My dear Friends,

Have you ever set yourself a financial goal? Or worse, even if you had, you never achieved it.

No matter how hard you try, something always gets in the way. Consequently, leading you to conclude that, as you’d suspected all along, you’re not as “good” or are less knowledgeable than others, especially men, with money.

But somehow, you feel in good company, as many women seem to struggle with financial matters. So, why change anything? After all, who wants to be different from the rest?

Yet the world around us is changing, so I think it’s time to break free from limiting beliefs, overcome financial fears, and embrace a wealth(y) mindset.

The good news is that studies showed it is not our fault; even better, it is within our control to change this. However, this means you have no excuse for not taking action and embarking on an empowering “Money Mindset Makeover”.

Join us as we unlock the doors to your financial success. Embrace the extraordinary woman you are destined to be.

Beliefs, attitudes and perceptions

The money mindset is the collection of beliefs, attitudes, and perceptions an individual holds regarding money, wealth, and financial success. It serves as the foundation upon which financial decisions and behaviours are built. Shaped by a combination of personal experiences, family upbringing, cultural influences, and societal norms, the money mindset can greatly impact how a person approaches earning, spending, saving, and investing.

Parents and caregivers play a significant role in shaping a person’s money mindset during childhood. How money is discussed, not talked about, managed, and perceived within the family environment can influence one’s beliefs about abundance, scarcity, and financial responsibility.

Furthermore, society’s portrayal of success and wealth, as well as media representations of affluence, can shape the way people view their own financial standing. Past experiences with money, both positive and negative, also leave lasting imprints on the money mindset.

Despite being wealth owners, women often find themselves entangled in the complexities of these influences. Societal forces orchestrate our beliefs about money, influencing how we approach wealth, prosperity, and even self-worth.

A Toxic script

For centuries, girls were often handed the subtle script that wealth and financial prowess are domains reserved for men. Family traditions teach us to be caretakers, skilled in nurturing and support, while men handle the finances. Cultures paint a picture of women’s worth being tied to marriage and motherhood, sidelining the importance of financial independence.

With their teachings, religions can sometimes add a layer of complexity, promoting humility and modesty while inadvertently breeding discomfort around accumulating wealth.

The all-encompassing society perpetuates gender roles and norms, limiting women’s financial ambitions, despite their potential.

Even when a woman breaks free and rises to great wealth, these influences remain hauntingly potent. The very foundations laid in our formative years hold us back, making us question our worthiness or ability to manage and enjoy our wealth fully.

The elephant in the room

We must talk about the elephant in the room: The absence of financial education in schools and how it’s messing with our money mindset!

Seriously, we are taught calculus but nothing about money management. We’re left wandering in a financial wilderness without learning the money ropes in school.

We are armed with the Pythagorean theorem but clueless about the stock market or budgeting! It’s like being given a Rubik’s cube with no instructions!

Consequently, women hesitate to take control of their wealth, feel inadequate about investments, and fall into money myths that rob us of our potential. Women’s attitude of never being good enough and having to excel in whatever they do is not helping either.

These gaps in our money education are why 59% of women still feel financially disempowered.

Culture Matters

Across different cultures, women’s attitudes toward managing wealth display fascinating variations.

In Latin America, family ties hold great significance. Communal responsibility leads women to prioritize the needs of the family over personal wealth. Patriarchal norms have hindered financial autonomy, and still, many women defer their wealth management to their spouses, despite their education and success in their careers.

In Asia, conservative societies like Brunei, Malaysia or Afghanistan uphold traditional gender roles, restricting women’s ability to manage their wealth. However, progressive regions, like Japan, Singapore or South Korea, witness an emergence of financially independent women engaging in business and investments, breaking free from traditional constraints.

China is a notable example of a progressive Asian country that has significantly promoted women’s economic empowerment. China has two-thirds of the world‘s female billionaires.

A matter of perception

Arab/Muslim countries reveal diverse attitudes, with conservative societies like Afghanistan, Bangladesh and even India imposing limitations. At the same time, more progressive regions embrace women’s financial empowerment through increased access to resources and education.

For example, since 2018, women in Saudi Arabia are increasingly participating in the financial sector. There is a rising number of female bankers and executives. For example, the CEO of Saudia Arabia‘s stock exchange-Tadawul- is a woman. Since several reforms aimed at empowering women and promoting more gender equality, women own significant amounts of wealth in their own name and proactively engage in various financial activities.

Household Expenses vs financial management

In Western economies, there has been progress in promoting gender equality and women’s financial empowerment. However, despite being astute businesswomen and managing household expenses, a significant percentage of women still defer the management of their wealth to their spouses.

Various factors can influence this dynamic, including cultural norms, societal expectations, and individual preferences.

Contrary to widespread belief, women in Southern European countries like France or Spain are usually financially savvier than their northern counterparts in Germany or Austria.

It’s important to note that progress towards gender equality is an ongoing journey, and these examples represent some of the countries that have made notable advancements in empowering women economically. Each country’s unique cultural and societal context influences the pace and extent of progress.

The ultimate mindset check

Before we can change, we need to know the status quo. Right?

So it’s time to dig deep into the world of assessing your money relationship and uncovering those sneaky limiting beliefs!

First things first, self-awareness is the name of the game. Take a moment to reflect on your money habits, emotions, and reactions.

Zoom in on those pesky limiting beliefs. Listen to that inner voice; what’s it saying? Are you convinced that women can’t handle big money decisions? Do you feel undeserving of financial success? Identify these troublemakers and show them the door!

Firstly create a “Mindset Check” board. Divide it into sections/steps, hang it up, and write down whatever money thought comes to your mind each time you walk past. Take as long as you like-weeks or months-to write down whatever thought or emotion you associate with money.

The ten important steps

Step 1

The Money Mindset Selfie: Take a fearless look in the money mirror! Reflect on your financial habits, both good and bad. Acknowledge your emotions around money, like excitement, fear, or guilt.

Step 2

Unravel your Money Story: Delve into your past to understand the role money played in your life. Was it a constant source of stress, or did you grow up in a financial wonderland? Recognize how your upbringing shaped your current money beliefs.

Step 3

Examine your Money Habits: Are you a spender, saver, or savvy investor? Analyze your financial habits and how they align with your long-term goals. Identify any patterns that may be holding you back or propelling you forward.

Step 4

Identify your Limiting Beliefs: Time to play detective and spot those sneaky limiting beliefs! Listen to your inner voice and catch any negative scripts about money. Uncover and challenge them, whether “I’m not good with finances” or “Wealth is not meant for me!”

Step 5

Uncover your Past Money Experience: Recall significant financial experiences from your past, both positive and negative. How did they shape your current attitudes towards money? By understanding these events, you can reveal any hidden biases and emotions around finances.

Step 7

Analyze Emotional Responses: Pay attention to your emotional responses when dealing with money matters. Notice if you feel anxious, guilty, or confident. These emotions can reveal underlying beliefs that influence your financial decisions.

Step 8

Recognize Money Triggers: identify situations or triggers that evoke strong emotional reactions related to money. Such triggers present valuable opportunities for growth and self-awareness, enabling you to understand your money mindset better.

Step 9

Seek External Feedback: Engage in open conversations about money with trusted friends, family, or a financial mentor or coach. By doing so, you can gain fresh perspectives and valuable insights into your money mindset that you might have overlooked.

Step 10

Journal your Money Thoughts: Maintain a money journal to capture your thoughts, fears, and aspirations related to finances. This writing practice can help you process your feelings and uncover patterns in your money mindset.

Take some time to reflect on the insights gained from your assessments. Summarize the key beliefs, emotions, and behaviours that shape your money mindset. This summary will serve as a foundation for future improvements. As you embark on this assessment journey, remember it’s about gaining self-awareness and understanding your relationship with money. Embrace the process with an open heart, and welcome the growth and transformation it brings.

The mindset shift

Cultivating a positive money mindset involves developing a healthy attitude towards money and wealth. This includes reframing negative thoughts about money, focusing on abundance rather than scarcity, and believing in one’s ability to achieve financial goals.

Why is it important? Well, here’s the scoop: Your mindset shapes your reality. Embracing a prosperity mindset means ditching those limiting beliefs that hold you back and welcoming a world of endless possibilities.

I know, I know, that sounds easier said than done. Get a sparring partner or mentor to help you!

By adopting these practices, we can shape a positive money mindset that empowers us to make sound financial decisions, attract prosperity, and work towards our aspirations.

The wealth playbook

Once you have conquered shifting your mindset, you will be ready to implement the wealth playbook. It will help you rock your finances and confidently embrace your money power.

Chapter I

Setting Clear Financial Goals: Define your long-term financial objectives. Make them specific, measurable, achievable, relevant, and time-bound (SMART). Write them down and keep them visible as your guiding light. Take a moment to envision your dream life. What do you desire most? Whether it’s financial independence, starting a business, or retiring early, make your goals crystal clear and aligned with your passions. Break them down into short-term, medium-term, and long-term objectives. Setting SMART goals – specific, measurable, achievable, relevant, and time-bound – will help you stay on track and celebrate every milestone.

Chapter II

Create a detailed budget outlining your income and expenses. I know this is boring, and with all the money in your bank account, you might wonder why you need it. But believe me, you do. Allocate funds for an emergency fund, investments, and treating yourself without guilt. Budgeting is your financial compass. Track your income and expenses diligently to understand where your money is going. Analyze your spending habits and identify areas where you should cut back without sacrificing happiness. Prioritize investing by creating a systematic approach to managing your money. This will free up funds to work harder for you, helping you to sustain your wealth over time rather than eating it up.

Chapter III

Educate yourself about various investment options. Diversify your portfolio to minimize risks while maximizing potential returns. Explore stocks, bonds, mutual funds, real estate, and other investment vehicles. Explore investment opportunities that align with your values. Consider impact investing, which enables you to generate financial returns and positive social or environmental outcomes.

Chapter IV

Choose a Wealth Advisor/Manager: Finding the right wealth advisor is key to your financial success. Research reputable advisors with a proven track record of success. Seek referrals and interview potential candidates. Ensure they understand your goals, values, and risk tolerance. Regularly review their advice and performance to ensure they align with your objectives.

Chapter V

Invest According to Your Values: As a female wealth owner with a strong sense of purpose, align your investments with your values. Look for companies and funds supporting causes you believe in. Investing in companies that align with your values allows you to make the impact you want while building wealth.

Chapter VI

Deal with Setbacks: Life is full of surprises, and financial setbacks can happen. Prepare for unexpected challenges by establishing an emergency fund. This safety net will provide peace of mind during tough times, allowing you to focus on your long-term financial goals. When faced with setbacks, assess the situation calmly and adjust your financial plan if needed.

Chapter VII

Building your Legacy: Determine how you want to be remembered and the impact you wish to leave behind. Create a comprehensive plan encompassing financial assets, values, wisdom, and life experiences. You might want to consider setting up a family trust, charitable foundations, or educational endowments to perpetuate your legacy for future generations.

Chapter VIII

Embracing Philanthropy: You might have bigger things in mind than just spending your money. Engage wholeheartedly with causes close to your heart, supporting initiatives that drive positive change. Establish a structured approach to your giving, ensuring your contributions make a meaningful impact. Collaborate with like-minded individuals or organizations to amplify your philanthropic efforts, leaving a legacy of compassion and empowerment.

Embrace the “Wealth Playbook” as your trusted guide, empowering you to conquer the financial world with wisdom, strength, and fabulousness!

Stay curious, continuously educate yourself, and surround yourself with supportive peers. Armed with the right knowledge and determination, you’ll elevate your financial prowess and live the life of abundance you truly deserve.

Empower, surround and strengthen

For the world to finally become yours and to unlock your financial power, you need to empower yourself with knowledge, embrace having a supportive network, and build your financial resilience.

First and foremost, empower yourself with financial education! Knowledge is your superpower, so seek out resources, attend workshops, and follow reliable experts to gain insights into the global economy, the jargon, investments, budgeting, and wealth management. Armed with knowledge, you can finally confidently make all those informed decisions.

Next, build a strong support network! Surround yourself with peers who uplift and inspire you. Join a community of like-minded women, seek out mentors, and connect with investment communities. Sharing experiences, insights and investments will fuel your growth and boost your confidence in tackling financial challenges. Apart from a seemingly boring

Lastly, strengthen your financial resilience! Life may throw curveballs, but you’re ready to face them. Develop a strategic plan, build a financial cushion through smart saving, and invest wisely. With resilience at your core, you’ll navigate any financial storm with grace and confidence. By the way, building your resilience benefits all parts of your life.

You’ll rise above any financial challenge with empowering financial education, a supportive network, and unshakable resilience. Remember, confidence breeds success, and you’ve got the power to create a financially independent life.

Rule your fortune

Celebrating financial milestones becomes a vital aspect of our journey. Raise a toast to our financial milestones – big or small, they’re all worth celebrating! Whether it’s smashing investment goals or unlocking the doors to our dream properties. Treat yourself to something wonderful: a SPA Day, dinner at a Michelin-star restaurant with a friend, or whatever else you fancy. Recognizing and rejoicing in your achievements boosts our confidence and motivates us to strive for further success.

Embracing leadership in wealth management is a natural progression for women who confidently navigate the financial landscape. By educating ourselves about investments, diversifying portfolios, and making informed decisions, we’re proving that the financial realm is ours to conquer.

In addition to personal achievements, we’re giving back, supporting the causes we’re passionate about, and investing in projects that create a lasting impact. Our wealth isn’t just a number; it’s a force for positive change, leaving a legacy that’ll shine for generations. Our wealth can become a powerful instrument for creating something meaningful.

Money Mindset Makeover-finale

Now with your “Money Mindset Makeover” almost complete, it’s time to embrace your financial power and take charge like your powerful woman!

Get practical – set clear financial goals, create a budget, and explore smart investment opportunities.

Keep the journey alive by staying curious, educating yourselves, and seeking growth in your wealth ventures. Remember, you hold the key to unlock sustainable prosperity – now go forth and conquer your financial destiny!

Small steps lead to significant changes, so stay committed to your journey. Surround yourself with supportive networks, attend workshops, and connect with like-minded women.

And most importantly, stay resilient! Don’t be discouraged by setbacks; learn from them and keep pushing forward. You’ve got this!

Remember that you hold the key to securing or growing your wealth, nobody else. So, let your newly empowered money mindset guide you to greatness!

Key Takeaways

Assess your money mindset and learn how you feel about being a wealth owner.

Scrutinize your spending habits and how you feel while you spend money.

Define clear financial goals to guide your wealth journey.

Educate yourself about investments and make informed choices.

Surround yourself with supportive networks for encouragement.

Stay committed to your journey; progress takes time and effort.

Small steps lead to significant changes; celebrate every milestone.

SOURCE: FORBES; HEALTH SELF AND WEALTH; CHAT GPT; TATLER ASIA; BLACKROCK; N26; ELLA DEX; METLIFE; ELLEVEST; LINKEDIN