earn. From securing funding, to simply being taken seriously, women are absolutely shaping what it means to be a business owner in all industries. And, because of their dedication to the customer, their continued innovation, and their commitment to hard work, we should all be seeking out new ways to support these female trailblazers. 

There actually are no real gender differences when it comes to implementing creativity into action…

Rethinking Finances During Corona Virus Uncertainty

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We need to rethink everything.

 

How tired are you of hearing the word “unprecedented“? Do you wish you had never heard the phrase “social distancing“? Remember when one of our biggest concerns was cutting back on the use of plastic straws?

As surreal as this new world is, we are all learning that our lives won’t go back to how they used to be, but that we will need to move forward into a new way of living. We are not quite certain if face masks will become a casual and expected part of our outerwear, like hats, or gloves in winter. Or, what if we continue to have dedicated tape lines on the floor to stand on when we are waiting in line? Will we always need reminders not to get too close to one another? How quickly our lives have changed.

So how do we navigate this new world? I’m sure you’re as concerned about the economy as I am, and more so, your personal finances. We need to rethink everything, but especially our financial plan, starting with what is most important for us to survive in these trying times.

Let’s take a deep breath and realize that there are a lot of things that are not within our control. On the flip side, we ARE in control of so much still. As women, our minds automatically go to the health and safety of our families. I have some suggestions for how we can get through this, and it boils down to controlling those things that are most important to us. Here are some ideas you can implement to create a sense of normalcy for your family.

 

We need to rethink everything, but especially our financial plan…

Stick with a Routine

Establishing a routine is so important, especially when you have children. It helps them know what is coming next and gives them a feeling of security in their day.

 

Prioritize Healthy Meals

Coming together at prescribed times of day gives us the opportunity to make healthy eats, chat with one another and provide sustenance that will nourish our minds and bodies.

 

Share Your Feelings and Your Time

I shared with my husband that I’ve had a headache almost every day – and I never get headaches. He suggested we turn off the news (which I have on all day, every day) and we started doing 20 minutes of yoga and 10 minutes of meditation. We are both fairly new to this, but we know we need to take actionable steps toward managing our stress. That and watching HGTV together are currently working for us! What can you do to share more with your family?

 

Make the Most of Your Money

Many of us received a stimulus check; others applied for small business loans (some were lucky enough to get them, but many were not). We need to look at our own finances and minimize expenses so that we can stretch our incoming funds as well as emergency funds or savings we already have. We must do this until we learn more about the future of our jobs, income, schooling, childcare, healthcare…everything that has been tossed into the air like a 52-card pickup game. Except that this isn’t a game.

What can you do to share more with your family?

Draw on Past Experience

I have been through a lot of periods of uncertainty in my life. There were times when I’ve not known where my next meal will come from! Long story short, I worked through it and survived. If I can get through that, I know I can work through this. So, fall back on those times you’ve worked through struggles and came out on the other end. How can you apply what you learned before to what is going on with our finances during coronavirus?

 

Here are some actionable steps you can take right now:

  • Get a solid understanding of the money coming into your household and the bills you need to pay. Use this handy tool entitled “Where’s your money going?”
  • Review this list of 50 things you can do to minimize expenses.
  • Schedule dedicated time to sit down with your partner or others in your household who have a role in financial decisions and decide where you can cut or limit expenses.
  • Put a monthly financial plan in place, work the plan and then come together to see how the plan is working and if you should make additional adjustments.
  • Food, shelter, healthcare and transportation costs are the primary expenses that should be attended to first.

 

We got this – one day at a time!
Follow Purse Strings on all social media (@pursestringsco) to get tips and tricks that will help you feel financially fearless.

Hired Help

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Picking a Pro to Manage Your Money

Turning to an expert for financial advice is a smart move. Even the savviest woman sometimes struggles with money management. According to a  Money.com survey, only 36% of women are satisfied with their net worth. What’s more, about 37% of women are unhappy with their investment portfolio.

Clearly, women want better for their money. However, it takes a trained, seasoned professional to know the ins and outs of the industry.

Here’s the challenge, though. When it comes to financial pros, one size hardly ever fits all. You need to pinpoint which big money brain fits the bill. Which one to call, depends on your specific financial concerns.

Sounds like you need a financial expert to pick a financial expert, right? Thankfully, no–just some advice to point you in the right direction. Read on for helpful information and advice.

 

37% of women are unhappy with their investment portfolio

hired help, financial professional, money, pro

Look for certification

There’s not much stopping people with little or no experience from claiming pro finance expertise. How do you tell the difference between a pro and a schmoe? One good way to separate the fly-by-night types from the true experts: certification. Certified Financial Planner (CFP) designation signifies they meet stringent education, examination, experience and ethics requirements. Those three little letters make a big difference. Namely, the pro meets or exceeds a certain level of standards.

Another certification you should note: Purse Strings Approved professionals. It’s our mission to give women better options and service when managing their money. Purse Strings approval proves to the world that a financial pro understands the specialized needs of women and how they want to be served.

How do they get paid?

The way a financial pro gets paid for handling your money varies. If they’re providing a one-time service, like an accountant handling one year of returns, it’s likely a one-time fee. A stockbroker usually works on commission–they take a certain percentage of your earnings. Ask about compensation upfront and be sure you are clear on every detail before you consider them.

Types of professionals

There are about as many stripes of financial professionals, as there are ways to spend your money. Let’s look at some key varieties.

Accountant:

These folks provide individuals and companies advice on tax matters. Reach out for assistance tangling with your returns, maximizing deductions and ensuring you don’t pay more than you have to. Certified Public Accountants are licensed by individual states–it makes sense because no two states have identical tax laws.

Insurance agent:

We’ve talked about the vital types of insurance women should have. The next step: connecting with a pro to determine what types of coverage and plans you need. Call on an agent to determine which policies fit your life situation. They can ensure your coverage isn’t too heavy, or too light, but just right.

Investment adviser:

Want to make your money work for you? Investment advisers connect individuals with securities advice. Registered with the Securities and Exchange Commission, they can guide clients toward smart investment opportunities.

Stockbroker:

These pros are licensed by their respective states to buy and sell stocks, bonds, mutual funds and the like. They must be registered with companies with Financial Industry Regulatory Authority membership.

Estate planner:

A simple will usually isn’t enough to dispatch your assets after you’re gone. An estate planner handles the important details you might not know about. These include estate taxes and other issues that need to be dealt with.

 

Your money matters–it’s important to find pros you can trust with your finances.

If you need answers or advice, reach out to Purse Strings–we’d love to talk.

We will provide you useful and timely information you can use to be #financiallyfearless

Strategies to Engage Today’s Female Consumers

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Strategies to Engage Today’s Female Consumers

Women | Purse Strings | Financially Fearless

Have you ever noticed that when Apple has a new product, lines of people start to form before the stores even opens?  Have you ever waded through the crowds in Nordstrom’s shoe department on a Saturday? Or, ladies, have you tried to get a last-minute appointment for a color and cut?  Its almost impossible. Yet, these are typically expensive purchases, women will wait in lines for, schedule appointments weeks in advance, and are willing to pay exorbitant fees for these products and services.

 

Now, go look outside the window to your business.  Are people lining up to talk with you? Are they calling you to get an appointment only to find they must wait three weeks out?  No? Well, they certainly could be. The Allianz Women, Money and Power Study, 2006, found that nearly three of four women lack some type of outside assistance with their financial strategies.   Look around you. Count four women and know that three of them could probably benefit from your products and services.

 

Why aren’t women lining up to meet with you?

 

It’s evident that so many of them need your products or services.  Here’s the reason why – they don’t trust you or the industry you represent.

“It doesn’t matter whether it is purchases of cars, cosmetics, or even products for men, female consumption power is the leading consumption power in the world,” states Andrea Jung, President and CEO of Grameen America, a non-profit organization helping women in poverty build small businesses to create better lives for their families.

During a Purse Strings presentation, a man interrupted and had this question.  He said, “Why won’t women buy long term care insurance.  Is it because it’s too expensive?”  Look around and see that women will spend whatever it takes on items and services they feel are a value to them.  Many women spend money on expensive, shoes, bags, travel, tennis, clothing, spa services and so on. When they see a value or have built a relationship with a brand that serves them, cost is irrelevant.

This confirms there’s just one viable option for growing your business in the 21st century… create products and services that appeal to women clients.

This takes creativity, planning, and hard work, but the rewards will make it worth your effort.

 

What are you doing to build trusted relationships with your female customers and clients?

Strategies From A Female CEO

Bridget Brennan, CEO of the consulting and training firm Female Factor and author of Why She Buys, has been studying women’s impact on the consumer marketplace for over ten years. Recently writing on Forbes.com, she presented strategies for attracting women to your business. Here’s a quick overview.

  • Make your products/services easier for women to buy.
  • Create services that supplement the products you offer to women consumers.
  • Don’t overplay female stereotypes in your marketing.
  • Women shop with all their senses. Find ways to engage them in your advertising.
  • Enable women to feel smarter just by doing business with you.

As a female CEO of both Provost Consulting, Inc and Purse Strings, LLC. I would add this advice from my findings. Women are a large percentage of the market (51%) but you can’t provide the same products and services to all women. Consider how different products and services would be needed across these different life stages, economic status and characteristics

Women can be a college graduate, successful professional, widow, or, all the above. Women today are choosing to wait longer to have children, may decided to stay single, or be in a partnered relationship with a man or a woman. If she is a mother, the age of her children plays into her financial needs. Is she divorced or widowed? An entrepreneur or stay-at-home mom? She could be a single-mother who is struggling financially or a single-mother who is professional with wealth.

All the data demonstrates the importance of building relationships with your female customers. This could be assessing every touchpoint you have with your female customers, researching products or service that would serve your female customer base, or finding ways to gather information from your female customers to see how you might better serve them.

 

Women want to work with trusted financial providers who:

  • Are interested in her unique family situation, caregiving demands, career, money goals and risk tolerance – not just her assets.
  • Communicates clearly and on a timely basis.
  • Are honest and upfront about fees
  • Understand how women take in information through emotion, connection, intuition and other senses and use this information to make decisions.

All the data demonstrates the importance of building relationships with your female customers.

Every Financial Professional Should Be Aware of These Facts

Women drive the world economy. Globally they control about $20 trillion in annual consumer spending, and that figure could climb as high as $28 trillion in the next five years. (The Female Economy, Harvard Business Review, September 2009)

Women’s $13 trillion in total yearly earning could reach $18 trillion in the next five years. (The Female Economy, Harvard Business Review, September 2009)

Women control the vast majority of consumer spending. For example, they buy 90% of food, 55% of consumer electronics and most of the new cars (“Hello, girls,” www.economist.com, March 14, 2009)

The number of wealthy women in the U.S. is growing twice as fast as the number of wealthy men. (Virginia Tech’s Women’s Wealth and Philanthropy Report.)

If you want women consumers lining up at your door then, learn how to serve the most powerful market! Purse Strings is here to help. Go to pursestrings.co to register for our upcoming session on how to reach, engage and earn the female dollar. You can also earn 12 CE credits for agents in Illinois and all reciprocal states.

Women | Purse Strings | Financially Fearless

We will provide you useful and timely information you can use to be #financiallyfearless