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The earnings of the fairer sex have soared by nearly 30 percent in the past three decades, and experts believe that by 2018, women may control half of the riches in the U.S. Want to join the ranks of these loaded ladies? Start reading.
Whether you want to have enough money to hobnob with the likes of Bey and Jay on a yacht in the Riviera or just enough to snap up a pair of shoes that isn't on the sale rack, having a fatter bank account is likely on your wish list. Problem is, few of us know how to grow our green.
That's why over the past three years, I've interviewed more than 100 self-made millionaires and a slew of financial experts to find out exactly what drives success. Among my findings: Most of the women follow these four strategies.
Rich Chicks Have a Vision
Having a goal can help you set your eyes on the prize, but to steer through tough times, you need a vision—a detailed picture of what the result of your hard work will look like. Visions remind you of the purpose behind your goals, says Richard Sheridan, author of Joy, Inc. "Pick a day several years in the future and think about what your success will look like, in dripping detail, then write it down," says Sheridan. Include points such as how much time you'll spend with your family, what kind of people you want to work with, and where you'll be working. When you're at a crossroads—say, deciding whether to stay in your current job or take a lower-paying one that's more aligned with your endgame—refer back to your vision to help keep you on track.
But They Only Plan for the Near Future
Creating a step-by-step strategy of how you'll launch your own business or retire at 50 may seem smart, but it can backfire. "The first time something unexpected happens that's not in your plan, you'll need to rethink your next steps," says Leonard Schlesinger, coauthor of Just Start.
Instead, zero in on one smaller step that gets you that much closer to your dream; it might be paying off your student loans, taking a business class at a local college, or negotiating a raise. These more-achievable mini goals will help spur you to take action, raise your confidence, and lead you to the next step on your journey, says Schlesinger. "To stay focused, I think about what I can achieve in the next 30 days," says international business coach (and self-made millionaire!) Amy Applebaum.
Their Network Boosts Their Net Worth
You can't pin a dollar value to one of your most valuable assets: your network. Strong relationships are especially key for women, who have less access to start-up funding and fewer opportunities to land senior-level jobs. Plus, a study found that 73 percent of entrepreneurs attribute their success to their network.
Your contacts arsenal should include a mentor, a high-level advisor who can push you out of your comfort zone and make business introductions. To find yours, make a list of 10 people who have done what you want to do, then ask them if you can chat. You don't need to formally request that they mentor you—the best relationships grow naturally out of these initial talks. Next, join (or form) a mastermind group—four to seven people who meet regularly to offer support and feedback and provide accountability. Reach out to your extended network (think second and third connections on LinkedIn) and industry peers you don't yet know.
They Overcome Fear
Whether you're changing careers or deciding how to invest your first million, everyone fears making bad decisions. But you have to make those hard choices, says Carissa Reiniger, who quit her job at 22 to launch Silver Lining Ltd., a company that advises small businesses—and generated $1 million in revenue in its first year.
Truth is, failure is often required for success. "Action is the only way to address your fears," says Schlesinger. "Get started, make some mistakes, and learn from your failures."
Additional reporting by Michelle van Dalen
More from Women's Health:
Do You Need Wealth for Health?
13 Essential Tips on How to CRUSH IT at Work—From a Woman Who KNOWS
Study: You're Probably Spending Money on the Wrong Things
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