7 Habits of Financially Successful Women: Empowering Your Path to Prosperity

/ Professional Development / By

BY Dr. Tangier Scott | August 9, 2023

In today’s dynamic world, the realm of finance is witnessing a remarkable transformation, with more women than ever taking charge of their financial destinies. Across industries, there’s a rising tide of financially successful women who are not just breaking the glass ceiling but shattering it entirely. What sets these women apart are not just their skills and determination, but also a set of powerful habits that drive their financial prowess. Let’s explore the 7 habits of financially successful women that can inspire and empower you to embark on your own journey to prosperity.

friendship day, black women, portrait-3104635.jpg

1. Embracing Financial Literacy

Financially successful women recognize the importance of understanding their money matters. They educate themselves about budgeting, investing, taxes, and debt management. A prime example is Warren Buffett’s business partner, Charlie Munger, who attributes much of his success to continuous learning. He famously said, “In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time.”

2. Setting Clear Financial Goals

Setting well-defined financial goals is crucial for success. Financially successful women have a vision of where they want to be and create actionable steps to get there. Consider Oprah Winfrey, who went from poverty to becoming a media mogul. She set her sights on building an empire that included media, entertainment, and philanthropy, and she worked relentlessly to achieve her dreams.

3. Cultivating Smart Saving Habits

Saving consistently and intelligently is a cornerstone of financial success. Women who thrive financially prioritize saving a portion of their income, even if it’s modest, and investing it wisely. Look to Sara Blakely, the founder of Spanx, who started her company with just $5,000. Her frugal mindset and disciplined saving helped her build a billion-dollar business.

4. Fearless Investing and Risk-Taking

Financially successful women are not afraid to take calculated risks when it comes to investing. They research opportunities, diversify their portfolios, and understand that risk is inherent in growth. Take the example of venture capitalist and entrepreneur, Kathryn Finney. She founded Digital Undivided, an organization that empowers Black and Latinx women in tech. Her willingness to invest in underrepresented talent has yielded both financial and societal rewards.

student, woman, startup-849816.jpg

5.  Building a Strong Network

Successful women recognize the power of a supportive network. They surround themselves with mentors, peers, and advisors who provide valuable insights and guidance. Sheryl Sandberg, the COO of Facebook, stresses the importance of mentors in her book “Lean In.” Her mentorship relationships have not only helped her grow professionally but have also enriched her understanding of finance and leadership.

6.  Negotiating Confidently

Financially successful women are adept negotiators, whether it’s asking for a raise or closing a business deal. They know their worth and are unafraid to advocate for it. Look to tennis champion Serena Williams, who is not only a sports icon but also a savvy businesswoman. Her negotiation skills have led her to secure lucrative endorsement deals and investments in various industries.

7.  Practicing Resilience

Resilience in the face of challenges is a hallmark of financially successful women. They understand that setbacks are part of the journey and use them as an opportunity to grow stronger. Consider the story of Arianna Huffington, the co-founder of The Huffington Post. Despite facing initial rejections, she persisted and transformed her digital media venture into a global success.

The habits of financially successful women provide a blueprint for women from all walks of life to pursue their financial aspirations with determination and confidence. These habits are not just about accumulating wealth, but also about cultivating a mindset of empowerment and independence. By embracing financial literacy, setting clear goals, saving smartly, investing fearlessly, building a strong network, negotiating confidently, and practicing resilience, you can pave your own path to prosperity and inspire generations to come. Remember, your financial success is not just a personal triumph; it’s a step toward gender equality and a better future for all.

Meet Dr. Tangier Scott, a seasoned corporate and executive coach with rich experience spanning over 25 years. Her passion and dedication to guiding others toward success have led her to become a beacon of transformation in the coaching industry.

As a certified Personal and Executive Corporate Coach, Dr. Scott founded S.O.A.R. EZ, LLC (Strengthening Organizations to Attain Results) to help individuals and organizations at critical crossroads seeking positive change.

IMG_08761001

With a diverse background in leadership training, conflict resolution, ethics, diversity, and more, she equips her clients with the necessary skills to navigate life’s challenges and turn them into opportunities for growth.

Through the S.O.A.R. approach of Renew, Reset, and Rebound, Dr. Scott empowers her clients to break free from stagnation and limitations. Her extensive management experience allows her to understand the obstacles that can impede progress, and she adeptly guides individuals towards success.