Money Expert Nicole Lapin’s Wealth Secret for Millennial Women – The Motley Fool

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Listening to the advice of financial expert Nicole Lapin could help women make the best investing choices.

Key points

Nicole Lapin, money expert, businesswoman, and the host of Money Rehab podcast, provides advice aimed at millennial investors, especially women.
She advises avoiding get-rich-quick schemes, and suggests using a proven investment strategy.

Building wealth can be a challenge for everyone, but investing is often key. Unfortunately, many people — and especially millennial and Gen Z women — face barriers that can make it more difficult to embark on their journeys toward financial independence.

The good news is that with the right advice, you can make wise investments that increase your net worth. In honor of Women’s History Month, Nicole Lapin has provided some tips to readers of The Ascent. Lapin is the host of Money Rehab, and she’s also an author, businesswoman, and television news anchor.

Here’s Lapin’s advice for millennial and Gen Z women

Lapin recognizes the unique obstacles that women face in investing. Lapin maintains that “the biggest barrier comes from the fact that we don’t learn about it in school, and most of us don’t learn it at home.”

Unfortunately, it’s not just inadequate knowledge that stands in women’s way. “Studies have shown that little boys associate powerful words with money, while little girls associate scarcity words,” Lapin says. “So couple the fact that we aren’t taught it with the idea that our socialization around it stems from fear or shame, and it’s no wonder we are looking at such low percentages of women partaking in investing.”

The gender pay gap, unfortunately, also plays a role, with women earning just 80.4% of what men earn as of the first quarter of 2020. This is a gap that, even as the labor market tightens, has proven stubborn to overcome and is likely to persist, with far more men than women planning to ask for a raise in the near future.

The good news is that Lapin has a wealth-building secret many women can take advantage of despite these barriers — even those who are stressed about financial management, intimidated by the investing process, or who haven’t been taught how to put their money to work.