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  • Writer's pictureElizabeth Schwartz

Overcome These 3 Common Money Blocks Keeping Millennial Women From Investing

Many millennial women face deep-rooted psychological blocks around money and investing. Overcoming these ingrained beliefs is key to building long-term wealth. Here are three of the top money blocks I see for my clients, holding them back, along with strategies for breaking through:

Money Block #1: "I'm Not Good With Money"

This belief often stems from not receiving a full financial education growing up. Financial literacy, the skills and knowledge to make positive financial decisions, is still lacking, especially for women who were often discouraged from taking an active money role growing up or in their households into adulthood.

However, you can rewrite that story by building better money management skills:

  • Read beginner personal finance books or take a simple online course

  • Work with a financial coach to guide you

  • Follow me or other creators on social media

  • Talk about money with your friends and family! Open up the damn convo!

  • Use budgeting apps to track your spending routines without judgment

  • Learn and MAKE SURE you are investing

As you practice money habits with self-compassion, you'll build confidence in your abilities.

Money Block #2: "Investing is Only for the Rich"

This myth stems from a scarcity mindset—but investing is very accessible today, even on a tight budget. You don't need much to get started:

  • Try micro-investing apps that allow contributions as low as $5

  • Open an account with an online robo-advisor platform, I like betterment!

  • Start small, aka a number you feel comfortable with like $50 or $100 per month. Then increase contributions as you're able

  • Look into something called fractional shares, which allows you to invest in, you guessed it, a fraction of the share price. For example, let's say the stock price of company X is $100 but you only want to invest $25. Invest 25% of 1 share of Company X at $100 by investing that $25 amount you feel comfortable with

Investing really is for ANYONE and EVERYONE, we were just taught otherwise. Flip the script, switch your money mindset, and tell yourself that you are worthy even if you weren't born into the best financial circumstances. The key is simply taking that first step.

Money Block #3: "Investing is Risky"

While all investing involves some risk, there's a difference between calculated risk and going balls to the wall investing in things that you don't know anything about. It's a calculated, strategic risk—not gambling. With a diversified approach and patient outlook, you can get comfortable:

  • Understand your personal risk tolerance with guidance - this means using your personal values to guide you in how risky of an investment you are comfortable with. If you can't stomach it then don't do it! It's as simple as that :)

  • Remember, the greatest risk is not investing at all and missing out on the opportunity to earn money. Due to inflation, keeping your money in a bank account is actually the "riskiest" thing you can do as it will decrease in value the longer it sits there

  • Start cautious until you feel comfortable with investing and feel more comfortable to take on any "risk." However, I personally do not teach any risk and reward strategies. What I teach isn't risky at all and steers more on the safer path of being "cautious" aka respectful to my own boundaries of comfortability.

Overcoming fear of reasonable investment risk opens paths to exponential rewards.

The greatest cost for millennial women is letting these psychological hurdles prevent you from harnessing the wealth-building power of investing.

What limiting belief will you tackle first?

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