No Woman Left Behind.

43% of Americans live paycheck to paycheck. Post COVID-19, that number has increased to 63%.

85% are Women.

We earn 82 cents for every $1 earned by a man.

There are many reasons given for this. We take days off work or time away from our careers to take care of our children, our parents and our partners.

These interruptions in our career can significantly impact our chances for promotions, our ability to earn higher income levels and for some women, vesting in full retirement benefits.

We are more likely to work minimum-wage and lower-income occupations than men.

And women who pursue better corporate career opportunities find there’s a broken rung on the ladder. We represent 48% of entry-level workers, but only 21% of executives in the C-suite.

During COVID-19, mothers are bearing the brunt of the pandemic and may face long-term employment penalties as a result. Without childcare, mothers have had to reduce their work hours 4 to 5 times as much as fathers. So, upcoming raises and promotions over the next several months, and possibly years, may benefit fathers who were able to continue working uninterrupted.

The median annual earnings for men is more than $57,000. At 82 cents for every $1 earned by a man, the median annual earnings for women is little over $47,000. For someone taking care of a family, how significant do you think that extra $10,000 would be?

Over a lifetime, the gender pay gap ends up costing us more than $450,000. We make less money, we spend an average of 12 fewer years in the workforce, and as a result, we have lower lifetime earnings.

So, when we retire, we receive 80% of what retired men receive in Social Security benefits.

Is it a surprise that women feel less in control of their finances? And fewer women feel on track to achieve their financial goals.

At WealthWave, we’re committed to "No Woman Left Behind."

We need to start having conversations about money.

We have to start asking questions. Questions like how do I protect my family if something happens to me, do I need to worry about long-term care, how do I minimize my taxes in retirement? And if we get an answer with a lot of financial jargon, we have to insist on answers that we can understand.

We need to learn How Money Works.

We need to apply the 7 Money Milestones.

By understanding and paying attention to all of the things that make up our financial picture – Financial Education, Proper Protection, Emergency Fund, Debt Management, Cash Flow, Build Wealth, and Protect Wealth, we have the power to take control over our financial future. The best time to start is now! Be sure to attend one of our Master Classes or our five Elements Workshops to learn more about basic financial concepts and how to apply the 7 Money Milestones to your life.

We need to save and invest more money. If we save $10 a day, we’ll have roughly $300 by the end of the month. If you need to start smaller, then save $5 a day. By the end of the month, you’ll have roughly $150. We have to start taking these small steps every day to help get us where we need to be in retirement.

We need to start planning for our financial goals. We spend more time planning a party or a vacation than we do for our financial future. First identify what it is you want for yourself and your family. Then, you can start putting in place the things you need to do to reach those goals.

And, we need to think about our careers. We should consider choosing a career that pays more to women and men equally. With a company that doesn’t penalize us for time spent taking care of loved ones. A place where we’re paid the same as men for our hard work.

What would you do if you had control over your own time? Would you be there for your children or your parents whenever you wanted? Whenever they needed you. Would you pursue a hobby or volunteer at your favorite charity? Or would you just spend time by yourself for a change?

If we keep playing by the same rules, nothing will change.

At WealthWave, we’re making our own rules.

For women financial professionals and for women clients.

Ladies, we’ve made a lot of progress in pursuing higher education and professional careers, but we’ve made incremental progress in our finances. Although the gender pay gap has narrowed since 1980, it’s remained stable over the last 15 years.* If we want to bring about profound change, we have to make it happen. There’s a saying “You can’t be what you can’t see,” which may explain partly why there aren’t enough women financial professionals. But look around this meeting. Here, women are welcome. Women are equal. At WealthWave, women can succeed.

If you want to learn and teach others how money works…

Join the growing ranks of women financial educators and professionals at WealthWave.

We earn $1 for every $1 earned by a man.

No Woman Left Behind

© 2022 WealthWave. All rights reserved.

Bob Formanek

w: 303-220-2521