In many cultures, money is a taboo topic, but for women, the silence surrounding finances can be even more deafening. From being spoken to less about money as children to undervaluing their worth in the professional world, women often face unique challenges when pursuing financial independence or entrepreneurship.
La Juana Whitmore, a business strategist, professor, and financial education instructor, highlights the importance of shifting this narrative. In this blog, we’ll explore the key points she shares about women’s financial challenges and practical steps to overcome them, plus some bonus tips to empower you on your financial journey.
The Mindset and Money Connection
One of the biggest hurdles for women is their mindset about money. Many women are raised in environments where financial discussions are discouraged or where they receive less guidance about finances than their male counterparts. This lack of exposure contributes to hesitation around charging their worth or fully valuing their skills.
Whitmore explains that this cultural and familial conditioning often leads to women pursuing low-revenue businesses or underpricing their services. Changing this mindset requires not only self-awareness but also deliberate efforts to redefine financial self-worth.
Living Paycheck to Paycheck: The Financial Trap
A staggering number of Americans—regardless of income level—live paycheck to paycheck. For women, this issue is compounded by earning less over their lifetimes compared to men and the fact that they tend to live longer, necessitating more savings for retirement.
Living paycheck to paycheck means that unexpected expenses often lead to reliance on high-interest credit cards. This creates a ripple effect: emergencies lead to debt, debt leads to financial stress, and financial stress impacts overall well-being. Breaking this cycle requires intentional steps toward building financial security.
Practical Steps to Financial Empowerment
1. Get Your Personal Finances in Order
Before launching a business or pursuing major financial goals, it’s essential to have a solid foundation:
Build an Emergency Fund: Aim for 3-6 months of living expenses saved.
Save for the Future: Regularly set aside 10-20% of your income for retirement and long-term goals.
Track Spending: Understand where your money is going and create a realistic budget.
2. Charge What You’re Worth
Whitmore emphasizes the importance of valuing your skills and not treating your work as a favor. Research industry rates and confidently set your prices. Remember, undercharging not only undervalues you but can also hurt your industry by setting unsustainable pricing standards.
3. Start Small, Scale Wisely
Entrepreneurship doesn’t always require a massive upfront investment. Look for low-cost ways to test your ideas.
Leverage free or low-cost tools for marketing and operations.
Seek out grants or funding opportunities specifically for women entrepreneurs.
Consider starting your business as a side hustle to reduce financial risk.
4. Seek Financial Education and Role Models
Education is key to empowerment. Take courses on budgeting, investing, and business strategy. Surround yourself with mentors and peers who model healthy financial habits and success.
Bonus Tips for Women Entrepreneurs
1. Create a Failure Cushion
When transitioning to entrepreneurship, Whitmore recommends saving at least a year’s worth of expenses. This cushion provides the freedom to experiment and even fail, which is crucial for long-term success.
2. Invest in Professional Growth
Continuous learning can set you apart in competitive industries. Use your savings or earnings to invest in certifications, tools, or coaching that will elevate your business.
3. Collaborate and Network
Join women-focused business groups or networking communities. Collaboration can open doors to partnerships, funding opportunities, and valuable advice from seasoned professionals.
4. Leverage Technology for Financial Management
Use apps and software to manage both personal and business finances effectively. Tools like QuickBooks, Mint, or YNAB (You Need A Budget) can help you track spending, save more, and stay organized.
Final Thoughts
Empowering women for financial independence starts with breaking the taboo around money. By embracing a mindset of growth, charging what you’re worth, and building a solid financial foundation, women can overcome societal and personal barriers to achieve lasting success.
As Whitmore’s story shows, financial empowerment isn’t just about dollars and cents—it’s about freedom, choices, and building the life you want. So, start today. Take one small step toward your financial goals and watch the ripple effect of empowerment unfold.
What’s your next step toward financial independence? Share your journey in the comments below!
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Inclusive and Respectful Environment: No matter your background, financial history, or current situation, you are welcomed here. We're committed to creating an inclusive and respectful space where everyone feels valued and supported.
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Thank you for considering "Bartelle’s Money Talk" and Bartelle's Financial Coaching. I look forward to hearing from you soon.
Warm regards,
Johnny and Theresa Bartelle
Founders of Bartelle’s Financial Coaching
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