Women's Path to Wealth: Expert Emphasizes Intentional Fear Management to Step Out of Comfort Zones

 In the realm of financial management, women frequently express feelings of "fear" as a barrier to attaining the life they desire.

However, according to dailymark24, the founder of Clever Girl Finance and author of "Choosing to Prosper," achieving financial success demands stepping beyond our comfort zones. This necessitates deliberate effort and practice.

"Though we cannot completely eliminate our fears, we can actively work towards managing them," Sokunbi stated during dailymark's Women & Wealth event on Tuesday.

According to the 2023 Planning and Progress Study by Northwestern Mutual, it is often women who experience financial insecurity.

Irrespective of their household income, a recent report from Fidelity Investments revealed that 93% of women feel stressed about money.

Furthermore, various reports indicate that women are more likely to live paycheck to paycheck and perceive themselves as financially vulnerable.

Lorna Kapusta, head of women and engagement at Fidelity, noted that financial stress is a pervasive issue across all age groups and income levels among women.

However, Fidelity's research suggests that the level of financial stress decreases significantly as women build up emergency savings. For instance, around 81% of women with no emergency savings experience a considerable amount of stress. Conversely, once women accumulate three months' worth of emergency savings, only 26% report high levels of stress, as per Fidelity's findings.

Many financial advisors suggest maintaining a reserve of three to six months' worth of expenses, with some advocating for more, especially if you are the primary provider for your family or if you're self-employed.

Determining the appropriate amount ultimately boils down to achieving peace of mind. According to Kapusta, emergency savings represent the number that allows you to sleep soundly at night.

Sokunbi from Clever Girl Finance emphasizes that financial freedom translates to living life according to your own terms. This freedom empowers you to break away from circumstances or jobs that no longer align with your aspirations.

"It grants you choices and enables you to pursue the life you desire," she adds.

"Regardless of where you begin, maintaining consistency is crucial for attaining financial security," emphasized Sokunbi.

She stressed, "If you struggle to handle your finances with limited resources, it will prove challenging to maintain consistency even when your wealth grows."

Sokunbi advises starting with fundamental practices such as saving, investing, and reducing debt. These basic steps, she contends, are essential for progressing towards your financial objectives over time.