Professional Women: How to Take Control of Your Financial Life

By 2030, American women are expected to control approximately $30 trillion in assets¹, a figure nearly equivalent to the annual GDP of the United States. Along with this rising economic influence, nearly half of women say they feel confident about their finances, yet only 28% feel empowered to take action on them.²

Financial empowerment is more than just having money. It’s about feeling confident, capable, and in control of your financial world. Here are five steps professional women can take to gain more control over their financial lives.

1. Define your money values

Financial empowerment begins with understanding what truly matters to you when it comes to money. This includes how you think about it, how you use it, and how it makes you feel. Many of us carry attitudes, habits, and beliefs about money, and these may be shaped by many factors, including our upbringing, life experiences, and subconscious biases.

Take time to reflect on what money represents to you. Does having a certain level of savings make you feel secure? Do you view money as a tool for freedom, opportunity, generosity, or stability? Or does it feel stressful, complicated, or emotionally charged?

By uncovering the “why” behind your financial decisions, you can help align your spending, saving, and investing with your core values. This clarity not only reduces anxiety around money, but it also helps you make intentional choices that support the life you want to build.

2. Set your goals

Financial goals aren’t just numbers on a spreadsheet. They are the roadmap for creating the life you envision.

If you’re feeling stuck or unsure where to start, try journaling or talking with someone you trust to help clarify what you really want.

It can also be helpful to organize your goals into timeframes:

• Short-term goals (0–3 years)
  This might include building an emergency fund, paying off a credit card, or saving for a vacation.
• Medium-term goals (3–10 years)
  Think larger items like purchasing a home, funding a business or career transition, or paying for a child’s education.
• Long-term goals (10+ years)

Once you have a clearer picture of your goals, consider partnering with a trusted Wealth Advisor. They can help translate your goals into a concrete plan for spending, saving, and investing.

3. Know your net worth

Once your values and goals start to take shape, the next step is to understand your financial baseline. One of the clearest ways to do that is by calculating your net worth. The calculation itself is straightforward: take everything that you own and subtract everything that you owe.

Make sure to include all your financial accounts. Don’t forget about former and current workplace compensation including 401(k)s, pension plans, and stock awards.

You might consider using this exercise as an opportunity to consolidate your banking and investment accounts to simplify your affairs and make financial tracking easier going forward.

Knowing your net worth can be one of the best ways to gain financial clarity. Tracking it over time is an excellent way to measure progress and strengthen your financial confidence.

4. Create your safety net

Before focusing on long-term investing, one of the first financial steps to take is setting up an emergency fund. A cash cushion helps you avoid setbacks like dipping into investments, taking on debt, or derailing your financial plan when an emergency strikes.

A helpful rule of thumb is to keep around 3 to 9 months of living expenses in liquid savings. If you’re in a single-income household, aim toward the higher end of that range, as a larger safety net provides added security when there’s only one source of steady income. For example, if your monthly expenses total $6,000, consider keeping at least $18,000 in accessible savings.

5. Take action

Perhaps the toughest part of building financial confidence is simply getting started. It can feel complex, demanding of time and energy, possibly even overwhelming. But you don’t have to overhaul your entire financial life. In fact, small, consistent actions make the biggest difference over time.

Now might be the time to take action. Consider beginning with Step 1 and building from there, one step at a time.

¹ Source: https://www.mckinsey.com/industries/financial-services/our-insights/women-as-the-next-wave-of-growth-in-us-wealth-management
² https://business.bofa.com/en-us/content/workplace-benefits/women-money-confidence.html

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