Yahoo Finance 3 Self-Made Millionaire Women: How They Built Their Fortunes
According to research conducted by Zippia in 2023, there are around 7 million female millionaires in America. For those of you who are building wealth and looking for inspiration, GOBankingRates spoke with three self-made female millionaires who shared their secrets.
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Here are the secrets to the fortunes of three self-made millionaire women.
Wealthy people know the best money secrets. Learn how to copy them.
Leah Wise, Attorney and Entrepreneur
Leah Wise is an attorney and founder of Leah Wise Law Firm. Upon graduating from law school, Wise barely had any savings and knew that starting a law practice would be a struggle. She decided to leverage the power of social media to get clients, which she worked on while diversifying her income until she eventually became a self-made millionaire.
Here are the secrets to her fortune.
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Use Free Tools To Grow Your Business
“The reason I used social media is that it was free, and I couldn’t afford to advertise any other way. I was able to get the attention of potential clients, and after a few clients took a leap of faith in me, I proved myself and became a seven-figure revenue law firm,” Wise said.
Wise then reinvested the funds from her law firm into marketing, purchasing real estate and starting a clothing line. She stressed that she started by using free tools to grow her business.
Live Below Your Means To Save
“My advice is that in your early 20s, living below your means is really important so that by the time you’re in your late 20s, you have a healthy savings account,” Wise said.
Wise acknowledged that living below your means can be a struggle because you may want to spend all of your money. However, by limiting your expenses when you’re young, you can focus on investing in your business to increase your net worth.
Invest In Yourself and Business
“With your savings, you should invest money into your business and yourself rather than spend it on yourself,” Wise said.
Wise cited how reinvesting back into advertising, branding and whatever she could to help grow her business helped. If you focus on reinvesting the profits back into your business ventures and your skillset, you can achieve financial freedom by 30.
Build Your Business by Being Authentic
“From a marketing perspective, I focus on being authentic and vulnerable with my audience,” she said.
She built her business through authentic content by gaining one client at a time. The funds from her business helped her get into real estate and other business ventures.
Invest In Financial Professionals
“I also have a financial advisor, tax advisor and CPA to make sure my finances are organized and that I’m taking advantage of all their knowledge and advice to keep me growing financially,” Wise said.
Through the help of financial professionals, Wise has been able to make the correct financial moves to ensure that she keeps on moving forward and building her wealth.
Cathryn Lavery, Entrepreneur
Cathryn Lavery is the co-founder and CEO of BestSelf. Lavery sold her company for seven figures and then repurchased it at six figures to turn it into a profitable venture.
Here are the secrets to her fortune.
Don’t Play the Stock Market
“The key to becoming a self-made millionaire is investing in yourself,” Lavery said. “When I moved to the U.S. with $768, I barely had the resources to make rent, never mind playing the market. Instead, I focused on developing a diverse skill set that would be in high demand.”
Lavery credits her success to investing her funds into herself instead of worrying about the stock market or other investment options. While this may not be the best investment for everyone, it worked out in her case.
Learn Valuable Skills
“Early in your career, focus on self-investment over everything else,” Lavery said. “For me, that meant learning new tools, mastering e-commerce, honing my copywriting skills and staying on top of industry trends.”
Lavery was able to learn valuable skills and combine complementary skills to create a powerful combo that made her indispensable.
“Markets may crash, but no one can take away the skills you’ve built,” she added.
The valuable skills that she learned helped her build her own business until she became a self-made millionaire.
Lavery concluded with insights for aspiring millionaires. “My advice to aspiring self-made millionaires is simple: focus on self-investment. Learn new skills, grow an audience by sharing your knowledge and embrace talent stacking. Do this, and you’ll be well on your way to achieving the financial success you deserve.”
Kirsti Jane, Entrepreneur
Kirsti Jane is the founder and CEO of House Of Motorsport – The Agency, a supercar and luxury goods brokerage. After dropping out of high school, Jane became a self-made millionaire by starting various businesses at 19.
Here are the secrets to her fortune.
The Right Mindset
“There are many things that helped me get rich (sales skills, business strategy, wise financial decisions, etc.), but I’d say one of the biggest things was my mindset,” Jane said. “I never believed anything was impossible, I made giant leaps while others around me stayed small or stuck because of this mindset.”
She could stay focused on her business ventures by acquiring the right mindset even when she faced struggles. Jane mentioned that her mindset helped her overcome the difficult times as she focused on becoming a millionaire.
Get Creative About Your Possibilities
“My biggest secret was to forget everything I’d been taught about what was possible and get creative with what’s possible instead,” Jane said. “I find that most people sit on what they want or opportunities because they focus on where they are right now instead of getting creative and just seeing what could be possible.”
Jane noted that she took action daily, even if she didn’t have all the answers. She wouldn’t accept limitations that held others back.
“I took the action in front of me, threw out what logically would be possible, embraced getting creative and had a mindset that nothing was impossible for me,” she said.
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