Below are 7 Financial Tips on How Women can Become Wealthy and be in control of their finances and wealth.

Have a slow approach to get rich quick schemes

You have likely heard about any number of get rich quick schemes, and hopefully, you recognize that you should avoid them.

To get rich quick is not something that can be planned for and occurs very rarely. Instead, your focus should be on how to get rich slowly.

Take a slow, steady approach to invest over a longer period time.

There are a number of financial steps that you can take to get rich slow, and there are multiple blogs available that can help you to understand how to get rich slowly.

One blog that is dedicated to helping people learn how to get rich slow is  “Get Rich Slowly.”

This blog has invaluable advice that can help to guide you through the maze of investments and finance.

There are several steps that you can take on your path to get rich slower, including the following:

• Invest 15% of your income every pay check beginning when you are 25;
• Avoid spending money on frivolous things.
• Learn about finance.
• Learn about investments and history.
• Start saving as early as possible and work to become more self-disciplined.
• Recognize and avoid bad advice from well-meaning people as well as those who are simply looking to make money for themselves.

2. Know Where you Stand Financially as an Independent Woman

While everyone defines financial independence a little differently, there are some common denominators that apply to all of us.

It means you’re able to completely support yourself without the help of outside parties, including family, friends, partners or excessive debt.

Rely on your own steady income and taking control over your own finances. Know where you want your finances to be and implementing a feasible plan to achieve those goals.

When you are financially independent, you are the sole architect of your financial future.

An overwhelming number of young women are still financially dependent on others.

Some borrow money from their parents or relatives and treat credit cards as cash in their hands.

Married women are at times completely unaware of their family finances, relying on their spouse not only for income but also to design their family’s financial blueprint.

Managing Finances with Family

While managing finances with your family or partner is totally normal, women still need to take an active role.

Data shows that nine out of 10 women will be solely in charge of their own finances at some point in their lives,

So it’s vital to plan for when you may have no outside support. Unfortunately, many women are not yet financially independent.

Why do women face additional challenges when it comes to achieving financial independence?

Simply put, women have a higher chance of outliving their financial resources. There are three general reasons why:

Women generally have a longer life expectancy than men (five years longer on average).

 What does this mean? 

Women need more saved up for retirement and to gain full understanding of their finances so they can take control when they’re alone.

Women spend fewer years in the workforce due to child-rearing or part-time work

(The Women’s Institute for a Secure Retirement reports that, over their lifetime, women typically work 12 fewer years than men)

What does this mean? 

Women have less time and money to contribute to retirement plans, savings, and investments.

Women (still) generally receive less pay than men. 

What does this mean? 

Women have less money to save for retirement, emergency funds, investments, and other financial vehicles to live comfortably and debt-free.

In addition to these reasons, consider these statistics on American women:

According to the Organization for Economic Cooperation and Development (OECD),
Women possess a lower level of financial knowledge than men.

Financial literacy is most scarce among younger, less educated and low-income women as well as widows.

In another study by Financial Finesse, a survey found that:

• 65% of women have control of their cash flow (as opposed to 83% of men),
• 45% of women have an emergency fund (64% for men), 
• 54% of women are comfortable with their non-mortgage debt (71% for men), 48% of women pay their credit card balances in full (70% for men).

3. Surround yourself with Wealthy Women

In most cases, your net worth mirrors the level of your closest friends. Is it time to start looking for some new friends?

I’ve asked that question hundreds of times on stage all over the world, and it never fails to get people fired up and even angry.

I’m not suggesting you go and unfriend all your friends just because they don’t have a lot of money. And I’m not suggesting that you choose your friends based on how much money they have.

However, as Einstein said, consciousness is contagious.

If you want more money, you should consider spending time with and befriending people with more money.

Exposure to people who are more successful than you are has the potential to expand your thinking and catapult your income.

Doing so just might make you rich

We become like the people we associate with, and that’s why winners are attracted to winners.

In other segments of society, this is accepted, but the rich have always been lambasted for their predisposition to engage the company of people with similar financial success.

The reality is, millionaires think differently from the middle class about money, and there’s much to be gained by being in their presence.

Many millionaires are surprisingly humble and don’t view themselves as having “arrived.”

Many of them believe millionaires are simply people who don’t know how to become billionaires.

That’s why millionaires are always attempting to gain entry into that exclusive group of people who are among the wealthiest in the world.

Honestly ask yourself: How many rich people are in your inner circle of associates and advisors?

Set a goal in the New Year to double the amount of time you spend associating with people who are richer than you are.

4. Be Frugal with Your Money and Know where it is going

Use Coupons Wisely

Although coupons can be a great strategy to save money, be certain you’re not overspending on unnecessary items just because you may be able to save a few dollars.

For example, if you use a coupon to purchase a bulk pack of deodorant that’s a brand you’ve never tried, you may be stuck with a product that’s going to go to waste if you don’t like it.

For help finding deals at your favorited local stores, restaurants, and service stations.

Check out The Coupons App, and for saving printed coupons to your phone, check out SnipSnap.

Target shoppers may want to check out Cartwheel, an app that lets you scan the barcodes of items that you want to be notified of when discounts or special offers are available.

Avoid Speeding Tickets

Seriously, slow down. The next time you have somewhere to be at a specific time, set your alarm for 15 minutes earlier than you would ordinarily.

Not only do you stand to save money by driving the speed limit, you might also save your life – or someone else’s.

In addition to the cost of the speeding ticket, which can be $250 or more in some states, you also have to worry about your insurance rates going up.

Negotiate Lower Interest Rates on Your Credit Cards

If you’ve been a loyal customer over the years, your credit card company may be willing to lower your interest rates.

There’s no official process for requesting a lower rate – just call up and ask what can be done.

If you’ve paid on time over the years, or if you threaten to transfer your balance over to another credit card company.

Your current issuer may be quick to work with you. If they are unwilling to budge on the rate, consider a new low APR credit card instead.

Check Your Cell Phone Plan to Make Sure It Matches Your Use

Are you paying for unlimited data when you really don’t need it?

Conversely, are you running over on your plan, resulting in fees or gigabytes that are higher-priced than if you purchased them at the beginning of the month?

For many families, text messages are one area where overspending frequently happens, especially when you share your plan with a spouse or child and everyone’s texting habits vary from month-to-month.

Alternatively, you could look at switching your cell phone provider altogether.

5. Seek a Good Financial Planner Who Understands your Future Goals

Choosing a trusted and knowledgeable financial planner is one of the most important investment decisions you’ll make.

So, what makes a great financial planner?

Getting a strong referral from a friend or family member can be the first step in finding the right financial advisor.

Consider the background and reputation of the company the advisor works for.

Are they local?

Do they have a strong track record of success?

Be wary of hot-shot planners who seem to be too good to be true – they usually are.

They take a proactive approach.

Good advisors keep the lines of communication open, updating you on current financial issues and opportunities.

They help make complex financial concepts easy to understand.

A financial planner that withholds information or doesn’t take the time to clearly explain his or her recommendations is not worth your time (or money).

They invoke confidence and trust.

You need a financial advisor you can trust to have confidence in their recommendations.

If you feel nervous, fearful or stressed out after discussions with your advisor, trust your instincts and end the relationship.

They work with you.

A good financial advisor will meet with you – and your significant others – regularly throughout the year.

And that level of attention should continue every year of your relationship.

Too many times, people meet with an advisor, develop a plan, and then simply get statements in the mail.

They put your interests first.

Professional advisors tailor your plan to meet your goals.

They don’t push products on you simply to meet quota or to get the biggest commission.

Check whether your advisor represents a wide range of products and service options or if they are restricted to only proprietary solutions their company sells.

6. Boost Your confidence and Stay Focused on Your Goals

Nobody is born with limitless self-confidence.

If someone seems to have incredible self-confidence, it’s because he or she has worked on building it for years. 

Self-confidence is something that you learn to build up because the challenging world of business, and life in general, can deflate it.

Groom yourself.

This seems like such an obvious one, but it’s amazing how much of a difference a shower and a shave can make in your feelings of self-confidence and for your self-image.

There have been days when I turned my mood around completely with this one little thing.

Dress nicely.

A corollary of the first item above … if you dress nicely, you’ll feel good about yourself.

You will feel successful and presentable and ready to tackle the world. Now, dressing nicely means something different for everyone.

Does not necessarily mean wearing a $500 outfit but could mean casual clothes that are nice looking and presentable.

Photoshop your self-image.

Our self-image means so much to us, more than we often realize.

We have a mental picture of ourselves, and it determines how confident we are in ourselves.

But this picture is not fixed and immutable. You can change it.

Use your mental Photoshopping skills, and work on your self-image.

Figure out why you see yourself that way and find a way to fix it.

Think positive.

One of the things I learned when I started running, about two years ago, what how to replace negative thoughts with positive ones.

How I can change my thoughts, and by doing so make great things happened.

With this tiny little skill, I was able to train for and run a marathon within a year. It sounds so trite, so Norman Vincent Peale, but my goodness this works.

 Seriously. Try it if you have not.

Kill negative thoughts

Goes together with the above item, but it’s so important that I made it a separate item.

You must learn to be aware of your self-talk, the thoughts you have about yourself and what you’re doing.

When I was running, sometimes my mind would start to say, “This is too hard. I want to stop and go watch TV.”

Well, imagine that a negative thought was a bug, and be vigilantly on the lookout for these bugs.

When you catch one,stomp on it (mentally of course) and squash it.

Kill it dead. Then replace it with a positive one. (“C’mon, I can do this! Only one mile left!”)

7. Choose a Career your Passionate About and the money will flow

Choose a career that also will match your personality and you will never have to work a day in your life as it will not feel like work.

It’s not always that simple—it can be difficult to figure out what you love and how to match a career path that matches your personality as well.

Pinpointing your passions and aligning with your dreams of your future and what types of lifestyle you want for the future can be tricky.

Think about what you loved to do as a child? Most of the time our true passions derive from our childhood.

It is quite easy to get caught up in the day to day living with work and family and feeling stuck that we put our passions on the back burner.

See what is on offer and look at careers you may never had thought about and talk to a Career Counsellor.

https://joboutlook.gov.au/careerquiz

 Just Do It

Ultimately, you won’t really know what you love to do unless you actually bite the bullet.

Until you give it a go, it’s really just speculation. So, whether you take a small step like start saving and budgeting.

Signing up for a class or talking to a career advisor or financial planner or just simply rolling up your sleeves and dive headfirst into it.

You’ll never know until you try.