In this thought-provoking episode of the Lilith Podcast, Caroline Myriel and Lilith Wacker explore how women define wealth and make money decisions. Because wealth is not solely about financial accumulation for us.
Women define wealth and make money decisions based on 3 needs according to the study about Money Truths of Women1. After listening to this episode, you will start seeing those 3 needs more clearly in your own every day money decisions and might want to reflect what wealth means for you in your life.
Takeaways
Securing survival is the reason why saving is so popular among women.
Building self-identity and engaging in social relations are more important to women than the pure accumulation of money.
It is important to be aware that we often make trade-offs between the 3 needs, when money is scarce.
Those trade-offs might have a significant impact on our future financial well-being.
Understanding and defining wealth for yourself is a personal journey that requires self-reflection.
This chart with the 3 needs will support you to reflect about your money decisions:
Take Action
When was the last time when you made a money decision based on each of the 3 needs: Secure Survival, Build Self-identity and Engage in Social relations?
Where are you making trade-offs between those 3 needs?
Leave us a comment on your insights about your Money Truth here:
Timestamps
04:55 - The Importance of Financial Equality
08:20 - How Women Define Wealth
12:23 - The Three Primary Needs
20:09 - Engaging in Social Relations for Wealth
25:54 - Trade-Offs and Priorities in Money Decisions
32:41 - Investing in Personal Development and Identity
“Increasing the financial equality of women is hard for a reason.” Study published by Accenture Song on 20.12.2021
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