Personal Finance for Women: Building Confidence and Control Over Your Money
A candid conversation about the unique financial challenges women face—and practical advice to empower women to master their finances.
Money is a topic many women find intimidating or taboo, but it’s essential to break the silence and take control.
In this conversation with Sheri Rash, founder of GWA Wealth, we explore how women can avoid costly mistakes, gain confidence, and create financial security—no matter where they are in life.
Why Women Need Financial Advice Tailored for Them
Only 16% of financial advisors are women.
Men and women often "speak different languages" when it comes to money, so advice from male advisors may not resonate.
Many women feel overwhelmed or excluded in financial conversations and tend to rely on spouses or family.
Common Challenges Women Face
Lack of confidence in financial decisions.
Feeling stuck or unsure where to start.
Taking on sole financial responsibility unexpectedly (due to divorce, widowhood, etc.).
Managing daily money tasks vs. long-term investment planning often falls unevenly between partners.
Communication Is Key
Women should attend financial advisor meetings and actively participate.
It’s crucial to know where money is, what assets exist, and who manages them—not necessarily all the details, but enough to feel confident.
Money is neutral; emotions about money come from upbringing, experiences, and societal expectations.
Understanding Your Money Personality
Everyone has a unique money personality shaped by early money memories and emotions.
Financial therapy often helps uncover these patterns.
Knowing your money personality can help tailor strategies that work for you.
A New Approach to Budgeting: Strategy Over Restriction
Traditional budgeting can feel restrictive and fail for many people.
Instead, create a spending strategy that categorizes money into Needs, Wants, and Wishes.
Allocate roughly 50% of income to needs, 30% to wants, and 20% to wishes (savings or debt payoff).
This flexible approach reduces guilt and allows for a balanced lifestyle.
Planning for Retirement
Women live longer and often earn less, making retirement planning even more critical.
Save with clear goals, and plan for a retirement lifestyle that may include travel and social activities.
Don’t underestimate costs increasing over time.
Start Financial Conversations Early
Encourage young people (even teens) to start learning about money.
Answer questions early to build healthy financial habits.
Financial literacy is a lifelong journey.
Final Thought: Talk About Money
The single most powerful advice? Talk openly and factually about money.
Remove shame and emotion; make money a normal conversation.
Building comfort around money empowers better decisions and long-term security.
Want to learn more and get personalized help?
Visit GWAWealth.com and subscribe to The Common Cents Show for practical money advice tailored for women.
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