Financial literacy is crucial for women entrepreneurs

By the age of 23, Nicola Jackson had already buried three children and was overworking in a barbershop just to make ends meet. Twenty-five years later, Jackson is a serial entrepreneur who helps more than 450,000 sales representatives in more than 30 countries provide legitimate financial services to women entrepreneurs looking to reduce their debt and change their lifestyles.

The ongoing battle to tackle injustice and systemic inequalities has far-reaching effects on financial well-being. The Covid-19 pandemic has revealed that women have been disproportionately affected when it comes to financial inclusion and equality.

In 2020, a Pew Research Center analysis said women earned 84% of what men earned, while in 2019 women won 82 cents for every dollar earned by men. Adding insult to injury, these gender gaps only amplify the disparity as women have been placed on the front lines of the pandemic, seen as essential workers.

The current financial crisis facing women is the most urgent and needs to be addressed by further exploring systemic inequalities, gender stereotypes and roles. By taking a proactive stance on financial literacy, we can seek to close the gender financial inclusion gap by engaging, educating and encouraging more women to take control of their finances and help maintain that wealth. .

“A lack of financial literacy is actually one of the biggest reasons people around the world struggle to save money and invest appropriately,” says Jackson, Founder and CEO of Pink millionaires club. “On the other hand, people with financial skills are able to manage their money better, plan for the long term, and start their own businesses from scratch that eventually become profitable. I help everyday people become great entrepreneurs through home-based businesses while helping them create a mindset of wealth and leadership, ”she added.

But it’s not an overnight process, especially when there is so much information on the internet and you need to be able to discern valuable information from simple antics.

Here are three ways Jackson says female entrepreneurs can take control of their financial mindset.

It doesn’t matter where you come from – how hard you work

One of Nicola’s most important tips is that it doesn’t matter where you are from. You don’t need to have a degree or have rich parents to build wealth. She’s made it to the top 1% in her industry without any of these things. However, success requires sacrifice, hard work and dedication. If you are ready to work, it will be rewarding. Nicola warns people that there is never a perfect time to start anything.

“I didn’t have the greatest education, having dropped out of college and buried three kids at 23, but nonetheless, I made it into the top 1% of my industry with no degree or inherited wealth,” Jackson recalls. “It’s important to avoid procrastination because the sooner you start making your dreams come true, the faster you will make them come true. There is never a perfect time to start anything, so why wait? “

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Financial mistakes will happen – but will you learn from them?

For those who are currently struggling, Nicola has a few key tips. “First, money mistakes are just things you are supposed to learn from. If you feel like you’ve reached a breaking point, take a step back and don’t let yourself be dragged into a state of sadness or anger over financial issues. Rather, view mistakes as simply challenges for you to make changes. From there, determine a clear view of your financial life. This vision helps you move forward and achieve your goals as long as you make the effort to improve yourself.

For those who are currently struggling, one of the biggest truths you need to digest to move forward is that financial mistakes are going to happen. “You just need to be able to learn from them,” says Jackson. “Even if you feel like you’ve reached a breaking point, don’t confuse stepping back and losing yourself in a state of sadness or anger. View these mistakes as challenges for you to make a change.

Forgive yourself, learn the lesson, and move on.

Choose a niche

New entrepreneurs make the mistake of thinking that they can solve a problem for “everyone” or that their product / service can be used by everyone. It’s a quick way to kill any business. It is important to identify a clear and segmented market to which you can provide an immediate solution.

“If you get lost in the idea that you can help everyone at the same time, you’re doomed,” says Jackson. “For me, I am extremely passionate about helping mothers of all ages and women entrepreneurs, which tells me how to deliver the solutions I offer.

“Women are a crucial part of the entrepreneurial world and they are the agents of change that this industry needs. Only by empowering other women, both at work and at home, will we significantly change our financial inequalities. If we are to help close the economic and gender wage gap in the country, we must seek personalized ways to teach financial literacy that weren’t taught in schools, and sadly still are not.

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Louis R. Hancock