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Confession: I was a bit surprised about this article on women vs men entrepreneurs from CNN Money. The article revealed findings from a study done by BNP Paribas and consultancy firm Scorpio Partnership on more than 2,500 affluent entrepreneurs worldwide. Click here to read it.
Financial Woman Insight:
Increasing income is the best way to build wealth.
While investing smartly builds wealth over time, the reality is that long term investing earning 7% a year in your investment account is just not going to create a windfall.
That’s why focusing on increasing income in addition to smart investing is such an integral part of creating wealth for women who are not currently accumulating savings. There are so many advantages to having a simply structured consulting or other small business, including tax benefits, personal growth, and financial security.
Notice that, according to the CNN Money article, childhood money beliefs play a large role in empowerment for the entrepreneurs in the study. This is a very common obstacle, especially for women, to address and overcome for financial freedom.