Women & Wealth: Taking Control of Your Financial Future
By Paul K. Doak, CFP
Between board meetings, bedtime routines, and keeping everyone fed and functional, money talk doesn’t always make the top of the list. But here’s the thing: getting smart about your finances is one of the most powerful moves you can make. When you understand the unique challenges women face around wealth and step into financial planning with purpose, you’re not just building a nest egg, you’re building confidence.
Whether you’re just dipping your toes into financial planning or ready to take the reins, this guide can help you move forward with clarity, strategy, and maybe even a little swagger.
Why Women Face Unique Financial Challenges
Women tend to live longer than men; on average, about six years more. While that’s a wonderful thing, it also means your retirement savings need to last longer. More years in retirement means you’ll need more money to maintain your lifestyle, cover day-to-day expenses, and be prepared for unexpected costs.
At the same time, many women face the persistent gender wage gap, earning about 83 cents for every dollar earned by men. Over time, this gap adds up, impacting not only your day-to-day earnings but also your ability to save and invest for the future. It also affects Social Security benefits, which are based on lifetime earnings, so many women receive lower payments in retirement, adding to the challenge.
Career interruptions are another common hurdle. Whether you’ve taken time off to raise children, care for family members, or handle other responsibilities, those years away from the workforce can mean missed contributions to retirement accounts and less time for your investments to grow, making it harder to build a substantial nest egg.
Building Financial Confidence and Taking Action
Financial confidence isn’t something you’re born with; it’s something you build. And yet, so many women hold back from investing or managing their money because they think they don’t have enough saved, don’t know enough, or aren’t ready to take on the risk. Sound familiar?
Here’s the truth: no one starts as an expert. Financial literacy is a learned skill, not a secret club. Start small, ask smart questions, dig into resources designed for women in finance, and take one intentional step at a time. The more you learn, the more empowered you’ll feel. Because when it comes to money, confidence grows with clarity, and practice makes powerful.
Practical Steps to Take Control
Start saving early: The power of compound interest means even small contributions can grow significantly over time. It’s never too late to begin investing in your future.
Maximize retirement contributions: Take full advantage of retirement accounts like 401(k)s and IRAs, especially if your employer offers matching contributions that can boost your savings.
Plan for healthcare costs: Consider how you’ll cover medical expenses in retirement, including long-term care, which can be one of the largest expenses during those years.
Seek professional guidance: A financial advisor who understands women’s unique financial situations can help you create a personalized plan that fits your goals, lifestyle, and priorities.
Advocate for yourself: Whether it’s negotiating your salary, asking about benefits, or seeking promotions, speaking up can help you close the wage gap and increase your earning potential over time.
You Have the Power to Shape Your Financial Future
The truth is that if you’ve ever juggled a grocery list, a family calendar, and a never-ending to-do list, you’ve already mastered the art of complex decision-making. That means managing your finances is completely within reach. Women have been quietly running the show for years; it’s just time to bring that same energy to your wealth.
By taking small, intentional steps today, you can build real momentum toward long-term financial stability and peace. And you don’t have to do it alone. At I.D. Financial, we focus on helping women navigate the ins and outs of their financial lives with clarity and confidence. Whether you’re planning your next chapter or just trying to make sense of all the moving pieces, we’re here for it.
Let’s create a strategy that reflects your life, your values, and your dreams. Schedule a time to chat with Paul online—you’ve got this, and we’ve got your back.
About Paul
Paul Doak, CFP®, is the founder of I.D. Financial, a financial planning firm based in Bothell, Washington. He provides goals-based wealth planning and tax reduction strategies designed to align with each client’s unique life plans. With over 25 years of financial services experience, Paul is dedicated to simplifying complex financial matters and helping clients navigate life’s transitions with clarity and confidence. His approach begins with listening; as a sounding board for each client’s concerns and goals, he creates personalized strategies that reduce stress and allow them to focus on what matters most. Known for his responsive and educational style, Paul provides a judgment-free zone, focusing on the future rather than dwelling on past financial decisions.
A CERTIFIED FINANCIAL PLANNER® professional and Life Underwriter Training Council Fellow, Paul holds a bachelor’s degree in political science and economics from the University of Southern Maine. Based in Bothell, Washington, with his wife and son, outside of work, he enjoys skiing, reading, woodworking, traveling, fishing and camping with his son, and helping his son with Scouting. To learn more about Paul, connect with him on LinkedIn.