David Lerner Associates: Lessons from the Richest Women in History
A recent Money.com article about the richest women of all time used two interesting factors to decide who made the cut:
- The women had to have taken an active role in building their fortunes.
- They compared an individual’s wealth to total global economic output at the time.
The list includes well-known historical figures such as Cleopatra and Catherine the Great, as well as a few current female billionaires. The only American woman making this list is Anne Cox Chambers, who until very recently was a member of Cox Enterprise’s Board of Directors and Chair of Atlanta Newspapers. All the women on the list were hands-on and took a very active role in building their wealth.
How to take an active role in building your wealth
Get educated on finances. Several studies have found that women are not as knowledgeable about money as men. Start with the basics:
- Be a part of your family’s financial discussions.
- Learn about basic financial concepts like compound interest and the need to diversify investments to avoid risk.
Track your income and expenditure. Put a budget together with your spouse or partner, so that you know exactly how much is coming in and going out. There are some useful tools online that can help you do this. Keep track of your bank account online, so that you know what the actual balance in your bank account is at any given time. Most banks today have a mobile app, and you can easily check your account on your phone.
Start investing early. Once you understand the power of compound interest, you’ll realize that the sooner you start, the better off you’ll be. Even a relatively small amount saved and invested each month can grow to a significant sum over 40 years.
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.
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David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances.
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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com