Are You Your Worst Financial Enemy?

Uuuuugh! Another report showing women work the hardest but have little or nothing to show for their efforts. African American women, in particular, have the lowest net worth even though they have higher employment and more education. What’s up with this?

Here are the two top findings from the IWPR survey: 

  1. According to Louisiana Weekly, 28% of employed Black women work in service occupations which traditionally has the lowest wages and lack benefits and sick days.
  2. 80% of Black mothers are the breadwinners, either as sole earner or earn at least 40% of the household income.

Can I be frank? African American women can be their own worst enemy by not making their financial security a top priority.

Here are the top three mistakes all women make that put them in financial jeopardy.

  1. Playing checkers instead of chess with your career. Ladies, do not wait for a raise or settle for the annual incremental increase. Learn how to quantify and communicate the value that you bring to your role. Know what you need to do to go to the next level.
  2. Playing defense instead of offense with your finances. Understand your benefits and leverage the opportunity they present by increasing your contributions as your earnings increase. Become an active participant in choosing your investment mix. Staying in so called no risk stable value funds will not allow you to grow your assets.
  3. Relying on your limited knowledge to get ahead. If you knew what to do you would have done it already. Take advantage of personal development programs through your employer. Attend conferences in your industry. Your intellectual capital will impact your ability to build wealth.

Will you have enough in your purse? Click here to take the What’s In Your Purse quiz and then register for the A Purse of Your Own Webinar and see what you need to do to create a 7- Figure Retirement.

Deborah Owens

America’s Wealth Coach™

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