Overcoming The Barriers For Women To Create Wealth Through Investing: Current Issues That Women Face
By Margaret Hamar
I meet many women who want to be empowered in the area of investing to create wealth and I have found that they often have one or more of the following barriers when it comes to investing to create wealth: These women…
- want to start investing to create wealth and have absolutely no idea where to start and so they never do anything in this area
- have had some success with investing and are not sure how to get to the next level
- started some investing and lost all or most of their money and now they are too frightened to get started again
- invested money and got ripped off
- do not really know who they can trust to provide them with the knowledge and skills to succeed with investing
- don’t have much money to get started
- idea of investing is scary
- believe they don’t have a knack of investing so would not try it even though they really want to invest
- have problems balancing their family life and creating wealth
So what are common factors that prevent success in the area of investing?
There are many factors yet the single biggest factor I have found is that many women start at a level that is too big for where their level of investing knowledge and skill is right now. A crucial component of success with any type of wealth creation is “Learning Cycles.” This is also a crucial component for success in anything that you do. Basically Learning Cycles is where you master something by starting it, trying it, completing it, learning from the mistakes and successes that you had, and then doing this all over again. You do not go onto the next level of sophistication until you have mastered the level you are at. By the time you do this often enough you will become a master of what you do. As you keep going through more and more learning cycles, each cycle builds on each other.
If this sounds like a slow path to wealth then it is important to realise that there is no “get rich quick” scheme that really does work. I have met many women who want to do “the deal” and by this they mean that they want a “big investment deal” which will be the deal that makes them more money than they ever dreamed of. More often than not this ends up being their downfall as they do not have the experience, knowledge and skills for such high level deals. There is a lot involved in the area of skills and knowledge that they need such as due diligence skills, solid money management skills, how to reduce risk, a healthy money mindset, a good relationship with money, a step by step plan (that they stick to) for their investing, knowledge of how to invest in line with their strengths and not their weaknesses, and knowledge of the different types of investments and the risks and advantages of each type of investments.
Having a mentor is also vital. By learning from someone who has already been there and done that, and made mistakes that they learned from, you massively reduce the possibility of losing all your money and wiping yourself out.
I find that a common conversation I have with women is their desire to also learn from other women who have been successful in investing. They often tell me that they find such groups much friendlier and that there is a different energy when there is a women’s only gathering. They love to be around women who are successful and empowered and who have also managed to do what they do and have a successful family life. This tends to give them inspiration that they can have the best of both worlds which can often be a major factor to women not having the balance of success in wealth creation and family life. This is so vital as this is an area that is not usually talked about very often is the area of women being financially successful and also having balanced family life.
About the author, Margaret Hamar
Margaret Hamar has a passion for empowering women to create wealth through investing. Financial disempowerment is a major drawback hindering women to empower themselves in other areas of their life and Margaret’s life journey has led her to have a passion for empowering women in the area of financial empowerment and wealth creation.