IT IS SAID THAT OVER 60% OF THIS COUNTRY'S wealth is controlled by women and over 70% of inherited wealth over the next two generations will pass to women. One reason, historically women typically outlive their male spouses. Another, more women are building wealth of their own, separate and apart from their male spouses.
According to a recent study done by shurwest.com, "Financial Facts for Women's History Month", Women represent more than 40 percent of all Americans with gross investable assets above $600,000, 45 percent of American millionaires are women, 48 percent of estates worth more than $5 million are controlled by women, compared with 35 percent by men, and 60 percent of high-net-worth women have earned their own fortunes. With the trend for women-owned business revenue increasing at a rate 30% higher than the national average over the past ten years, there's not been a better opportunity in this country for aspiring women than there is right now. For this reason, knowing and understanding certain wealth building and asset management strategies may have a positive impact on the future and magnitude of your wealth.
As a wealth advisor, I've had the privilege of developing wealth strategies for many successful women over the years. In this series on Women and Wealth, we're going to explore those strategies as I share with you some of the most critical obstacles to building and managing your wealth. But first, let's look at a few of the most successful women in America and how they built their wealth:
Oprah Winfrey: If wealth was a measure of intelligence, elegance, grace, and personality, Oprah may be the wealthiest person on earth. Greatly respected by women and men alike across all races and nations, Oprah has become one of the most beloved television personalities in modern times. Best known for "The Oprah Winfrey Show", the highest rated television show of its kind in history, Oprah has been dubbed "The Queen of all Media". She is the greatest black philanthropist in American history, and currently North America's first and only African American multi billionaire.
Sheryl Sandburg: Sheryl graduated from Harvard University in 1991 summa cum laude Phi Beta Kapa with a bachelor's degree in economics and was awarded the John H. Williams Prize for the top graduating student in economics. She later earned her MBA with highest distinction from Harvard Business School in 1995. From 1996 until 2001 she served as Chief-of-Staff for Larry Summers, United States Secretary of the Treasury under President Bill Clinton. The first female elected to Facebook's board of directors, Sheryl currently serves as that company's Chief Operating Officer (COO). She is the founder of LeanIn.org, the author of Lean In: Women, Work, and the Will to Lead and was recognized in 2012 by Time magazine as one of the top 100 most influential women in the world.
These are truly some of the most successful women in America. While I've not had the privilege of knowing any of them personally. I am privileged to have worked with many successful women while serving as their wealth advisor. In this book on Women and Wealth, I'll share with you some of the wealth building and asset managing strategies implemented by my own clients over the years. Strategies that have played an important role in the effective management of their wealth.
You may never reach the wealth levels of an Oprah Winfrey or Sheryl Sandburg. But if you work smart, follow your passion, keep competent advisors in your enter circle, and develop a disciplined systematic approach to investing and managing your assets, chances are you'll do very well in your lifetime.