{"id":3143,"date":"2013-07-29T04:00:47","date_gmt":"2013-07-29T08:00:47","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=3143"},"modified":"2013-07-29T00:33:32","modified_gmt":"2013-07-29T04:33:32","slug":"what-it-takes-to-become-a-woman-of-influence","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=3143","title":{"rendered":"What It Takes to Become a ‘Woman of Influence’"},"content":{"rendered":"

\"next-ave\"<\/a>You\u2019re undoubtedly familiar with the expression \u201csomething good can come out of something bad.\u201d Well, when it comes to the recession of 2008, the silver lining seems to be that more women took action managing their money and became financially empowered.<\/p>\n

Women Becoming More Financially Active<\/strong><\/p>\n

Allianz Life recently released its\u00a02013 Allianz Women, Money and Power Study<\/a>, which found that more than 68 percent of women surveyed said they became more active and involved in financial planning, retirement and investment decisions as a result of the financial crisis. (Allianz polled 2,213 women age 25 to 75 with household incomes of $30,000 or higher.)<\/p>\n

(MORE:\u00a0<\/strong>Sheryl Sandberg\u2019s 5 Best \u2018Lean In\u2019 Tips for Women<\/a>)<\/p>\n

In addition, the percentage of women who indicated a strong interest in learning more about finances and retirement planning nearly doubled between 2006 and 2013, from 35 percent to 62 percent.<\/p>\n

That\u2019s all hand-clapping news. But I think Allianz\u2019s most alluring finding is that a subset of American women has become particularly informed about money, firmly taking charge of their finances and making smart investment decisions.<\/p>\n

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Who ‘Women of Influence’ Are<\/strong><\/p>\n

They\u2019re what Allianz Life calls \u201cWomen of Influence.\u201d<\/p>\n

That name sounds so rich, so very Katharine Hepburn and Lauren Bacall, so \u2026 something all women should aspire to be.<\/p>\n

(MORE:\u00a0<\/strong>Hillary Clinton and Women\u2019s Retirement Anxiety<\/a>)<\/p>\n

I decided to peel back the covers of the Allianz study to learn what it takes to become a Woman of Influence and offer suggestions on how to join that esteemed group.<\/p>\n

Katie Libbe, vice president of consumer insights for Allianz Life, told me that, according to the study, 1 in 5 adult women are Women of Influence. They make an average of $57,000 a year \u2013 roughly 19 percent more than the $48,000 average of all women surveyed \u2013 and are mostly between 45 and 54.<\/p>\n

They were anointed with the Women of Influence designation based on their responses to questions about investing and how big a role they played making financial decisions in their household. Most have a great deal of responsibility for managing personal or household long-term savings; primary or joint responsibility for handling major investment decisions; a good understanding of financial products and are very interested in learning about money matters.<\/p>\n

(MORE:\u00a0<\/strong>7 Tips for Breadwinner Wives Feeling the Strain<\/a>)<\/p>\n

The mojo to become a Woman of Influence often comes from within. So, if you\u2019re not taking an active role handling your finances, you need to change your attitude and behavior, Libbe explained.<\/p>\n

But joining this crowd also “comes with age and experience,\u201d Libbe said.<\/p>\n

3 Ways to Become a Woman of Influence\u00a0<\/strong><\/p>\n

When I asked Libbe how someone can become a Woman of Influence, here’s what she recommended:<\/p>\n

Be willing to learn.<\/strong>\u00a0Women of Influence always want to know more about their finances, investing and retirement planning.<\/p>\n

So make sure you have a willingness to become more knowledgeable about your 401(k) and the IRA rules. Try out\u00a0online tools<\/a>\u00a0that can help with your financial planning, too.<\/p>\n

One way to smarten up is to partner up. Many women work with personal trainers to get physically fit. So why not\u00a0hire a financial adviser<\/a>\u00a0to get your money situation in shape?<\/p>\n

(MORE:<\/strong>\u00a0Women and Financial Advisers: A Rocky Relationship<\/a>)<\/p>\n

Be the chief financial officer of your household.<\/strong>\u00a0If you\u2019ve been leaving money management decisions to your husband or partner, get involved and engaged. Work toward reaching the point where you\u2019re in charge financially.<\/p>\n

Set financial goals \u2014 and stick to them.<\/strong>\u00a0If you\u2019re not religious about putting money away for the future, start a\u00a0systematic savings habit<\/a>. Take your financial future seriously.<\/p>\n

And 3 More Ideas of My Own<\/strong><\/p>\n

I agree with all of Libbe\u2019s advice, but based on my analysis of the survey I\u2019d like to add three more ways that\u2019ll help you become a Woman of Influence:<\/p>\n

Approach financial planning as life planning.<\/strong>\u00a0According to the study, the No. 1 topic women want to know is \u201chow to have my desired lifestyle in retirement.\u201d As that phrase suggests, women are sometime skittish about the term \u201cfinancial.\u201d If that sounds like you, cast this subject as a form of life planning.<\/p>\n

I put images around my work desk of where I\u2019d like to travel in retirement to inspire me to save and invest for my future.<\/p>\n

Little wonder that a growing number of financial planners now call their practice a \u201clife planning service.\u201d<\/p>\n

Take the initiative to advance your career.<\/strong>\u00a0I\u2019ve found that the more responsibility a woman has at work (and, consequently, the higher her income \u2013 generally speaking), the more likely she\u2019ll be to take charge of her finances, too.<\/p>\n

Yes, as Sheryl Sandberg says, “lean in<\/a>.” Ask for new duties, volunteer for tough projects, strategize with a mentor about ways to get ahead and so on. And don’t be afraid to\u00a0negotiate for a higher salary<\/a>.<\/p>\n

If you\u2019re married and not in charge of your money, think like a single woman.<\/strong>\u00a0This reframing will then spur you to become more financially aware, protect your savings and find ways to make your portfolio grow, rather than counting on your husband to do these things.<\/p>\n

Don’t Be Afraid to Push Yourself<\/strong><\/p>\n

Want to be a Woman of Influence? You can. \u201cBut you have to work at it and keep pushing yourself,\u201d Libbe said.<\/p>\n

Whatever you do, don\u2019t wait for the next recession to scare you into action.<\/p>\n

As Katharine Hepburn liked to say, \u201cIf you need a helping hand, you can find one at the end of your arm.\u201d<\/p>\n

 <\/p>\n

posted by\u00a0Kerry Hannon<\/a>, July 24, 2013\u00a0More by this author<\/a><\/p>\n

\"PhiladelphiaKerry Hannon has spent more than 25 years covering personal finance for Forbes, Money, U.S. News & World Report and USA Today. Her website is\u00a0kerryhannon.com<\/a>. Follow her on Twitter\u00a0@kerryhannon<\/a>.<\/p>\n<\/div>\n
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