To the outside eye, executive women may seem like they have it all — stable careers, high salaries, solid benefits…the list goes on. However, as we know, there is always more to a story than reaches the surface. The life of a female executive may look impressive, fulfilling, and even glamorous at times, but women in these positions also face a unique slew of challenges that many people fail to comprehend, from work-life balance (or a lack thereof) to complex financial planning needs. Frankly, it can be exhausting. As one client so eloquently described it, it can feel like a never-ending treadmill session. So how can you get off of that treadmill? How can you discover your priorities, set boundaries, and reclaim your life in the process? The answer is surprisingly simple: with a plan.
Why Do You Need a Plan?
When you dream, what do you envision? Early morning walks on the beach? Family vacations? Renovating a villa in Portugal? As an executive woman, you work hard for your money, but at some point, your money should be the one working hard for you. Too often, women spend years and years working their lives away and climbing from one high-earning position to the next with nothing to show for it. Sure, maybe they have a nice car or an expensive home, but they’ve all but given up on their dreams and passions. Hoping to fill the void, they end up spending most of the money they earn, hoping it will bring them some semblance of satisfaction. However, at the end of the day or week or quarter, all this pattern does is keep them trapped in a cycle that lacks true fulfillment and quality of life.
A Little Planning Can Go a Long Way
For so many high-earning women executives, figuring out their finances is just one more thing to do. With busy days and seemingly never-ending work schedules, not to mentions families to care for, many women in this position simply feel as though they don’t have the bandwidth to change their situation.
First off, if you’re feeling this way, it’s important to understand that you’re not alone. Many women executives suffer from financial anxiety and as many feel shame about it. After all, if they are smart and driven enough to climb the career ladder, shouldn’t they be able to manage their finances and balance their lives?
A word of advice: Cut yourself some slack. You didn’t become an executive overnight. It took hard work, dedication, perseverance, and time. Likewise, reclaiming your financial freedom doesn’t happen overnight. For women who have accomplished so much in their careers, it can be hard to give themselves permission to make incremental progress towards their financial goals. Take time to celebrate the small victories. After all, the small decisions pave the way from where you are to where you want to be.
How to Get Started
So, what are some steps you can take to get started and put your plan in motion?
- First off, take the time to explore your passions & pursuits. Your passions are the interests you feel deeply about and your pursuits are your particular goals or endeavors. By considering these two elements first, you will be able to more accurately explore and analyze your current situation and desired future.
- Once you’ve taken the time to truly think through what matters to you, take it a step further and analyze your current financial picture. Look at everything from your where you spend your money, to insurance and risk management, investments and the contributions to your 401(K) to develop a clear picture of where you are financially.
- Take a look at your career, which drives your income. Are you where you want to be career-wise? Do your responsibilities align with your ambitions and priorities? Do adjustments need to be made to make you feel more aligned? If so, what concrete steps can you take to get there?
- Prioritize what is most important to you now so you can incrementally tick off the actions to get to where you want to be. And remember, you don’t have to go at it alone. If your priorities include focusing on your life and your career and you feel like you don’t have the time to fully dedicate yourself to financial planning, collaborate with a partner. A financial advisor can play an invaluable role in helping you design a plan that will work for you.
Unlock Your Dream Life
At WealthChoice, we know that there’s no specific number attached to happiness or quality of life; it’s all about the choices we make. We have a deep understanding of the obstacles that stand in the way of women executives, but we also know that it ultimately comes down to choice. How will you spend your money? How will you prioritize your time? What boundaries will you set in order to accomplish your goals and unlock your dream life?
After helping hundreds of women executives, we’ve realized that real wealth comes down to living life on your own terms. WealthChoice provides advice and solutions tailored to women executives who want to craft their best life but lack the financial know-how and life planning experience to get there. When you’re ready to unlock your dreams, we’re ready to help.
