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As women, we've been taught a lot of things about money. Be careful with it. Don't talk about it. Let someone else handle it. It's not polite to discuss it.
However, our reality is undeniable: as women we face unique financial challenges that require our focused attention. We typically live longer than men, earn less over our lifetimes, and often take career breaks for caregiving responsibilities.
My grandmother turns 95 this year. I visited her last month while she was playing bingo, still sharp and engaged with life. Her longevity isn't unusual as women consistently outlive men by an average of 5-6 years. This means we need our money to last longer, often with fewer resources to draw from. When I look at her, I see the future many of us will have—decades of life after traditional retirement age. Will we have what we need to not just survive but thrive in those years? To play our own version of bingo, whatever that might be?
As women, we've been taught a lot of things about money. Be careful with it. Don't talk about it. Let someone else handle it. It's not polite to discuss it.
However, our reality is undeniable: as women we face unique financial challenges that require our focused attention. We typically live longer than men, earn less over our lifetimes, and often take career breaks for caregiving responsibilities.
My grandmother turns 95 this year. I visited her last month while she was playing bingo, still sharp and engaged with life. Her longevity isn't unusual as women consistently outlive men by an average of 5-6 years. This means we need our money to last longer, often with fewer resources to draw from. When I look at her, I see the future many of us will have—decades of life after traditional retirement age. Will we have what we need to not just survive but thrive in those years? To play our own version of bingo, whatever that might be?
Understanding your financial landscape isn't just about accumulating wealth. It's about creating security, maintaining independence, and building the freedom to make choices on your own terms as you age. It's about ensuring you never need to stay in situations (job, relationship, city) that don't serve you because of financial dependence. It's about creating possibilities rather than limitations.
These 10 questions aren't meant to overwhelm you or make you feel inadequate. You don't need to have these answers memorized. But knowing where to find this information and revisiting it regularly creates your foundation for true financial confidence—and ultimately, for a future where you control your own destiny.
1. What's Your Current Net Worth?
Your net worth isn't a reflection of your personal value. It's simply what you own minus what you owe.
Many women avoid calculating this number because they fear it might be negative or smaller than expected. What I consistently tell my clients is this: knowing your starting point gives you power, regardless of the number.
Personally, I've been tracking my net worth since 2010. This consistent practice has transformed my relationship with money, providing both clarity and direction. One of the greatest joys in my work is celebrating with clients as that number grows for them and they move closer to reaching their personal and financial goals. There's something profoundly empowering about watching your financial health improve through intentional decisions.
Set aside time to list your assets (savings, investments, property) and subtract your debts (credit cards, loans, mortgage). This single figure becomes your financial baseline. Watching it grow over time provides both clarity and motivation.
Don't know the exact figures? Be gentle with yourself. Schedule time to gather statements, log into accounts, and compile the information. The process of discovery itself brings valuable insight.
2. How Much Are You Really Earning?
"How much do you make?" appears straightforward, but there's depth beyond your base salary.
Do you understand the full value of your complete compensation package? This encompasses your salary, bonuses, retirement matching, employer paid health insurance, equity compensation, and additional benefits.
Here's why this matters: Women are still fighting for equal pay. Still. In 2025. And we can't advocate for what we deserve if we don't fully understand what we currently have.
Understanding your total compensation enables you to:
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Negotiate from a position of knowledge
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Make informed decisions about career changes
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Recognize areas where you may be undervalued
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Develop the confidence to advocate for your true worth
We've been conditioned to be grateful just to have a seat at the table. To not rock the boat. To accept what we're given. But what if the boat needs rocking? What if gratitude and self-advocacy can coexist?
Take time to understand every aspect of your compensation. Then add 20% to what you think you're worth. That's probably closer to the truth.
3. Where Is Your Money Going Each Month?
This question comes without judgment. Most of us have experienced that moment of wondering where our money disappeared to at month's end. (Mine tends to vanish at bookstores and on an endless supply of coffee mugs or custom sweatshirts. I've made peace with this.)
You don’t need to track every expense indefinitely, but dedicating a month to mindfully observing your money's flow can provide profound insights.
Instead of thinking of this as budgeting, consider it instead as aligning your resources with what genuinely matters in your life. Are you directing your money intentionally toward what brings you value? Or is it flowing toward things that hold little meaning for you?
Digital tools simplify this process, though a simple notebook serves equally well. The aim isn't flawless tracking but rather developing deeper awareness and intentionality.
4. How Much Debt Do You Have and What's Your Repayment Plan?
Debt isn't a moral failing. It's a financial tool that sometimes helps and sometimes hurts. What matters isn't that you have debt. It's whether you have a plan for it.
I've sat with countless women who whisper their debt numbers to me like confessions, eyes down, shoulders hunched. The debt behind the scenes doesn’t match the life they’re presenting. What we need to recognize is that shame keeps us small and information sets us free.
Know with clarity:
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The total amount you owe
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The interest rate on each obligation
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Your monthly payment commitments
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Your projected payoff timeline
Armed with this knowledge, you can develop a strategic repayment approach that aligns with your life circumstances. Whether you address highest interest rates first (mathematically advantageous) or smallest balances first (psychologically powerful), a thoughtful, intentional approach places you firmly in control.
5. How Much Should Be in Your Emergency Fund?
Life unfolds in unexpected ways. Cars breakdown, roofs leak, air conditioners and furnaces go out in the same year (2024 was fun in our house), and job situations change. Your emergency fund represents financial security made tangible.
While conventional wisdom suggests 3-6 months of essential expenses, I advocate for a personalized approach:
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Do you have fluctuating income or work in a volatile industry? Consider a larger reserve.
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Are you a single-income household? You may benefit from additional security.
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Do you have multiple reliable income sources? You might function well with a more modest fund.
Building this safety net requires patience. Begin with a starter fund of $1,000 while addressing high-interest debt, then systematically increase it. Focus on steady progress rather than immediate perfection. Also consider stashing these funds into a high-yield savings account.
Your emergency fund isn't just about financial security—it's about emotional security. It's knowing you can handle what comes without going into crisis mode. It's sleeping better at night. It's breathing room when life gets tight.
6. Are You Investing Appropriately for Your Age and Goals?
Research shows women often outperform men as investors when we participate, yet we remain less likely to begin investing.
True investing isn't about market timing or selecting trending stocks. It centers on:
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Beginning early (or simply beginning now)
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Maintaining consistency
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Understanding your time horizon and personal risk tolerance
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Minimizing unnecessary costs
Do not allow the pursuit of perfection to prevent you from starting. Even small amounts invested consistently create ripples that become waves over time. As women, we particularly benefit from this compound growth, given our typically longer lifespans and the reality of potential career interruptions.
7. Are You on Track for Retirement?
While retirement planning feels like something you can push off until "later”, you shouldn’t. Retirement carries distinct considerations for women. We generally:
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Live longer (5+ years on average)
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Earn less across our working years
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Navigate more time outside the workforce for caregiving
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Face higher healthcare expenses
These realities demand deliberate planning. While online calculators provide approximate targets, the essential questions remain:
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Are you making consistent contributions to retirement accounts?
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Are you maximizing employer matching contributions?
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Do you strategically increase your savings rate alongside income growth?
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Have you integrated Social Security benefits into your comprehensive plan?
If you find yourself behind, remain calm. Effective catch-up strategies exist at every life stage. The fundamental principle is to begin from your current position with your available resources.
8. Do You Have Adequate Insurance Coverage?
Insurance isn't exciting. I know this. Nobody lies awake at night thrilled about their insurance policies. But adequate coverage is the foundation that protects everything else you're building.
As women, we should give particular attention to:
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Health insurance that actually addresses women's specific needs (hello, perimenopause)
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Disability insurance (critically important if you generate primary household income)
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Life insurance when others rely on your financial support
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Long-term care insurance as you move through life stages
Many of us discover insurance gaps only when it's too late (when we're filing claims and realizing what's not covered). Take time to review your policies now, when you don't need them, so they'll be there when you do.
9. Do You Have an Estate Plan in Place?
If you have people you cherish, assets you've earned, or specific wishes regarding your care, fundamental estate documents become necessary.
At minimum, consider these essential elements:
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A will (particularly crucial if you have children)
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Healthcare directives
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Power of attorney documents
These instruments ensure your intentions are fulfilled and significantly reduce the burden on those you love during challenging periods. They represent profound acts of care, not mere administrative tasks.
10. What's Your Plan for Financial Independence?
This final question carries special significance because of its deeply personal nature. Financial independence means different things to different women:
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The ability to leave situations that no longer serve you
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The freedom to pursue work that lights you up
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The flexibility to adjust your commitments as you age
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The capacity to support those you love
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The security of knowing you'll be okay, no matter what
Whatever meaning it holds for you, a clear vision of financial independence offers both purpose and direction for your financial decisions.
Consider this question with care: How would your life transform if financial concerns no longer constrained your choices? From this vision, methodically construct your path toward that reality.
The Path Forward
If you're feeling overwhelmed looking at these questions, take a deep breath. Financial confidence isn't built in a day. It's developed through small, consistent steps and regular check-ins with yourself.
You don't need to tackle everything at once. Choose one question that resonates most strongly with you right now. Find its answer. Take one action. Then move to the next.
The fact that you're reading this shows you're already on the path. The woman you'll be tomorrow will thank the woman you are today for showing up for her.
Remember, financial empowerment isn't about having all the answers or never making mistakes. It's about asking brave questions, seeking honest answers, and making intentional decisions that align with your deepest values.
Related: A Love Letter From Your Finances