Wealthy Women: Why We Need More of Them and 3 Tips to Becoming One of Them

According to the paper from Claire Costello, Managing Director of Philanthropic Solutions at Bank of America and Jackie VanderBrug, Head of Sustainable and Impact Investment Strategy in the Chief Investment Office for Merrill and Bank of America Private Bank, up to 93% of women give to charity or volunteer, compared to 80% of men. This shows that the vast majority of women care about giving back, whether that is with their time or money.  

These numbers honestly don't surprise me.  Even with women making $0.82 to every $1 men are making, we still give more.  The paper from Costello simply reinforces the fact that women are playing a central role in the charitable giving space.

Here are just a few examples of women all over the world who are giving: 

• British author J.K. Rowling reportedly dropped off the Forbes list of billionaires because she gave so much money away through the Volant Charitable Trust. 
• In China, the landscaping entrepreneur He Qiaonu pledged $1.5 billion for biodiversity conservation in 2017. 
• Liliane Bettencourt, who inherited the L’Oréal cosmetics and hair care fortune, established the Bettencourt Schueller Foundation which primarily supports life sciences and the arts through prestigious prizes.
• Japan’s first self-made woman billionaire, Yoshiko Shinohara, recently retired to concentrate on philanthropy by funding scholarships for aspiring nurses, social workers or day care staff.
• MacKenzie Scott donated an eye-popping $5.7 billion in 2020.  Some 384 organizations, including food banks, Covid relief funds, and Black colleges.  She more recently gave another $1.7 billion distributed to 116 nonprofits, mostly to organization devoted to equity that are led by women, minorities, and LGBTQ people.

If this doesn't speak for itself, let me actually list out a few reasons we need more wealthy women.

First of all, women favor equality in giving, and several studies show that women are more likely to split experimental endowments equally among experiment participants (Dufwenberg & Muren, 2006; Guth, Schmidt, & Sutter 2007).  We can easily see this in the examples above, specifically with MacKenzie Scoot and Yoshiko Shinohara. 

Secondly, women are more empathetic.  Women seem to be more apt to imagine themselves in another’s place, and tend to have a more affective response than men to others’ feelings.  Women are more concerned about the wellbeing of others, and are less likely to accept materialism and competition (Beutel & Marini, 1995; Einolf, 2011; Mesch, Brown, Moore, & Hayat, 2011). 

Lastly, Brunel and Nelson (2000) found that women respond more positively to fundraising appeals that focus on helping others, whereas men responded more to appeals that focused on personal benefits of giving, such as tax breaks.

So why is it that for every female billionaire, there are 8.4 male billionaires?  I could go on and on about the external factors keeping us down, but that's not my specialty.  As a Mindset and Confidence Coach for Professional Women, as well as a Licensed Therapist, my focus is on the internal blocks and limitations.  Women have loads of self limiting beliefs surrounding their relationship with money and their ability to make more money.  

Here are 3 Tips to begin your journey to the Financial Abundance you were meant to create: 

1. Increase Awareness.  We need to be aware of our beliefs that keep us from moving forward into financial abundance.  We all have them.  When we shine a light on these limiting beliefs, at least we have a fighting chance in challenging them.  Here are just a few of the beliefs that might be holding you back...see if any of these resonate with you: "Money can cause a lot of problems." "You can’t make money doing what you love." "I have to work really hard to make money."  (FYI...these are all false beliefs!)
2. Let go of the victim stance around money.  Wealthy people say, “I create my life.”  People who struggle with money say, “Life Happens to me.”  Here are forms of falling into the Victim: blaming, justifying and complaining.  Who do you blame for your money issues? It's time to acknowledge your tendency to blame external factors so you are able to take your power back. Your new millionaire mantra is “I am 100 % responsible for what happens in my life around Money.”

3. Your beliefs will create your experiences.  Your beliefs are pictured in your experiences---you will get what you expect and what you think you deserve.  What you believe will act as true.  We are manifesting all the time.  Be aware of what you are manifesting in your life.  When you continuously state “I cannot afford…”, this truly becomes your reality and you will continue to struggle financially.  

We can no longer afford to hold onto any of these limiting beliefs or cycles.  It is time women step up to the table and make the changes we were created to make.  We are the transformation for this world.  Let's show our past ancestors that they did not suffer for nothing.  Let's show the generations to come what is possible for this world.  

Consider this your call to action!

Now is the time to step fully into your Power.  Now is the time to make that change you know you are meant to make.  Now is the time to know what you are capable of and the endless possibilities of change you are meant to create.  Join us in the  Next Level Life Purpose Coaching Program, where you will be surrounded by likeminded Women who are making the same transformations in their life, and in the world. 

Be sure to schedule a call with me today to help gain the clarity necessary to take your Life and Mission to the Next Level.  

Sending light and love your way, LJ