Many women have lofty financial goals but aren't sure how to achieve them. According to a recent survey by GOBankingRates, 6% of women cited lack of knowledge as the biggest barrier to achieving their financial goals, and a further 18% cited a combination of lack of knowledge and lack of money as a barrier. I am.
When it comes to knowledge, it's always helpful to get practical advice from women who are in the same position as you. So GOBankingRates asked some of the “most powerful women in money” to share their No. 1 advice every woman should follow.
Top tips from Barbara Corcoran, Rachel Crews, and other female financial experts.
Read next: Suze Orman: 5 Social Security facts that soon-to-be retirees should know
Find out: 4 genius things all wealthy people do with their money
Liz Claman
Liz Claman, host of “The Claman Countdown,'' said women need to invest more, regardless of their age.
“I don't care if you're 8 or 58,” she said. “Invest a fixed amount each month, no matter what the market does. How much? Look at your monthly income and choose an amount you feel you can deduct without affecting your rent payments. [or] Add in a mortgage and bills to make it just a little bit more painful. Then set up your monthly deductions and funnel them straight into your stock fund. ”
Check out: I am a self-made millionaire: This is my monthly budget
Try this: How much savings does the average middle class person have?
barbara corcoran
“Shark Tank” star Barbara Corcoran said women should always invest in themselves.
“Money is meant to be spent, and the best way to spend money is to invest in yourself,” she said. “I spent my first commission of $340 on a new coat from Bergdorf Goodman, and it gave me the confidence to go bigger than I ever dreamed. Spend some money. Or invest in a course that will help you advance in the workplace.”
Trending now: Robert Kiyosaki: 7 ways to get rich beyond the 9-to-5 life
rachel cruz
Rachel Crews, author of Know Yourself, Know Your Money, believes all women should invest.
“Invest early and consistently,” she said.
Daneta Do
Danetha Doe, founder of Money & Mimosas, said all women need to put their money toward their personal short-term and long-term needs before doing anything else with it. .
“I believe everyone should follow the pay-your-own-first rule,” she said. “Whether you want to increase your savings, contribute to your investments, or take care of your health, start by spending your money on taking care of yourself.”
tori dunlap
Tori Dunlap, founder of Her First $100K, believes automation is the key to financial success.
“Automate every aspect of your financial life, from your bills to your savings and investments,” she said.
More information: How can I withdraw money from my bank account? 3 ways to know
Chelsea Fagan
Chelsea Fagan, co-founder of The Financial Diet, emphasizes the importance of tracking your spending and savings.
“What gets measured gets managed,” she said. “It doesn't matter how much money you make. If you don't track and understand your money, you'll always be chasing money.”
barbara ginty
Barbara Ginty, host of the Future Rich podcast, said all women should strive to become financially literate.
“Your money is never as important to you as it is to anyone else. Understanding your personal finances should be a priority,” she said.
Erin Lowry
Erin Lowry, author of the Broke Millennial series, said her number one tip is to “don't let other people spend your money.”
“This sounds like simple advice, but it's not,” she said. “Social and family pressures force us to constantly spend money on or for others. Attending weddings, bachelor/bachelorette parties, going home for the holidays, etc. , birthday dinners, baby showers, retirement parties, and the list goes on.
“I'm in no way suggesting that you stop investing emotionally and financially in your friendships and family relationships,” Lowry continued. “However, you should set boundaries for how much you are willing to spend on other people's milestones while respecting your own financial limits and goals. Don't just say 'no' all the time.” , discuss your boundaries early and openly, and suggest alternatives that work within your budget. ”
Read more: I'm a self-made millionaire: Here's my 4-step payday routine
Suze Orman
Suze Orman, host of the podcast Women & Money, wants to help women better understand the role of money in their lives.
“Money is simply an expression of who you are,” she said. “If something is wrong with your money, it means something is wrong with you, because you and your money are one. Money teaches you more about yourself than anything else. And when something doesn't feel right, it probably is.”
paula pants
Paula Pant, host of the podcast Afford Anything, advises women to “watch the gap.”
“Pay attention to the difference between what you earn and what you spend,” she said. “We’re going to widen this gap as much as possible, invest in this gap, and repeat.
“There are only three ways to 'widen the gap': make more money, spend less, or a combination of both,” Pant continued. “Don’t get caught up in the idea that you need one size fits all.” X Percent Savings Rate. Instead, focus on the actions that will have the most meaningful impact on widening the gap. ”
rachel rogers
Rachel Rogers, author of We Should All Be Millionaires, said it's important for female entrepreneurs and freelancers not to underestimate themselves.
“One of the money rules I think everyone should follow when setting prices based on their values is to think about the price you want to charge and then double it,” she says. I did. “Yes, you heard me. This is probably over for today as I'm seriously low on charge!”
Learn more: I'm a financial advisor: Here's why my wealthy clients identify as middle class
Jill Schlesinger
Jill Schlesinger, host of the podcast “Jill on Money,” has a “big three” when it comes to money advice.
“(1) Set aside six to 12 months' worth of living expenses in an emergency reserve fund,” she says. “(2) Pay down consumer debt. (3) Maximize retirement plan contributions. Focusing on these three goals will help you build your financial foundation.” ”
Borasokunbi
Bola Sokunbi, founder and CEO of Clever Girl Finance, said every woman needs an emergency fund.
“It's a good idea to have an emergency fund stashed away that can cover essential living expenses such as housing, food, transportation, and medicine for about three to six months,” she says. “Think of it as a financial safety net for the unexpected, like an unexpected expense or a sudden drop in income. It can really help relieve stress when life throws you a curveball.”
“If you don't have an emergency fund, focus on having the first $1,000 and then add emergency savings items to your budget so you're consistent every paycheck. You can continue to save.”
Jaime Catmull contributed reporting to this article.
Methodology: GOBankingRates surveyed 1,001 American women ages 18 and older nationwide from April 18 to April 20, 2024, using 18 different questions. (1) What are your main financial goals? (2) What are the biggest barriers to achieving your financial goals?; (3) If you are actively investing, what are your main financial goals? What are your investment vehicles? (4) If you are not actively investing, what is stopping you from investing?; (5) How much student loan debt do you currently have?; (6) How much credit card debt do you currently have? (7) What are your biggest obstacles to paying off your debt (credit cards, student loans, medical bills, etc.)? (8) What is your biggest source of financial anxiety and stress? (9) What are your worst money habits? (10) How involved are you in household financial decisions compared to your partner? (11) Which of the following financial professionals have you used? (select all that apply); (12) Do you consider yourself financially secure/stable? (13) What is your biggest financial regret? (14) Do you think you are bad at money? (15) How would you describe your relationship with money? (16) Do you consider yourself to be financially independent? (17) In what ways do you live frugally? (Select all that apply); ( 18) What actions are you taking to build long-term wealth? (Select all that apply) GOBankingRates conducted the poll using PureSpectrum's research platform.
Details of GOBankingRates
This article originally appeared on GOBankingRates.com: Barbara Corcoran, Rachel Crews, and 11 other money experts share their top financial tips for women
