Wonder Woman conquered the summer box office competition in 2017, generating over $822 million in revenue. DC Comics created Wonder Woman in October of 1941 as a heroine from the Amazon who promotes peace and fights evil, joining the Justice League with Batman, Superman, and Aquaman.
Lynda Carter brought Wonder Woman to television in the 1970s, while Gal Gadot is the current star on the big screen.
When my daughter was growing up, we read books highlighting strong women like Amelia Earhart, Rosa Parks, Mary, Sacagawea, Mother Teresa, Margaret Mead, and Helen Keller. I wanted her to see women of courage in trail-blazing roles.
Women are also excellent investors, outperforming men over the past few years. Men trade more often than women, which is a problem because of the added costs and underperformance of trying to time the market. Women, on the other hand, tend to be buy-and-hold investors.[1]
Women must take charge of their investments and planning. According to one study, 90% of women manage their own money because of marrying later, getting divorced, and living longer than men.[2] A woman aged 65 today can expect to live to age 86.6 while men will live to 84.3.[3]
How can you garner more financial and investment knowledge?
- Read. Reading books, websites, or newsletters will increase your investment knowledge. Several books and websites help women investors. Here is a short list of investment books: Smart Women Finish Rich by David Bach, Smart Women Love Money by Alice Finn, and The Only Investment Guide You’ll Ever Need by Andrew Tobias.
- Ask. If you don’t know, ask! If you’re working with an advisor, understand what you own and the fees you’re paying. If you’re not sure, ask. It’s your money and financial welfare, so don’t hesitate to ask tough questions. If your advisor isn’t willing to answer your questions, get a new advisor.
- Watch. Webinars are great educational tools, and a Google search can identify companies that provide financial webinars for women. You can watch a webinar when convenient for your schedule, which is a tremendous benefit.
- Plan. A good plan today is better than a perfect plan tomorrow, and it can guide you toward your financial goals. A financial plan will also help avoid pitfalls, traps, and scams.
- Save. Establishing multiple channels for saving and investing is essential, and I recommend opening a savings, investment, and retirement account. Automating your investments can help you commit to your plan.
- Beware. Be on guard for sales promotions and investment scams promising you eye-popping returns. If it sounds too good to be true, it probably is. You can also check your broker or advisor on public websites like the SEC Investment Advisor Public Disclosure (IAPD), FINRA Broker Check, or Brightscope. A click on an advisor’s profile will introduce you to their background and history.
- Mentor. Can you help a young lady or two get started in business or investing? If you’re a successful investor, can you pass on your knowledge to the next generation? Young women are looking for strong women to help guide them financially, and you may be the one to lead them on their journey.
You have the power to control your financial destiny, so be brave as you conquer the investing world. I know you can do it!
Be a first-rate version of yourself instead of a second-rate version of someone else. ~ Judy Garland.
April 4, 2023
Bill Parrott, CFP®, is the President and CEO of Parrott Wealth Management in Austin, Texas. Parrott Wealth Management is a fee-only, fiduciary, registered investment advisor firm. Our goal is to remove complexity, confusion, and worry from the investment and financial planning process so our clients can pursue a life of purpose. Our firm does not have an asset or fee minimum, and we work with anybody who needs financial help regardless of age, income, or asset level. PWM’s custodian is TD Ameritrade, and our annual fee starts at .5% of your assets and drops depending on your asset level.
Note: Investments are not guaranteed and do involve risk. Your returns may differ from those posted in this blog. PWM is not a tax advisor, nor do we give tax advice. Please consult your tax advisor for items that are specific to your situation. Options involve risk and aren’t suitable for every investor. Prices and yields are for today only and are subject to change without notice.
[1] http://money.cnn.com/2017/03/08/investing/women-better-investors-than-men/index.html, Heather Long, March 8, 2017.
[2] Ibid.
[3] https://www.ssa.gov/planners/lifeexpectancy.html, website accessed 6/20/17.