Oct 20, 2017
Women are really bad about investing. Statistically, we are less likely to invest, and more likely to invest less than we should. While there are some great studies that show that women are actually BETTER at investing than men, we still have a long way to go. In this Like a Mother episode, my single mom entrepreneur friend Shannon McLay, founder and CEO of The Financial Gym, explains step-by-step how women can get over their investing and saving hangups, and get started with a financial plan for their futures. Below is a break-down of how to do just that, whether through an employer plan, or on your own.
A common theme we see at the Financial Gym is an overall lack of investing by women. Most women say, “I don’t invest because I don’t want to lose my money.” Those are words I can assure you a man never says; and if you’re saying them, what you’re really saying is, “I don’t want to make money.” The reality is that leaving your money in a checking or savings account and not investing means you’re actually allowing yourself to lose money. On average you earn less than 1% in a bank account while inflation is 2-3%, which means your money loses 1-2% of value sitting in the bank.
I’m not going to lie, investing is scary and if you’re afraid of it, the fear is real but like any fear, if you have better knowledge, you can overcome it. You work hard for every dollar you earn and when you invest your money, you’re allowing your money to work hard for you in return. Don’t let investing stay the boy’s club it’s been for decades, here’s some quick steps to get started.