We all know by now that women HAVE to invest if we want to turn our earnings into true wealth. Yet still, even in 2023, not enough women feel confident about investing. According to HerMoney’s 2023 State of Women survey, sponsored by Principal Financial Group, just 22% of female employees compared to 46% of male employees considered themselves knowledgeable about investing. Yet, we know that historically, women see better returns on their investments than men do. In other words, we’re better at it than men, but we’re also less confident than men.
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Yes, it’s maddening, and thankfully Nancy Tengler, author of The Women’s Guide to Successful Investing, joins us on the How She Does It podcast to help us dig into how women can get started investing — and be more confident when doing it!
Nancy Tengler learned at a very young age the importance of not only working hard but investing to grow wealth. “I came from a single-parent home and when my dad left, I was 12. My mom got a job, then she got a second job, and I went to work cleaning the houses of some of my schoolmates, pet sitting, and babysitting,” Tengler recalls. “Over time, what became clear to me was that the only way you could accumulate wealth was if you invested. You couldn’t save your way there.”
She also knows how difficult it can be to save when there are so many other priorities. “When you’re raising your kids and you’ve got to buy goggles and soccer cleats and all the things and then you get to the end and you go, it’s only 50 bucks. I’m just going to spend it,” she says, “But here’s what would happen if you invested that money, assuming your average rates of return.”
So, why are women still investing less in the stock market than men? Nancy Tengler says that women should consider thinking of investing in the stock market as akin to gambling: “They think it’s a sport and they don’t realize that stocks are a claim on real assets,” she says, “Don’t let the market scare you out of stocks.”
Listen to hear Nancy’s strategy for constructing our portfolio like a dinner party invitation list, how to do your research and buy stocks with strong management teams, and the big wins (and losses) she’s weathered along the way.
How She Does It is bringing you stories like these from smart, savvy women every single Monday. Listen and subscribe on Apple Podcasts! (And don’t forget to share with a friend if you’re loving the show!)
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