The Rachel Cruze Show - Are Women Becoming Wealthier than Men?

Starting point is 00:00:01 A survey of more than 2,000 affluent individuals found that women are slated to become wealthier than they have ever been. So interesting. And a big factor of this includes the great wealth transfer that is on its way. So today, we're going to talk all through this. But before we get started, make sure to subscribe and share this episode with a friend. All right, like anything in personal finance, in order to know where we're going with our money, we need to. to know where we've been. So ladies and gentlemen, but mostly ladies, we have made some financial progress, you know, especially when it came to our parents' generation, our grandparents' generation.

Starting point is 00:00:45 Like, it's pretty wild. So look at this. A couple of great wins in the last hundred years. In 1938, minimum wage was established, which reduced the pay gap between men and women's hourly jobs. Nineteen60s is when women had the right to open up their own bank account. Isn't that crazy? Since the 60s. And in 1974, the Equal Credit Opportunity Act allowed women to open up their own lines of credit. So isn't that crazy that women couldn't get credit cards before? 1974 in their own name, like it's just wild.

Starting point is 00:01:17 Now, I'm not a fan of credit cards, but what this also did was allowed women to own their own homes, which was amazing. And speaking of homes, in 2022, single women owned more homes than single men, according to Pew Research, which is just crazy, y'all. I mean, ladies, home ownership, well done. Single dudes out there. It's attractive when you own a home. Let's just say that too. Okay. You're responsible or something about it. That's great. But this idea that women, yeah, are stepping into the personal finance space and like really doing something for themselves. It's absolutely incredible. And again, women are taking more ownership than ever before when it comes to their finances. But 63% of women still say that they want to know more about financial planning and investing. And with the great wealth transfer on its way, both men and women can be affected by this. Now before we talk about what this means, I did want to share one of our sponsors, Delete Me with you because I saw a headline recently that really caught my attention. One third of the U.S. population's background info is now public. So for 115 million of us, data breaches mean that our info is out there for anyone to find. And this is stuff like our names and addresses, phone numbers, and even more.

Starting point is 00:02:24 And that is why I love and use Delete Me, because they find and remove your information from hundreds of data broker websites that buy, sell, and, and trade your personal data. So take control of your online privacy with Delete Me. Individual DeleteMe plan starts as low as $9 a month. So sign up today at join deleteme.com slash Rachel for 20% off or click the link in the description. All right, if you are not familiar with the great wealth transfer that is part of the financial prediction of the near future, this is what it is. Younger generations are expected to inherit the wealth of generations that came before them. And baby boomers have benefited from a thriving economy and an unprecedented increase to their value of their homes.

Starting point is 00:03:07 And as they pass, that wealth has passed on primarily to women because in a marriage, women tend to live longer. So when the husband goes bye-bye, then the wealth is transferred to the wife. And then it's transferred to their millennial children, which includes a high record number of single women specifically. Now, listen, the truth is, whether you are male or female. female when you're looking at your financial situation, the great wealth transfer, it sounds so big, but the truth is that there's a good indication at some point in your life, you could receive a sum of money in your lifetime. And this could be, again, family money, this could be an insurance payout. I mean, this could be a lawsuit. I mean, anything in life, people getting a sum of money

Starting point is 00:03:51 at some point in their lifetime is very realistic. Now, even if you don't expect any, quote, unquote, family money to come your way. People are often surprised when they inherit stocks or a portion of a relatives paid off house. And again, that could change a lot of things with the right tools that you could start the generational wealth cycle for your own family. And historically, women have slipped through the cracks when it comes to financial literacy, but more than ever, I want everyone to feel empowered when it comes to handling their money. It's not just women, but it's men as well, right? But the great thing that we're seeing with all these stats with women is that more and more they're getting the opportunity

Starting point is 00:04:28 and actually stepping into the space and doing an incredible job. So whether you're a man or a woman, the basics are still the same and you need to know what they are. And those seven basics when it comes to personal finance are the seven baby steps, which is the proven track record on how to build wealth,

Starting point is 00:04:45 everything from a $1,000 emergency fund starting off to paying off all your consumer debt, getting a fully funded emergency fund, funding retirement. If you have kids starting to save up for their college, paying your house off early, I mean, you run the gamut, of this, which takes decades, right, to do it all. But there's something empowering by stepping in and saying, hey, I have the ability to do something with my money that is so different. It is so countercultural,

Starting point is 00:05:08 right, to pay off debt and live debt-free. But it's what ultimately gives you peace and control over your money. Now, even if you feel fully educated on building wealth, it's always important to talk with a pro to really get the ins and outs of your money, and especially if you're getting a large some of money, sitting down with someone and saying, hey, over the period of my life, like, here's where my finances are, here's where I want them to be. And what does it look like to get there, especially from an investing standpoint. And if you want to check out a SmartFester Pro, I'll put a link down below to sit down with someone and actually say, hey, you know, here's what's going on with my finances and to get an overall picture of building wealth.

Starting point is 00:05:48 Now, generational wealth can be a tricky subject. So check out my episode, what everyone gets wrong about generational wealth next. And if you're listening on podcast, I will leave a link in the description. All right, you guys, remember to take control of your money and create a life you love.

The Rachel Cruze Show - Are Women Becoming Wealthier than Men?

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