Mon May 20 2024, by Tyler Gardner

3 Essential Steps for Women to Become Millionaires

If you're a woman and you want to become a millionaire before the man sitting right next to you, you need to do the following three things right now.

1. Maintain Control of Your Finances

Do not let your partner control your finances. You need to have direct access to and a solid understanding of all of your shared accounts, including usernames, passwords, and ID. The average age of widowhood in the United States is 51 years old. Many of my recently divorced clients aren't aware of where their money is or how to access it until it’s too late.

2. Increase Your Retirement Contributions

Start putting 15% of every one of your paychecks into a Roth IRA or 401(k). Men are usually advised to put in 10%. You need to do more. I know it’s unfair, but on average, women get paid less, live significantly longer, and have less in their retirement accounts. It’s crucial that you take action to catch up.

3. Build an Emergency Fund

You need to have three to six months of an emergency fund somewhere that is entirely yours and only yours. This fund serves as your safety net, ensuring that you'll be okay if things really hit the fan. Beyond the practical financial security it offers, it provides psychological relief, reminding you that you never need to rely on anyone for your financial freedom.

Taking these steps can empower you to take control of your financial future and work toward achieving your millionaire goals.

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