[Music] a survey of more than 2,000 AFF fluent 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 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 like it's pretty wild so look at this a couple of great wins in the last 100 years in 1938 minimum wage was established which reduced the pay gap between men and women's hourly jobs 1960s is when women had the right to open up their own bank account is 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 and their own name like it's just wild 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's 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 onethird of the US 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 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 trade your personal data so take control of your online privacy with delete me individual delete me plans start as low as $9 a month so sign up today at join delet me.com 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 and as they pass that wealth is 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 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 um a lawsuit I mean anything in life people getting a sum of money 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 relative's paid off house and again that could change a lot of things and with the right tools 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 it's men as well right but the great thing what we're seeing with all these stats with women is that more and more they're getting the opportunity 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 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 is 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 counter cultural 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 sum of money sitting down with someone and saying hey over the you know period of my life like here's where my finances are here's where I want them to be and and what does it look like to get there especially from an investing standpoint and if you want to check out a smart Fester 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 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
