Many women lack clarity on how and where to get started with investing and are likely to leave more of their money in cash. This Wealth With Sophia column shares five stories from women to inspire you to take those first steps towards investing
Women hold 71 percent of their wealth in cash and retire with between 30 and 40 percent less wealth than men. But there are many different ways to invest your money and change the trajectory of your wealth journey.
So, if you are looking for inspiration on how to take action with your cash, we have five stories from women leaders to motivate you to consider some of the myriad ways to start investing and growing your wealth, each of which demonstrate that it’s never too early, nor too late, to start taking control of your wealth and your financial future.
1. Stay focused
I made a down payment on a tiny property in London in the late 1980s when only 10 percent was required. It was a crazy time of easy-to-get mortgages and high interest rates, and I remember having to hand over most of my monthly salary to pay the mortgage which involved a lot of scrimping and scraping. Despite the worry of making the mortgage each month, I decorated the flat myself, furnishing it with junk shop finds, and felt incredibly pleased that it was “mine”. It kept me focused and responsible with my money when I could have been distracted by all the other things I wanted to buy. Although getting onto the property ladder now is different and less accessible to young people, the discipline of working towards a concrete goal is still very relevant in terms of building a foundation for the future and developing a healthy attitude towards money.
– Joanna Hotung, Founder, KG Group
2. Adopt a win-win mindset
The way I start many of my investments is I either fall in love with the energy and passion of the founder or the problem they are trying to solve. When I first met Olivia Cotes-James, the founder of Luuna, through the introduction of a mutual friend I loved her energy and her passion and knew immediately I wanted to support her. Her drive to create a better period care experience was contagious—she was able to articulate the problems she encountered on her own journey and used this to create a better product and experience for all women. Apart from being an investor I am also a mentor and advisor to Olivia—it’s mutually satisfactory as I get to see her at work as an entrepreneur and she gets my help in dealing with corporates. It’s a win-win and that’s how I look at all my investments.
– Maaike Steinebach, Founder and CEO, FemTechFuture