I don’t know who said money doesn’t define success, but I’d like to have a word with them. After all, the two are so intertwined that it can be difficult to separate them at times. And while I know that money isn’t everything, having a good amount of money to fall back on while making waves in your company doesn’t sound like the worst thing in the world.
That said, although everyone’s financial situation is different, there is an undeniable universal financial quality that all successful women do-this means the achievement I had recently when asked together three women who know AF and their money.
If you’re looking to take your finances and career to the next level, you’ve come to the right place. No matter what your goals are, these tips can help you refinance and become the woman you want to be. Keep reading to learn everything you need to know about the financial habits of all successful women.
Nicole Lapin
Financial expert, author and founder of Financial News Network
Through her must-listen business podcast on The Money Network and bestselling books Rich Bitch, Boss Bitch, Becoming Superwoman, and Miss Independent, Lapin helps others increase their financial intelligence and independence, and is called recently named as one of the 2023 honorees in Create. & Develop 100 Lists for his work in the personal finance and business world.
Dr. Robyn McKay
Psychologist, head coach, and speaker
An award-winning psychologist, McKay is known as the “whole brain coach” thanks to his visionary approach, and is a top consultant to high-EQ executives in Fortune 500 companies and doing movies and games and entertainment.
Courtney Alev
Director of Product Management and Customer Finance at Credit Karma
Alev is passionate about identifying problems and uncovering solutions that help consumers spend less, spend more, and change their financial habits.
1. They prioritize building emergency funds
If there’s one thing successful women care about, it’s independence. They want to know that they can rely on themselves in all walks of life, and Lapin knows the importance of this more than anyone. After growing up in a broken immigrant family, overcoming years of being broke, and going out of debt, he told me that he swears by having at least six months’ worth of budget. saved in a bank (or another account that is easy to access. ).
At the end of the day, having a good savings account isn’t a luxury for successful women – it’s a necessity. So, they will make adjustments to their budgets as needed, avoid unnecessary purchases, and live below their means to build up their emergency funds.
2. They save and spend money
Successful women don’t buy into the trap that money is “bad” or “bad.” Instead, they look at it and respect it for the tool it is and use it wisely. Alev explained to me that this means improving security, and includes things like reviewing, canceling, or coordinating regular subscriptions, or choosing to prepare and cook food at home.
That said, this doesn’t mean successful women don’t spend money—because they really do. However, making these small, everyday lifestyle changes helps them save more and strategically invest their remaining money in whatever is meaningful to them. They will focus on spending money on things that bring them joy, be it traveling, spending the night with loved ones, and so on. This concept also helps them avoid impulse or emotional purchases, which increase their bank accounts.
3. They don’t avoid their money
Money blindness is a real thing—invisible, mindless, really?—but neglecting to look at your finances for fear of what you might find is one of those things. doing things that show that money is not good. That’s why successful women don’t shy away from looking at their finances. And according to McKay, they are interested in the opportunity to do so.
McKay explained to me that women who are successful in life know that numbers tell a story and can give them insight into the way they can spend money or the need to organize their budget. That’s not to say they aren’t scared or worried about what they might find—they’re still human—but they have to remind themselves that looking at their money is an act of looking at themselves. away. And this memory is what gives them the courage to continue, despite their fear.
4. They slowly increase their wealth
Another universally successful talent women possess is the ability to grow their wealth without lifting a finger. They generate income in every way, and invest their money systematically in high-income savings accounts, long-term investments, and pensions—what Lapin refers to as “using the power of interest in action.” After all, they work hard for their money, making their wealth grow and making their money return tenfold.
5. They use credit cards
Credit cards often (and unfairly) get a bad rap. But successful women know better. “Credit cards can be a slippery slope for many people,” Alev told me. “However, when you use them properly, they can have many benefits.” This is why successful women believe in paying bills on time, buying only what they know they can afford, and keeping a budget. credit applied to build a pristine credit score.
Also, successful women also make sure that their credit cards match exactly what they want. If they are planning a vacation, they should choose a travel rewards card so that they don’t have to withdraw from their savings to fly their trip. Or, they’ll use a credit card to redeem cash back to earn rewards for purchases. After all, they make their credit cards fit their lifestyle—not the other way around.
6. They pay themselves
Contrary to popular opinion, successful women do not save money. While they are undoubtedly thrifty, they also know how to treat themselves when the time comes. “When you finally reach one of your goals, you should give yourself credit! It can motivate you to continue working toward your goals if you know that there is something exciting waiting for you.” you as soon as you get there,” Alev told me. And while these rewards can range from simple to fancy, they won’t break the bank, so successful women can continue to build their wealth.
7. They trust financially
Money comes and goes, successful women know this. Instead of worrying about how much money leaves their bank account, they trust that most will be received back immediately. Lapin, McKay, and Alev know that it is natural for their money to fluctuate, and this belief frees them from a sense of scarcity and helps them live a life of abundance.
Confidence in the way of money is also what helps them to be financially wise. They are not caught in the emotional charge of money, and managing money in a clear way gives them the ability to call money to their full potential. When it comes down to it, they make their money work for them, save where they can, and finally enjoy the fruits of their labor. Embrace these principles and apply them to your own life, and in no time you’ll be the kind of success story that makes history.
