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A growing number of women are actively shaping their own financial futures by investing and building wealth on their own terms, according to J.P. Morgan Wealth Management’s latest investor study. These women are taking control of their financial journeys in ways that go beyond the old narrative of waiting to inherit wealth.
The study found that though many older women are already benefitting from the Great Wealth Transfer, younger women aren’t waiting on their share to build wealth on their own. The survey of 1,000 investors with a minimum of $25,000 in investable assets found that of those women who are expecting to receive an inheritance, 93% said they aren’t depending on that money to reach their financial goals. And 69 % of those with a financial plan said they were on track to meet their 2025 resolutions.
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Nearly three-fourths of the J.P. Morgan survey said having money gives them security, and 64% of Gen Z and millennial women said it gives them freedom and choices. That sense of control often comes from having a clear plan. The survey found that those who take the time to create a clear investment strategy are nearly three times more likely to feel confident about hitting their goals.
If you’re just getting started on your financial journey, here are a few steps that can help you reach your money goals:
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Automate your investing. Consistency beats perfection when it comes to building wealth. Set up recurring deposits so you’re consistently putting money to work and won’t have to rely on willpower to remember to save or invest each month.
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Diversify your portfolio. Never put all your eggs in one basket. Mix different types of assets, like stocks, bonds and index funds, to spread out risk.
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Keep learning. The more you know, the more confident you’ll feel about your money. Follow finance newsletters like the Morning Brew or podcasts like The Ramsey Show to stay educated.
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Check in on your goals. Your financial goals will evolve as your life does. Revisit your plan at least once a year and adjust it as your life changes.
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Build an emergency fund. Before you start investing, make sure you have a safety net to fall back on. Aim to save at least three to six months’ worth of expenses in an easily accessible account.