Empowering Women's Financial Independence
- Apr 9
- 7 min read
By Erin Hadary, CFP®, MBA, CAP®, CeFT®
Partner and Business Owner
Real money freedom comes from being bold enough to ask questions and being curious about money. Let us as a community of savvy woman challenge generational norms and stereotypes that men handle the money and empower each other on our financial journeys.
Financial independence to me is being able to purchase the items I need and want and have freedom of time and energy to give back to community with philanthropic donations that help other woman (and animals-I am big dog lover).
Nothing makes me happier as a personal wealth advisor than overcoming the financial knowledge stigma that I see so often with women. Too frequently, woman are led to believe that they don't need to know about investing money. I'm also tired of hearing feedback from female clients who have been told, "Ladies, don't worry your pretty little head or mind about the money." Or my husband was supposed to take care of the money and now he is gone (divorce or death). As friend of mine who joined me at Goddess retreat said, yeah a man is not a plan. Referring to a the common mistake young woman still are encouraged by society to make by just getting married. As I write to you for the privileged position of hearing over 20 years of money stories form single, married, divorced and widows let me tell you all the your financial plan is your responsibility.
My Journey to Financial Independence From Debt to Wealth: Overcoming Financial Challenges and Thriving
I didn't follow a traditional path to become a financial planner. Instead, I gained financial literacy through observation, personal experiences, and self-education with books like "Secrets of Six-Figure Women", “The millionaire Next Door” and "Rich Dad Poor Dad."
Let me share a bit about my personal journey to financial independence. In my early twenties, out of college I earned a salary close to the national poverty level, which was a humbling experience as I learned to juggle paying rent, paying for food (shopping at discount food stores that sold near expiring foods); I never seemed to have enough money to affordable any extras in life like eating out with friends. I knew it was important to live within your means; my family thought me if you do not have the money for it you cannot buy it. I am grateful for that lesson. So, I found creative ways to stay debt free by buying used everything from clothes, electronics etc. I had hard months and lean times when my car broke down and I had to take on a car loan to just keep going to work.
I remember the day my parents encouraged me to invest and consider buying a home as my 1st “adulting” investment. I was really fortune for that push /nudge to buy a house. I learned about the cost of homes (focusing on the lowest price point condos with 2 bedrooms) and I learned about the process of what it takes to buy a home when you are barely above the national poverty level when it came to income! I realized early on that I needed to change my approach to earning income to even qualify for a mortgage (mortgage interest rates were 6.5% at that time). Fueled by a desire to afford a small townhome I accepted a new job in investment management firm (knowing absolutely nothing) and I embraced with curiosity, a lot of hard work, and a continuous thirst for learning how to become a homeowner and start saving for retirement.
Now, fast forward 20 years, as a business owner, of a wealth management firm based in Denver, CO with clients around the world, I feel fortunate to employ multiple people and partner with my clients in achieve and maintaining true financial independence.
Whether they need investment advice, risk management, or philanthropic support, I'm committed to helping them achieve their financial goals. My journey taught me the importance of strategy and perseverance.
Now let me fill in the details during that 20-year career stretch…
I broke societal norms, pursued your curiosity, and went from studying environmental chemistry to mastering a new language in the financial industry. Now, as a Certified Financial Planning ® Professional, I am passionate about empowering other woman to build wealth for future generations.
I am focus on improving financial literacy, especially for women, by making complex financial concepts accessible and encouraging questions. I aim to reach a national audience to empower more women in their financial journeys. My approach offers women a transparent, unbiased, and supportive path to financial clarity, which is incredibly valuable and rare still because there are not enough female financial professionals.
I am truly committed to empowering your clients. My approach offers women a transparent, unbiased, and supportive path to financial clarity, which is incredibly valuable and rare in today's market. It sounds like you're truly committed to empowering your clients.
Investing Smart: A Beginner’s Guide to Growing your Wealth My professional Tips if you do NOT yet have a lot of money saved or invested?
#1 Start by creating a budget to track your income and expenses. Set clear financial goals for short and long term. For example, I wrote down and figured out in my 20’s that I would need $5M to retire one day. At the time that felt impossible, but the number helped me understand I would need start savings more and take on more risks if I wanted my money to work for me.
#2 Build an emergency fund to cover 3 to 6 months of living expenses and the unexpected expenses. Also Prioritize paying off high-interest debts and stay out of credit card debt. Always pay your credit card off every month.
#3 Save 10% of your before tax income for your long-term financial independence. If you are not already saving for retirement look for ways to start today.
Why investing for the long-term matters as you aim to achieve and maintain financial independence. Inflation erodes purchasing power, meaning your money buys less overtime. Investments should ideally outpace inflation to preserve and grow wealth. How does inflation factor into your financial strategy?
Ladies, this is my call to action to you to start getting answers on the money assumptions you are making or ignoring long-term inflation trends and long-term market returns to find the right investment solutions for you. I encourage each and every one of you to understand the liquidity of your investments. For example, if you sell your home, you need a willing buyer and it could take time to get your asking price. When it comes to alternative private investments, which can be rather illiquid meaning you may have little to no control over when you and get your money back but in exchange for the unknown risks you want to get a higher rate of return.
Depending on where you are in your financial journey look retirement saving options available to you now. For example, business owners can save in SEP IRAs, solo 401(k)s and or combination of accounts including profit sharing plans. If you are just getting started in your career look at options including your work company plan and Roth IRAs. A Roth IRA allows your investments to grow tax-free, and you can withdraw funds tax-free in retirement. Roth IRAs have rules so know more before open a Roth IRA because you must meet the IRS income requirements, it's a great way to save for the future. Saving in Roth IRA is especially beneficial if you expect to be in a higher tax bracket later yeah, badass ladies who are in the top income tax brackets! You are crushing it on your income now it is time to get tax planning savvy.
Where to invest and understanding your options- Stock and Bond Index funds are like buying a slice of the market, whereas active investment management means a professional picks stocks for you in hopes of beating the market.
#4 Ready for the next step? Interview and hire a professional financial expert to help you achieve your goals and obtain an invaluable financial industry customized to your unique circumstances. Look for credentials like CFP® Professional. Ask about their fee structure and if they have any commission products to sell and or the have any conflicts of interest such as priority investment funds or public shareholders or private equity business owners, they must ultimately make money for. My recommendation is to look for fee-only independent advisors that can truly be your partner. Ensure the advisor you are interviewed specializes in your needs. And look for a comfortable with their communication style/ match. This part can feel a little like dating; not every person you speak with is going to be a good fit for your needs. A great place to find an advisor is the National Association of Professional financial Advisors (NAPFA.org)
Woman & Wealth: Closing the Financial Knowledge GAP
I am passionate about empowering others by helping them rewrite their money narratives. My approach is holistic, aiming to break generational cycles and empower clients to see money as a neutral tool for creating change. My personalized method facilitates deeper conversations about financial goals and strategies. Here is an example of how my conversation with clients usually plays out…
My approach to financial advising is with a focus on understanding each client's unique "money story." This involves exploring their past experiences and learned behaviors around money, often rooted in childhood observations of their parents' habits. These conversations help clients reflect on their financial mindset and identify patterns that may need change. By acknowledging their roots, many of my clients realize they can refine or redefine their relationship with money, moving towards their own personal financial independence with clarity and peace of mind.
Believing in your money power can be a game changer for achieving financial success if you feel you want to grow today.
Here are a few examples of “I am” statements to read aloud to check your money mindset today that attract abundance and financial independence.
Money flows to me easily and effortlessly to me.
I attract wealth and opportunities to keep building wealth.
My financial knowledge and wisdom grow daily.
How does each statement make you feel in this moment? I hope you can say to each statement above Oh, Hell YES.
If you are not there yet; I invite you be willing to change your money mindset on your journey to defining and achieving the financial independence you seek.
My business specialty? I help women with sudden money in major financial transitions. Example, Business sale, inheritance, widows with life insurance payouts and divorcees.
Managing sudden wealth comes with a rollercoaster of emotions, from the excitement of new possibilities to the anxiety of managing it wisely. Balancing a variety of emotions with practical financial decisions is a real challenge.
As female financial planner who understands both the technical and personal sides of money, I aim to help clients shift from struggling with financial challenges to a place of clarity, peace of mind, and energy.
Ladies, my final thoughts for you today, Let’s rise up and elevate and celebrate our financial power!
Connect With Erin
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