When it comes to building wealth, women are at a disadvantage. For starters, the gender pay gap is real. We routinely earn less impressive salaries than men do. According to Forbes, we’re also significantly less likely to invest our earnings than men are. So it doesn’t come as a huge surprise that women are grossly under-represented in the one percent of America’s wealthiest people. However, there are several ways for women to get rich.
You can become one of those fabulously rich women if you are intentional about acquiring wealth through any of the following methods.
1. Marry Rich
Yes, unfortunately, the patriarchy is alive and well in 2020. In many ways, it is still more accessible for women to get rich by marrying into money than to make it on their own.
Recent research published in the American Sociological Review reveals that most of the USA’s richest women got that way by marrying into rich families. The researchers came to this conclusion after conducting a careful and thorough analysis of gender income patterns in the top one percent of the wealthiest people in the United States. They determined that women’s income alone was only sufficient for achieving one-percent status in 1 out of 20 of the country’s wealthiest households.
Entrepreneurship and higher levels of education did tend to increase the likelihood that a woman would achieve one-percent status on her own. Still, women who accomplish this on their own merits were in the minority by a considerable margin. Sadly, it appears that the glass ceiling remains a harsh reality for women, even at the top-level income brackets in the United States.
If you hope to marry rich, you will need to understand why rich men marry the women they do. Furthermore, you might want to consider spending more of your time hanging out in places where rich men congregate. Some of these places include yacht clubs, country clubs, and charity fundraisers.
2. Earn, Save, Invest and Reinvest
Surprisingly, many wealthy people didn’t inherit their wealth or marry into affluent families. They earned their money at ordinary jobs, lived frugally, and slowly grew rich by investing their earnings, then reinvesting the profits. This is one of the most reliable and easily accessible blueprints women can use for becoming wealthy.
Of course, it helps if you start by earning the highest possible income you’re capable of. To accomplish this, choose a high-paying career and get trained to perform your chosen job successfully. Then be sure to negotiate your salary when the job offers start rolling in.
3. Seek Success in a Profitable Service-Based Business
There is a documented connection between entrepreneurship and high levels of income, and this holds true for women in business. If you’re motivated and good at what you do, you’re more likely to earn a substantial income as a business owner than as an employee working for someone else. But some businesses are more likely than others to be lucrative.
In 2020, getting rich with a product-based business is challenging. This difficulty is because the up-front costs to develop, market, and distribute a new product tend to be astronomical, and you’re in competition with well-established global corporations when you do so. When the goal is to sell a product, in most cases, it’s simply not realistic to think that an individual entrepreneur could compete with all the well-known brands that are already filling store shelves with products. Of course, there are exceptions, but product-based businesses are unlikely to produce a fast-track to wealth for anyone who is just starting.
Service-based businesses and consulting businesses tend to be a much more reliable way to build wealth. It’s straightforward and relatively easy to provide a service that people need. Architects, chiropractors, interior designers, and other service-based business people all have the potential to make great money, which they can invest to grow their wealth even more.
4. Add Value
Tony Robbins, a noteworthy entrepreneur and life coach, says that the key to becoming wealthy is “adding more value to people’s lives than anyone else is adding.”
This insight is true whether you work for someone else or own yourself. Either way, you’ll earn your income by adding value to someone else’s bottom line.
If you are an employee, it’s up to you to provide a high level of value to your employer; if you earn significantly more in revenues for your employer than you’re getting paid, at that point, you can justify negotiating to receive a raise. Your employer is likely to agree to a raise if the business will gain more value than they are paying you. If you’re an entrepreneur, the key to retaining customers is providing high levels of value that benefit your customers more than they are paying for your services.
5. Network Relentlessly
Your net worth depends entirely on your network. Networking relentlessly can help you achieve greater success.
However, effective networking is more about helping others achieve their own goals than it is about gaining any type of reward for yourself. It comes down, once again, to adding value for others.
If you’re a woman hoping to get rich, these are the methods to consider using. They really work. If you make a devoted effort to systematically use any combination of these methods, it is likely to pay off for you with a substantial increase in wealth.