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Empowering Women in Personal Finance: Overcoming Challenges and Achieving Financial Independence

Women face unique challenges when it comes to personal finance. From the persistent gender pay gap to time taken out of the workforce for caregiving, these factors often result in lower lifetime earnings compared to men. On average, a woman’s retirement income is 70% of a man’s, yet it must last longer since women tend to outlive men by four to five years. Fortunately, there are numerous resources and tools available to help women overcome these financial disadvantages and achieve financial independence.

Resources for Women in Personal Finance

Several platforms and experts are dedicated to empowering women in their financial journeys. Here are some notable ones:

Clarissa Explains Money

Money coach Clarissa Moore, a single mother of two, launched her business after paying off nearly $40,000 in credit card debt in just 16 months. Her platform, Clarissa Explains Money, aims to close the gender gap in financial literacy and help working women earn, manage, and grow their money. The blog covers topics such as budgeting, saving, career, taxes, credit, and real estate. Additionally, it offers financial calculators, a free financial plan, online courses, and ebooks. For personalized guidance, one-on-one financial coaching is also available.

Clever Girl Finance

Founded by certified financial educator Bola Sokunbi, Clever Girl Finance helps women achieve financial independence. After saving $100,000 in three years on a $54,000 salary, Bola created this platform to assist others in breaking the cycle of living paycheck to paycheck. The site offers educational articles on credit, debt, real estate, investing, budgeting, and more. Over 30 free online courses cover various financial topics, and the platform also features podcasts, books, videos, and a supportive community of like-minded women.

Ellevest

Co-founded by Sallie Krawcheck, former CEO of Merrill Lynch and Smith Barney, Ellevest is an investing platform tailored specifically for women. It offers goal-focused investment strategies that consider women’s longer lifespans and lower incomes. For $5 per month, Ellevest Plus members receive IRA and retirement planning assistance, a no-minimum investing account, free live workshops, and a 30% discount on one-on-one coaching. Ellevest Executive, at $9 per month, provides additional benefits, including five investing accounts and a 50% discount on live workshops.

Healthy Rich

Founded by Dana Miranda, Healthy Rich promotes developing a healthy relationship with money as the foundation for achieving financial goals. The site challenges traditional “budget culture” and presents diverse perspectives from women, LGBTQ+, and BIPOC individuals. The blog and podcast are free, while paid subscriptions support the ad-free site and provide access to online courses.

HerMoney

Led by CEO Jean Chatzky, financial editor of NBC’s “Today” show, HerMoney aims to level the playing field for financial confidence. The platform offers daily content, newsletters, and podcasts covering career, saving, budgeting, investing, insurance, real estate, retirement, and more. For a more immersive experience, join the Investing Fixx club for $39 per month or take the 8-week Finance Fixx course, which includes one-on-one coaching and small group learning, for $395.

The Millennial Money Woman

Inspired by her grandparents’ financial struggles, Fiona Smith founded The Millennial Money Woman to help others optimize their finances and build generational wealth. The blog covers topics such as generating income, budgeting, debt, and investing, and offers free resources like budgeting templates.

Wealthy Single Mommy

Emma Johnson, founder of Wealthy Single Mommy, provides a wealth of advice and resources for single moms. The site covers money, dating, divorce, parenting, and career topics, with posts fact-checked and written by authors with top credentials. Free resources, a Facebook group, and a large single-mom community are also available.

WISER Women

The nonprofit Women’s Institute for a Secure Retirement (WISER) educates low- and middle-income women about saving for retirement. WISER Women covers topics such as divorce, widowhood, caregiving, financial fraud, health and long-term care, saving, and investing. The site features fact sheets, resource guides, and newsletters that simplify complex financial issues.

Women’s Institute for Financial Education (WIFE.org)

Since 1988, WIFE.org has been educating women on gaining financial independence. The site offers content on debt, investments, saving, budgets, taxes, divorce, widowhood, retirement, and family finances. For hands-on learning, join or start a Money Club, where small groups meet regularly to learn money management skills with the help of an expert Money Guide.

Women Who Money

Women Who Money is dedicated to helping women build and protect their net worth. The site offers content on saving, investing, estate planning, real estate, entrepreneurship, and relationships. It also features directories of personal finance professionals, reviews of personal finance apps, books, and other tools, and a community of women. Articles are categorized by topic and level of personal finance sophistication, from novice to advanced.

The Budgetnista

Tiffany Aliche, founder of The Budgetnista, claims to have helped over 2 million women pay off hundreds of millions of dollars. The blog covers credit, debt, investing, retirement, budgeting, saving, and more. The site also offers free downloadable guides and checklists. For $49.99 per month, join the Live Richer Academy to access over 100 financial courses, personal finance experts, and a Facebook community.

Take Control of Your Financial Future

It’s never too early—or too late—to start taking charge of your personal finances. One easy first step is to check your credit report for free to ensure it’s current. Consider signing up for Experian’s free credit monitoring service to receive alerts and keep an eye on your credit, no matter how busy you are.

Contact O1ne Mortgage for Your Mortgage Needs

At O1ne Mortgage, we understand the unique financial challenges women face. Our team is dedicated to helping you achieve your financial goals and secure the best mortgage options available. Whether you’re buying your first home, refinancing, or looking for investment properties, we’re here to assist you every step of the way. Call us today at 213-732-3074 for personalized mortgage services and expert advice. Let us help you take control of your financial future!

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