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6 Financial Mistakes Women Make When Investing in Their Future
The Financial Mistakes Women Make When Thinking About Their Future
Discussing gender equality and women's opportunities in the world of work have never been more prevalent. Yet, however vital these conversations are, making an active change needs to start with the individual. It needs to start with YOU!
“Women are the largest untapped reservoir of talent in the world — Talent which once given direction shall take them a long way in life” - Hillary Clinton
Men and women function at different frequencies - historically, men have always taken the lead in employment and career, investing the family money, and running the finances for the household. Although things are changing, what stops women from confidently taking ownership of their wealth for themselves and their families? What is the barrier that still exists?
Through my own painstaking financial journey, I have coached, trained, and mentored thousands of female leaders, business owners and entrepreneurs who, much like myself, have made destructive errors when it comes to planning ahead. Here I share some of the deadliest mistakes women make when investing in their financial future.
IT'S A MAN'S WORLD, RIGHT!?
"Yes, it's a man's world, but that's all right because they're making a total mess of it" – Cher, Singer and Actress.
The Financial Mistakes Women Make When Thinking About Their Future
It is no secret that men still dominate the world - from the media, boardroom, technology, and government, men are still at the top of their game, and sadly gender equality is still far from being a reality in most sectors. Understanding where you fit in can be tricky but bowing down and accepting defeat because you are not well represented is not a good enough reason to neglect your future. The unconscious bias still exists, that is no lie, but are we using man's world as an excuse not to pave our way?
We saw a steep climb in self-employed females in 2008 though the number of women starting and building their own business is still marginally lower than men. In fact only 1 in 3 UK entrepreneurs is female: a gender gap equivalent to 1.1 million missing businesses (Rose Review of Female Entrepreneurship, HM Treasury 2019) This is because so many factors are holding us back; funding, support, primary care responsibilities, skills, sector discrimination, none of which are reasons to give up; in fact, think of what you could achieve if you used these 'obstacles' as a driving force!
When it comes to taking the lead at home, females tend to be the dominant contingent; from investing in furniture, decor, building works and even choosing the house itself, often the management of the family home falls on the woman.
But interestingly, when it comes to property investment, i.e., a “business decision”, suddenly the man makes the final call. There is a disparity between managing a home and managing a property. Either women see themselves only as homemakers or are told they are only suited to being one thing. Either way, if you are to believe in your decisions, simply start by looking around at all the sound investments you’ve made in your own home.
“The best investment you can make is an investment in yourself… the more you learn, the more you’ll earn.” – Warren Buffett.
THE RISK APPETITE
"The only limits in your life are those that you set yourself." — Celestine Chua, Counsellor and Founder.
Men's appetite for success is born out of taking risks. Being a "success" is still a relatively new concept for most women. While we do our due diligence, research, weigh up the pros and cons and make sure everything is perfect before even considering taking on something new, Men tend to leap forward. Our need for stability could be stopping us from taking risks and making a significant change in our lives. Being risk-averse is not embarrassing, but it can be limiting.
Your environment plays a massive part in approaching any opportunity; if you have always struggled with money, self-worth, and stress, you might not find it the most appealing of choices. You may have lived a relatively charmed life and been given opportunity after opportunity, yet you might not want to risk it all. Women are thoughtful beings; we think about the consequences because we must. We must consider the family and the repercussions, but without risk, the risk of being stagnant is much riper than believing in yourself.
I bet you never thought you'd make enough money to build a future for yourself, be able to cope with home schooling the kids for 2-years, staying in the house day in and day out, or even witness The Fresh Prince wallop someone at the Oscars, yet here you are, it all happened, and you dealt with it.
The pandemic challenged us all; it was unexpected, scary, seemingly never-ending, and completely disruptive. But it was also slower-paced, quieter, a source of extra time and gave the earth a break from our constant and insistent daily grind. We are adaptable beings; we flourish in the face of change. As women, we have always had to survive, build, and nurture, so what makes you think someone else can invest your money better than you?
Some of the most meaningful, fulfilling moments happen to be when I stepped out of the 'norm', out of my comfort zone and into the unknown. Yes, it is scary, but it could also be the moment you learn how to fly instead of sink, create, reflect, develop skills, realise what you want and find a sense of resilience and tenacity you didn't know you had. Risk is simply a chance, a chance to build better.
https://brandminds.ro/top-traits-that-make-a-female-a-successful-entrepreneur/
Looking for Permission
"It's not about finding your voice. It's about giving yourself permission to use your voice" – Kris Carr, Actress
We do not believe in ourselves, so why will anyone else?
Embedded in our DNA is a history of stories that talk of great men defeating enemies, men saving damsels in distress and gallant men saving the day.
In almost all of these retellings, the wife, daughter, and sister are beautiful, subservient and quiet. Dutiful and supportive, or they are not written about at all. Of course, there are exceptions; there always are, so why can't you be? While the men make their mark, we are too busy looking for permission. Permission from our husbands, mothers, fathers, friends, and elders to do more than rear children, support our husbands and keep a happy home.
We have been conditioned to believe that we cannot do this and that our place in society is carved out for us when our parents are told, "it's a girl"! So, how do extraordinary, successful women break the bias? We find support in each other and a drive to do what is right for the family, do what has always been done, nurture, survive, and find opportunities.
Women don't need permission; they need support and self-belief to act on their impulses, to be accomplished based on their abilities. Learning to shine comes from within. From the outset, the only permission worth pursuing is the permission you give yourself. The day I stopped asking for permission to succeed was the day I started being truly successful.
“Better to ask for forgiveness than permission!” - Grace Hopper
I tell my students to let the bank balance speak for itself!
Heart Vs. Head
People buy people; that is no secret – a good, personable salesperson is much more likely to win a sale even if their prices are not as competitive as the company down the street because trust, attention to detail, and a connection are what people are really paying for. For women, the heart is very much where we start.
Okay, look, no one wants to sob in the boardroom, shout at a colleague or panic in a one-to-one meeting with the boss, but we want to celebrate a new deal, shed a tear over getting a promotion or laugh at accidental profanity on a PowerPoint presentation. Women work through the heart, whereas men work through the head. After years of hard work nurturing our families and caring for our kids, women have stopped trusting their minds and have instead resigned to understanding that what needs doing to build a better future must lie with the brother, father, or husband.
"If your head tells you one thing, and your heart tells you another, before you do anything, you should first decide whether you have a better head or a better heart" – Marilyn vos Savant, Author
Life is full of emotion; it ultimately drives us to succeed. Likewise, loss and love provide us with the tools to build, plan and create change. So, lean into your feelings, and see what drives you.
Trying to do almost anything significant alone is scary. Of course, the things that mean the most are almost always frightening, but why is it stopping you? An uncertain future is much scarier than having no plan at all.
Balance is everything when it comes to happiness; we strive for a work/life balance, look for love/friendship, fun and laughter/peace and quiet, and balance is the goal. I wholeheartedly believe that women connect with their hearts, it has undoubtedly been my most powerful tool to success. It is our driving force and USP. The balance comes when we use our hearts and our head in unison.
We have been told that investment decisions should be made from our head which is true, but rapport and trust play a big part in securing lucrative deals. I believe that the combination of heart and head is the key to success!
“ It’s not about women acting like men, it’s about women acting like women and being successful “ – Zooey Deschanel, Actress
Quality Vs Quantity
The amount of money I am banking outweighs my need to flood my portfolios with properties every time. As a woman in an all-male world, I didn't feel any sense of validation, and quite honestly, that wasn't my drive. It was much more important to see the money in the account versus obtaining an extensive portfolio. More property means more headaches.
Cashflow is about quality properties, and less is more.
Throughout history, men have always needed validation, from hunting for their tribe to fathering more sons, driving the fastest car, or owning more than their neighbour. Ego is what drives them to succeed, and it, ultimately, is what requires the most input. You will often see men in property investment talk about the number of properties they own, whereas the more thoughtful approach could mean a higher income with much less hassle.
I believe in acquiring a quality property portfolio with significant cash flow instead of collecting properties like trophies with minimal cash flow and more headaches.
"At the end of the day, you are the only one that is limiting your ability to dream or to actually execute on your dreams. Don't let yourself get in the way of that” - Falon Fatemi, Founder, Node. 10
Just take a minute to check in with yourself; your core drive, values, and ambitions make up your dreams. They are yours to pursue and believe me when I say they are well worth the effort.
Now is Not the Time
"The key is in not spending time, but in investing it" – Stephen R. Covey
Remember when all girls were good for was cooking, cleaning and breeding? Doesn't seem that long ago, right? Because honestly, those expectations still exist, only now, you need to add going out to work into the mix too. Our role has expanded - so, of course, you don't think you have time!
"I don't think I have ever been this busy". "The kids have school, homework, after school activities, exams, social engagements". "My parents need extra help". "I need work/life balance".
Whether all these things are true is not important; what is important is that you will always have a reason not to do something. Fear drives many of your decisions. But what is more important than your future or your children's future? Your kids, and your responsibilities are never an excuse. What drove me was the need to provide for my children and use that focus not just to survive but also to thrive. They rely on you, so leave a legacy you can all be proud of.
Don't use kids & other pressures for not having time to secure your financial future. Use this as a reminder that you need to prioritise your goals and dreams, so you don't work for someone else to fulfil their dreams; instead, work on your own. Time is the most precious commodity, once it's gone it's gone you can't get it back
There will always be excuses not to do something scary and potentially life changing. Juggling 101 things is a prerequisite of being female. We should be wearing this as a badge of honour for our multi-tasking skills, not using it as an excuse to neglect our future. This is why investing in your future should be at the top of your to-do list.
Be honest with yourself; are you guilty of these mistakes?
Sadly, these mistakes undermine all the hard work we have been publicly doing to support women and their role in society. So why are we not doing as we preach? Are we self-sabotaging, simply not good enough, or are we consciously making destructive errors to make excuses not to elevate?
“Nothing will knock you down quicker than offering the best of yourself to someone and it still not being good enough”
- MW Poetry
I aim to rewrite the rules of the investment game - to build and nurture an environment that fosters confidence, opportunity and forward-thinking amongst those looking for more.
“A Man is NOT a financial plan” – Kim Kiyosaki
There is still a long way to go for equality to feel, well, equal, but I think we forget that women have never been more independent than they are right now. We work, have careers, have our own money, opinions, and experience, and have a resilience that is not comparable.
Unlocking opportunity starts with breaking down barriers, the barriers we have kept up for ourselves - I get it, it's a solid protective technique, but it is stopping the next wave of female evolution.
If you are looking for a new way to make money, money that you can yield the benefits of, the online masterclasses I run might help you. I provide the key insights you need to begin your property journey.
I know what you are going through; I, too, have my own story to tell. My masterclass lets me share my journey and take a deep dive into some of the creative property investment strategies that I use myself.
If you would like to know more about how I can help invest in your future, CLICK HERE for more information.
Reena Malra – Property Investment Queen –
Creative Property Mastery Ltd. 2009-2023.
All Rights Reserved.
Reena Malra – Property Investment Queen – Creative Property Mastery Ltd. 2009-2023. All Rights Reserved.