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By Soulaima Gourani
All successful companies take their time when calculating their value in the market. By determining their valuation, they know how much they are worth, and that information helps them expand, grow and survive under unsettled conditions. Similarly, we (especially women) should ask ourselves, what is our worth and do we know how to calculate our value?
If you’re a female entrepreneur and a business owner, chances are you’re not charging enough. If your salary earner you may be making less than your male counterpart, because, as a whole, we don’t ask or charge for our value.
Many believe that women ask for less because we may not fully understand our finances. Research also indicates that women pay more for the debt they carry than men, and they don’t invest as much as men do. As a result, women retire with two-thirds less than the money that men do. According to Fidelity Investments, 33% of women do not know their workplace retirement plan. The Social Security Administration claims that unmarried, divorced and widowed women between 44 and 64 are not prepared enough for future retirement.
Even though many of us are aware that a good retirement plan is necessary for our golden age, we still do not take the proper steps to retire safely. I’ve consulted with many women who find it difficult to put a price tag on themselves; as a result, they ask for less money and end up working to survive. Women must shift their mindsets into creating more wealth for themselves, and this requires knowing that they’re worth by giving themselves a proper valuation. Part of understanding your worth is knowing that you deserve to be abundant in what you do. Believing that you are worthy, is the first step to taking charge of your finances and future.
It’s important to evaluate why we need wealth and how to calculate our value correctly.
The University of Kentucky conducted research that revealed that women spend 13 years less on their jobs than men; this can be due to taking care of an older parent, raising children, among other reasons. Additionally, many women work part-time jobs, which excludes a majority of benefits they could have attained from full-time work. All of that lowers their earnings and undermines their retirement plan and contribution to the wealth gap.
Statistics show that unmarried women older than 65 have only 19% of the wealth of their male counterparts. Divorced and widowed women ages 65 and over have 81% and 59% respectively of the wealth of men with the same status. It’s important that women learn to get control of their assets because economic growth alone will not eliminate the gender wealth gap. Financial assets and savings are critical resources that women can tap into when they need it. Our wealth can be passed on to our kids, invested in our family’s education and, thereby, affecting our overall well-being and market value.
There are ways to overcome these discouraging statistics. First, I recommend attending basic financial literacy courses, so one can learn how to read annual accounts and understand investments. Secondly, start to prioritize your life values so that pricing yourself will become easier.
We must align the core of who we are with the life skills we’ve acquired. If we stay true to our values and immune to other people’s opinions of us, we can price ourselves more efficiently.
March 7, 2019 at 07:12PM
Forbes – Entrepreneurs