Women and Wealth
3 habits of high-earning women
Between fast-paced workdays, busy family lives, and breaking glass ceilings, high-earning women have a lot to juggle.
Managing their money needs to be as efficient and automated as possible so they have more time to focus on the things they really love to do. Whether you're just starting out in your career or gearing up to ask for a raise, you'll need to learn how to manage your money and time like a pro.
Here are three money habits of successful, high-earning women, according to the financial planner Sabrina LaFleur, who has helped high-earning women manage their money.
Just because wealthy women can afford to hire a financial professional doesn't mean they don't track their finances. In fact, it's quite the opposite.
"I've worked with highly successful clients worth as much as $40 million, and all of them have a good handle on their money," LaFleur said. Many high-earning women check their cash and investments daily, especially to make sure there isn't fraudulent activity on their accounts.
Sign up for bank alerts, emails, and texts, or switch to a budgeting app to streamline your finances if you want to follow high-earning women's footsteps.
Successful women outsource as much as possible so they can keep their attention on income-producing actions. LaFleur said her successful clients hire dog walkers, housekeepers, drivers, or meal-delivery services to get things done without cutting into valuable earning or personal time.
If outsourcing these things isn't an affordable option right now, consider teaming up with family members, friends, or neighbors to see how you can divide the load. Maybe one person can prepare dinners that can be popped into the oven after work for your family while another person can be in charge of carpooling.
"Successful women typically keep a notebook, app, or something they actively jot notes in throughout the day," LaFleur said. They write down key observations, experiences, and, of course, money problems or wins that they need to remember for future financial planning.
To make it simple, she advised, write down one object or experience at home, at work, or with friends that made you happy as well as the price you paid to get it. For example, "Yellow blanket that kept me warm while I was working from home, $95" or "Coffee mug from Chicago, don't remember the price." This exercise can help you learn what's important to you so you're not spending your money impulsively in other areas.
Or you can simply write down one sentence about money, such as, "Bought my coworker a Starbucks coffee," "Paid rent," or "I was stressed about money today."
The point is that you actively take time to process the activity of the day as you prepare for the following day, LaFleur said. An end-of-day recap can help you start the next day with peace of mind that you're building a wealthier future.
The contents in this article are being provided for educational and informational purposes only. The information and comments are not the views or opinions of Union Bank, its subsidiaries or affiliates.