We Need To Empower Women To Take Charge Of Their Money

Enrollment is now open for the Golden Money Blueprint. Find out more or enroll here.

Summary
In this episode of the Living My Life Like It's Golden podcast, host Louisa Larado discusses the critical need for women to empower themselves financially. She highlights the existing gender gap in financial literacy and wealth creation, emphasizing the importance of knowledge and confidence in managing money. Louisa encourages open conversations about finances, breaking the taboo surrounding money discussions, and introduces her Golden Money Blueprint course designed to equip women with the necessary skills and knowledge to take charge of their financial futures.

Takeaways

• Empowering women to take charge of their financial situation is crucial.
• The gender financial gap is still significant and needs addressing.
• Knowledge and confidence in money management are essential for women.
• Open conversations about money can help break societal taboos.
• Investing in financial education is a priority for women.
• Women often rely on partners for financial decisions, which needs to change.
• Creating additional income streams can enhance financial freedom.
• Financial literacy should be passed down to future generations.
• Women need to prioritize their financial well-being.

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Disclaimer: The information contained on today’s podcast has been provided as general advice only. The contents have been prepared without taking into account your objectives, financial situation or individual needs. Before making any decision regarding the information, strategies or products mentioned on today’s episode, please consult your own financial advisor or other professional first.

Chapters

• 0:00 Empowering Women in Finance
• 6:26 Breaking the Silence on Money Conversations
• 10:46 Investing in Knowledge for Financial Freedom

Transcript

Hi, and welcome to the Living My Life Like It's Golden podcast. I'm your host, Louise Larado and today I wanna speak about a topic that I think is so important that we open the dialogue on and have a conversation about it. And it's about empowering women to feel confident and to start to take charge of their financial situation. Now there's still such a massive gap in between women and men in the ways

that they invest, create wealth, save, spend and just earn money. And I really think this needs to change. So stay tuned if you wanna hear a bit more about this topic and learn some great tips to help close that gap and make a change, especially for the sake of our daughters that we're being those role models to. So stay tuned for that.

Thank you so much for tuning in today. And today I think this is such an important conversation that is just not spoken about openly enough. And that is empowering women to have the confidence, to have the knowledge, the skills, the tools ready to confidently be able to manage their money, create more money, invest their money, save their money. And

just have that confidence to know what they're doing when it comes to money. And unfortunately, this is definitely not the case for a lot of women in our world. And you think, you know, it's 2024, surely we're closing that gender gap, but we are so, so far off. It's not even funny. In fact, out of 195 countries in the world, not one single country has reached

gender financial equality yet. It's still way, way, off. And the World Economic Forum actually predicts it's going to take 257 years to actually close that financial gender gap because they're still so far that we have to come. and it should not be the case. That definitely should not be what

we have in our society. Now I've got two daughters and I don't want that for them. I want them to feel strong and empowered and capable of managing their own money and investing their own money in any way that they see fit and just having the skills and knowledge. So it's all going to start from us though. We need to start making a difference and educating ourselves and empowering ourselves if we want to see any significant change. We can't change everything in the world but we do have responsibility for ourselves.

But why is this even the case? It seems just crazy to me to think that this is still going on. But it just takes like looking around at my friends and my family members. The majority of the women that I know in my life are not the ones that handle the money in their household. It's their husbands or their partners. They put all their trust in them to be able to advise their financial decisions and they still have a say in it.

but they're not the ones that are instigating these conversations more often than not. Now, not every case, but a lot of them. if you have daughters, especially, is that the role model you really want to be creating for them? Like, I just want you to think right now on a scale of one to 10, how confident do you feel?

managing your money yourself. How confident do you feel being able to invest your money wisely in different areas? How confident do you feel with your actual understanding of money and how it works and inflation and economy and all those sort of things? How confident do you feel at creating additional sources of income or wealth building?

Unless you answer 10 for all of those areas, then there's definitely room for improvement. And it all just starts with knowledge, Why am I so focused on money? Well, money gives us powers. What we've decided in our economy that we have put our value in and without money, we don't have as much power.

We need more money, but we also need more knowledge in these areas to really give us that power to take charge of our financial situation, to not rely on others to inform us. Even if you want to seek out the help of a financial advisor or a stockbroker or something like that, you yourself should still have the skills and the knowledge to know what they're advising you.

and not just going blindly of what they're telling you. So if you feel like that's something you're lacking on, then make sure you keep listening, because I really want to give you some strategies and some skills to set you up for success in this area. Now, right now, there's still about a 10 % pay gap in between men and women in terms of just I'm just talking day to day income. I'm not even talking about investing in all those sort of areas.

And if that was happening your whole entire career, getting that 10 % less than your male counterparts, then by the time you reach retirement age, you're going to have

38 % less wealth than a male doing the exact same job as you. That doesn't seem right to me at all. Definitely doesn't sit well with me, that one. And globally, right now, men own 50 % more wealth than women. So let's start this open conversation. Let's start changing that. And us to this situation and why

knowing what we know, knowing that we have access to so much instant education. You know, we only have to watch YouTube or listen to some podcasts or enrolling online courses to gain the knowledge. We don't even have to leave our house to get all the skills and the knowledge we need to improve this area. So it's all about making it a priority. But I think this first starts with having this open conversation and being

confident to speak openly about this. So for a lot of us, money is a real to boost subject. It was not something that was most likely discussed openly in your families. I know for us as a family, I didn't really get discussed a whole lot. It was always rude to ask how much money somebody earns. But why? Why is that so? Why have we decided that money is this to boost subject and it's all private? And as a result,

We're not passing down that knowledge to our children. Now it was all from what I watched. So growing up, I watched my dad be the one that handled our finances in our family. It wasn't that my mom couldn't have a say, but she just didn't have the knowledge and the skills and wasn't prepared to learn those skills either. I was quite happy just letting my dad deal with all the money. And now that's led down the track to when they've been separated that my mom has no financial knowledge in that area.

And you can't always rely on others to give you that knowledge. Money is literally, even though we're saying, you know, it's not, not everything is about money. Money is not the most important thing in the world. Well, it actually is. if I gave you no money for the rest of your life, how far do you think you're going to get?

it is important, we need it. It is vital for our day to day life. It is vital to participate in the society that we live in. Even if it's just to provide our basic necessities like food and shelter and water. So you need to know.

how to make your money work for you. You need to have that confidence yourself on how can you create money? How can you manage your money? How can you invest your money without it being scary? So firstly, let's start an open dialogue about money. It's okay to talk about money. It's okay to ask questions about money. If you know people in your life that maybe have more skills in some areas, then ask them the questions.

Learn! Make this a priority! We get so caught up in all these trivial things in life like keeping our house clean or...

being busy doing certain activities and things like that. But what if instead we use that time even a small percentage of that time to start investing in learning and providing ourselves with that knowledge about money.

Now, unfortunately, our society sort of has set us up to fail. It's still, there's still so much gender stereotyping out there about women's roles and men's roles and women are expected to stay at home still or participate in a more hands-on way with our children, raising them. I'm talking generally here, but in general, they're the ones that take maternity leave and that...

obviously sacrifice a bit of their pay and then rely on their partners or their husbands to financially support them during that time. Or if they're working as well, they're still the one and this is just going off scientific studies and research that shows women are still doing majority of the housework and things like that. whereas men are seen more likely to be the ones that are making those investment choices.

Also in our society, it's so common to see women spending a lot of money on clothes and fast fashion and shoes and cosmetic treatments and things like that that we are doing just to keep up with everyone else. It's sort of the expected norm. What is not part of the expected norm is spending that money we might have paid for some eyelash extensions to go and invest

on the share market. Imagine if every time you got a beauty treatment, you instead took that money and invest in the share market, what your financial situation would be. Now, I'm not saying go spend all your money on investing and not taking care of yourself if that's something that you want to do as part of your life. But I'm just trying to make you have a think about how you're prioritizing your wealth building. And

Right now, at a scale of one to 10, how confident and happy are you with your current financial situation?

If it's 10, then that's amazing. But if it's anything under 10, then there's always going to be some room for improvement.

Now, I am a firm believer that definitely knowledge is power and I'm constantly looking for ways to improve myself in different areas of my life. one of the areas that I found was one that I was missing myself was in investing in shares because I just had no understanding of this. And this comes back down to those sort of stereotypes. So in school, you know, there was always more of a focus for

males to follow the more the mathematical logical path and women to be more the arts and creative side. Now I actually enjoyed maths growing up so I sort of broke that a little bit and I've always been had an interest in money and wealth creation but the one area that I knew I was missing my whole entire life was in investing in shares. every time people had tried to talk to me about it it just went over my head and I just had no understanding but

I knew that in order to reach the financial goals that I really wanted, and for me, a big thing was I wanted to create more income or more wealth into our household to give my family more freedom. I want us to be able to go on more amazing holidays. Travel is something that I value really, really highly, and so does my husband, and so does my whole family, really. So in order to go on better holidays, well, let's create some more money.

or to do the things that I wanted to do to maybe drop down in my teaching job. I wanted to drop down some days so I had a bit more freedom in my day to day. So how can I create additional streams of income or passive income in my life to support that a bit more freedom? So it wasn't until I made that decision that I'm going to go and invest some time.

and a bit of money to learn the steps. I invested in a really reputable share trading course so I could gain that bit of knowledge that I was lacking before. And we only have to look around us to see that there's so many opportunities that we have immediate access to to fill in the void, fill in the parts of this that we are currently lacking. So if you feel like you have really good knowledge on saving.

but you're not really sure about investing, then there's so many opportunities that you can go and pursue that. If you feel like you want just some tips on how to manage money, then again, there's so many different ways that you can improve your education without, some of these don't even cost anything. Watch some YouTube videos, go to the library, borrow books, read. There's such a wealth of information that we can instantly access with ease.

listen to some podcasts, whatever it takes. But what I don't want you to do is to feel like you are stuck, feel like you have to rely on others to help you manage your money, to help you invest in your money, to help you create more money. And this is even more important if you do have daughters because right now, whatever beliefs you have about money, how you're handling money, how you and if you've got a partner, how you are both

interact with money, those beliefs are going on, or those ideas, those skills, those tools are being passed down to your children. So I want you to think about how you think that this is going to impact their life. Are you passing down some positive things about money or is there some room for improvement? And I'm not telling you all this to make you feel bad or make you feel inadequate.

What I'm trying to do is just start this dialogue and make you aware that this may be an area that you need to improve on.

If this is an area that you need to improve on, or if this is something that you think might be an area that you need to start prioritizing in your life, but you're just not really sure where to start or what would be the first steps, then I'm really excited to tell you that currently I have enrollments open for my golden money blueprint. Now this is a course that is designed exclusively to help empower women.

to feel empowered by their finances, to have that confidence and the financial literacy in a range of different areas to do with your money. Because I really want you to end 2024 with your best money situation that you can possibly dream of and then have these skills to set some really big financial goals for 2025 and have these skills and these habits for the rest of your life. Not just for yourself, but if you have children.

pass down to them as well. So if this is something you want to learn a little bit more about, you can head to louisalarado.com slash golden money or you can find the link in the show notes. But essentially it's going to be a seven week online course that starts on Monday. So you've only got a couple of days left to enroll if this is something you're interested in. And it's all about a holistic approach to money.

money management, money creation. So we're gonna be breaking down what's currently blocking you with your money, your beliefs around money, your mindset around money, how to manage your money. We're gonna be looking at wealth creation, what to do when things go wrong and build your financial resilience and how to create these as life long habits that you'll have for the rest of your life and not just the duration of the course. Now this is a

for you if you feel like you need that guidance, you need that accountability, you need that support. And you just need someone to show you the way and the steps and the process. And all the things that I'll be teaching you in the Golden Money Blueprint is all the things that I've taken years of making my own mistakes. I've got loads of things I've had from mentors and coaches as well that I've combined into one little affordable package. And

you deserve to invest in your financial future. And it's not a big amount of money. It's the first time I'm launching this course. So it's at a special introductory price right now. And you'll be the first to take part in it. But I've created so much knowledge in there and each module will be recorded live. So you'll have a chance to ask me questions live as they come up. And I really will be there to help.

support you and guide you through the process, but you can also do it at your own pace too. If that's more the method you would like to take with this program. Now, if this sounds like something that you would like to take part in, or you want to find out about a bit more about, then just find the link in the show notes. It's called the GoldenMoney Blueprint. But if it is not something that you think is suitable right now, then I really encourage you to start

finding your own information, either listening through this podcast, I've shared a lot of tips and insights into money related matters, so you can check those out, or you can head over and find anyone else that you think is the right fit for you. But don't sit back and just let other people dictate to you how to handle your money, how to create money, how to invest your money.

Give yourself the knowledge. It's honestly, it's so worth the time. It's so worth the effort. And it's gonna give you skills that you're gonna have for the rest of your life. Now, if you know somebody else that needs to listen to this message, that needs to be empowered by their money and feel like they have the confidence to take charge of their finances and make themselves a priority for a change, then share this podcast with them. I really think.

the more women that can listen to this message, the better. So feel free to share it. Leave me a review or a comment. Make sure you're following along to the Living My Life Like It's Golden podcast for more content. And I'll see you on the next episode.