As an advisor committed to seeing the creation of self-made millionaires in Canada, I often see that not all groups experience growth equally. Women, especially, face unique challenges when it comes to accessing credit and funding. This disparity highlights a critical need to change our perspective towards women's finance - from one of risk to one of growth.

A powerful first step in this direction is equipping women with the right mentors. Mentors offer guidance, insights, and foster confidence, which can be invaluable for navigating the often complex world of finance. Women need role models that have forged their paths in the financial world, individuals who can instill in them the belief that they can reach great heights of financial success.

I recently sat down with Janine Rogan, who is not just a Certified Professional Accountant (CPA), but also a seasoned TEDx speaker and a renowned author. Her groundbreaking book, "Pink Tax," is a crucial exploration of the economic inequalities women face, and her research and insights from this book are exceptional. Janine is also the dynamic founder and CEO of the Wealth Building Academy Inc., an organization that's dedicated to building financial literacy and wealth.

Janine and I discussed one impactful way to change the narrative around women and money: through the power of language. Take the term "budgeting," for instance. Often, it's viewed with resistance, particularly by women, given its negative connotations of restriction and deprivation. However, if we shift our perspective and view budgeting as a "spending plan," it becomes an empowering tool that allows us to make conscious decisions about where our money goes, ultimately putting us in control of our financial destinies.

Further, it's time to reframe our views on debt. The fact that a meager 2.3% of VC funding goes to women-owned businesses suggests a deep-seated fear of debt among women (in addition to existing bias). Yet, debt, when utilized wisely, can be a powerful tool for growth. It's about shifting our perspectives from viewing debt as a liability to understanding it as a form of leverage that can help grow our wealth.

In addition, confidence plays a critical role in financial success. Research has shown that women often don't apply for jobs unless they meet 100% of the qualifications, highlighting an undercurrent of perfectionism and self-doubt. It's important to challenge these societal and systemic implications of gender stereotypes and foster confidence in our financial abilities.

Education is another key piece of the puzzle. Recognizing the value of education, despite its cost, and to encourage more diversity in the trades is key. By providing young women with a variety of career paths, we give them the opportunity to carve out their unique paths towards financial success.

The power of choice and freedom that comes with financial stability must not be understated. Money enables us to make impactful decisions, personal and professional, without financial constraints. Women must focus on gaining this knowledge to creating financial stability and wealth.

Fun, frank advice from Janine Rogan

“I think everything is negotiable. So ask; because if you don't ask, it's not going to happen. The number of times I've even gone into stores and asked (for example), ‘Is there a discount you can offer me for being a member of XYZ’. And they've said yes! Having that lens of just asking in a nice way, I think, can yield a lot of dividends in the world.”

If you enjoy the audio medium, you can find much more great advice in my full conversation with Janine Rogan on my podcast.

https://iamamillionairesonowwhat.libsyn.com/ep273-breaking-down-the-pink-tax