Six Figure Women

by Dual Income No Kids on March 6, 2007 · 0 comments

In my recent look into women’s finances, I came across some interesting stuff related to some research that was done about women who earn six figures.

Barbara Stanny, author of Secrets of Six-Figure Women says, “Women, especially, do not get serious about money until they lose a job, lose a spouse or are near retirement.” For her book, Stanny interviewed women earning between $100,000 and $7 million annually. “The biggest surprise I had, bar none, was how few of these women were wealthy,” she says. “Many of them were living paycheck to paycheck, but at a higher level than their middle-income counterparts.”

At first I was struck by how much I wished these women could not only earn high salaries, but also have the smarts to hang on to it. Once I sat back to think about it, I realize that it is also a symptom of our culture rather than simply women. Chances are that many of their male counterparts making six figures are also over extended.

It is worth noting that the common traits that Stanny found about these women were:

MUST HAVES

  1. A Profit Motive
  2. Audacity
  3. Resilience
  4. Encouragement

BIG HELPERS

  1. Self-Awareness
  2. Nonattachment
  3. Financial Know-How

All of these seemed to make sense to me, but when I got to the secrets of six-figure women I was struck by how much they contrast with men’s views of finances.

A Few Six-Figure Secrets

*Focus on fulfilling your values rather than financial gain.

*Loving what you do is much more important than what you do.

*Feel the fear. Have the doubts. Go for it anyway.

*Working hard doesn’t mean working all the time.

*Money is not the motivator—it’s what money represents.

Check out excerpts here from Stanny’s book.

Enjoy!

Miel

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