Just a few weeks ago a surprising statistic showed up in one of our blogs. Over half of single women have a moderate or heavy amount of anxiety about dealing with finances. Many single women are successful in their chosen field and many are business owners. American Express commissioned a study this year that found the number of women-owned firms increased by 45 percent between 2007 and 2016. Many of these women are sole owners, showing us that the idea of successful single women can be a spectrum from personally single to business single and personally attached.
This independence spectrum seems to fade a bit with personal finances, as noted above. Successful women are busy women and may use this excuse to set aside what is already giving them anxiety. However, successful women anywhere on the single spectrum will likely have to depend on themselves and their own income during some transition in their lives. There were two things identified by the funding group Think Global that helped build successful women’s trust in business that can also be remembered in building trust for successful women with their personal financial goals as well.
In both successful business and successful financial planning, support of trusted advisors and sounding boards are important to help women flourish. Strong female business owners are leaders in their fields. Oftentimes, these women have had trusted business advisors and sounding boards they use to help make critical decisions.
Many women avoid looking for that support in their personal planning, and, as stated above, have anxiety about how to handle these personal financial issues. When women avoid a trusted advisor or sounding board for their personal needs, they may have fewer opportunities to make their hard earned money work for them.
Another important tactic for successful women is referred to as strategy partnering. While the inspiration for a business concept may have been laid out at the dinner table or on a napkin while out to lunch, women doubt their ability to take that concept to fruition and fear failure more than men. Working with strategy partners who can share the ins and outs of business and proactively help with business goals equips women with the confidence to see their ideas become successful realities.
Many successful business women may fail to consider working with personal strategy partners to make sure their finances are working positively for their future. However, a trusted partner who has the skills to plan the building blocks of a good retirement can certainly help a solid business woman become a successful woman all around.
So, if you are successful on the single woman spectrum but feeling a bit of angst about how to plan for the big transitions of your life, finding a trusted advisor to help you plan and listen to your needs is an important part of your support structure. Make a connection today and be prepared to succeed.
Wood Smith Advisors, a woman-owned Registered Investment Advisor (RIA), is a fee-only financial services firm that partners with its clients to simplify their financial lives. We focus on women, entrepreneurs and individuals with complex financial situations, providing objective and competent advice, education and services to help them develop and build their businesses and reach their financial goals. We can be reached by clicking here.
“Finance Made Simple” blog posts are intended for educational purposes and not for specific advice. Each person’s situation is different. Consult your financial advisor for advice relating to topics discussed.