Exploring the common habits of successful women
Success, what is it? We each have our own definition of what success looks like. For some, success is a certain level of education or career. One trailblazer I can think of is a Bible character named Deborah. She was an impactful and exceptional judge among the Israelites. For others it’s a dream home, driving a certain car or having significant influence like Oprah Winfrey. But however you define it there seem to be common habits among successful women. As we conclude our financial series celebrating women’s history month, what are those common habits embraced by most successful women.
Studies have shown that women are better at investing than men, yet most women save rather than invest. Perhaps it’s the fear of not knowing or the risk involved, but as a woman, you are missing out on growing your money and opportunities when you only save and not invest.
Further, by only saving and not investing you are not fully securing your future. It should come as no surprise or mystery to most that women outlive men. How are you going to secure a more comfortable retirement by saving without investments? If you need help figuring out how to allocate your paycheck, some of the basic general rules suggest 50 percent for needs, 30 percent for wants, and 20 percent for your biggest goals. Get with the habit!
2. Financial Advisor
Nobody has all the answers but women need to spend more time seeking out financial advisors or financial advice. Most successful women have an entourage which includes a financial advisor. If you ask me, I would advocate that you need to have more than a financial advisor in your entourage. I would suggest that you need to have an experienced, trustworthy, and competent accountant, doctor, lawyer, visionary, and listening accountability partner. Hey! Even Oprah has a Stedman! Build and grow your entourage habit!
3. The Feeling Effect
Maya Angelou said, “people may forget what you have said the them. They may forget what you did for them, but they will not forget how you made them feel.” Successful women make others feel valued and special. They do this by pouring into the lives of others. They lead by example in fulfilling some purpose or calling unintentionally building a legacy which enriches the lives of others. They champion causes, establish or join non profit organizations, and build businesses through which others have a chance of greater opportunity and success. In other words, get comfortable with the habit of building an ecosystem of greatness!
To build success, you must change your habits. If it is fear that’s holding you back from making bold financial moves, speak to your advisor. I would say pray, but that’s not enough! I know lots of people who pray but take no action. In other words, thought and prayers and not enough. You must commit to some affirmative goals, plans and action steps that epitomize the DNA habits of a successful woman.