Is it true that women in business don’t take the financial risks necessary to get ahead? We know that women still earn only 78 cents on the dollar compared to men and though there are plenty of women middle managers, there are dismally few at the CEO level. According to Lois P Frankel, author of Nice Girls Don’t Get Rich, these are symptoms that reflect the social training girls and young women receive about “doing good and being nice” over getting ahead. Making money and being the good girl, wife, or employee can be in direct opposition to a path of power and women will often pick the path of least resistance. Though understandable, this is not a great strategy for your bottom line, (and I don’t mean the bottom you sit on). This is especially true as women move into their retirement years.
What are the risks women should be taking? To name a very few: 1) starting a new business or 2) investing in real estate or the market or 3) NOT giving their adult children money to bail them out of self-induced situations. This last one is a huge money mistake for women and pops up all the time with my Money Coaching clients.
Women in Business: Here are a couple questions to think about to give you Financial Peace: 1) Where do I sit on the risk continuum? Am I fairly conservative, risk aversive and so need to work for someone and get a steady paycheck? Or am I ready to leap tall “start my own company” buildings, and get sound business help to do so?
2) What risk am I willing to take in 2012? It could be as simple writing down all your purchases for thirty days. As Ellen the talk show host says in her new book: Seriously, I’m Kidding, (paraphrasing) “Stretching is more than doing yoga, it’s taking risks.”