I’m a Self-Made Millionaire: Here Are the Obstacles I Faced as a Woman Building Wealth
Written by
Yaël Bizouati-Kennedy
Edited by
Chris Cluff
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Becoming a self-made millionaire is no easy feat and requires, among other things, patience, discipline, great ideas and persistence. And when it comes to women millionaires, they also face additional sets of challenges on their road to building wealth.
The numbers speak for themselves. There are approximately 22 million millionaires in the U.S., but just 33% of them are women, according to a Zippia survey.
This can be attributed to several factors, one of them being the gender pay gap. Overall, women earn 83 cents for every $1 that men earn in full-time jobs, and the gap is wider for women of color, a TIAA study found.
“Women face unique hurdles on the path to becoming millionaires, no matter their life stage,” said Maggie Wall, head of diverse growth markets at Citizens. “Across the board, gender discrepancies in wages give greater cause for women to be even more intentional with their financial journey.”
According to Wall, the confidence gap in financial literacy and decision making, often due to historical social norms that did not encourage women to be actively involved in their finances, can hinder women’s ability to maximize the potential of earned or inherited wealth.
She added that one of the more common hurdles she sees is women waiting or hesitating to take a lead in their financial lives. “For example, the more time a woman has to invest historically has meant the more money she has in the bank.”
Here are additional hurdles women have faced and how they have overcome them.
It’s All About the Mindset
Jess Mah, founder and CEO of Mahway, built her first six-figure business while still in middle school and has since created three companies that are each valued in the hundreds of millions of dollars.
Among the companies she has founded are inDinero, a fintech company that helps businesses manage their accounting and taxes, and Astonishing Labs, a biotech firm focused on revolutionizing human health with groundbreaking innovations.
“I believe it is candidly 80% mindset and 20% tactics, because in my own experiences, I had to overcome my jealousy of others who had an easier path,” she said. “The venture capital industry has primarily been dominated by old, white males so I had to overcome my fears and insecurities that the industry created for people like myself — female and non-white.”
Mah explained that her insecurities when walking into a room were that there are so many men “who are way smarter and way more charismatic and have way better connections than I do”; but, she had to tell herself that she would be a successful millionaire.
“Ignoring any gender biases you may encounter and moving forward as if it is a non-issue is imperative,” she said, “because I see many women allowing this to impact their confidence.”
What also worked for her was that instead of comparing herself to them, she would compare her progress to an earlier version of herself.
“And without caring about the outside world, I was able to validate my success based on that earlier version of myself,” she added.
Jenna Biancavilla, founder and owner of Pearl Capital Management, echoed the sentiment.
“Accumulating wealth involves overcoming obstacles and requires intentional planning for your financial future while nurturing an abundance mindset,” said Biancavilla, who also founded fintech company Svvy, which connects women with trusted financial professionals. “Mindset plays a pivotal role in wealth accumulation.”
Success relies on believing in yourself and resisting setbacks from influencing your wealth accumulation plan, she said, adding that challenges are part of life but how we address them is what leads to success.
Create a Business You’re Passionate About
Durana Elmi, founder of Cymbiotika, is an Afghan immigrant who pursued the American dream, which has resulted in a wellness brand currently valued at $250 million.
According to her, to be truly successful, it is imperative to create a business that you are passionate about, as when you are able to intersect passion and purpose into your business, your work speaks for itself.
“As a business owner, it’s also important to know your landscape and differentiate yourself from the rest of your field,” Elmi said. “Find your unique selling point and emphasize this to your consumers, especially in markets that are overly saturated.”
When you are creating your business, she said, you need to be prepared to fail but always continue your efforts regardless of your failures. In addition, having a team behind you that believes in your mission, supports you and is ready to tackle challenges as they come is crucial.
“Success takes true dedication and perseverance,” she said, “but the outcomes can pay off in big ways.”
Being a Woman in a Male-Dominated Field
For Karla Dennis, founder of Karla Dennis and Associates and author of “Tax Storm” and “Against the Odds,” one of the major obstacles was being a woman in a man-dominated field.
“I overcame this by continuing to increase my knowledge base,” Dennis said, “and, once I got a seat at the table, they kept me there because they respected my knowledge base.”
She said women need to make sure they understand how to protect themselves financially and own the knowledge themselves.
“Instead of making what others may say is our shortcomings as women — emotions, family commitments — I used these as my leverage,” she said. “I set clear boundaries as to what I could and could not do. I did not try to overcommit myself; therefore, I did not disappoint anyone, especially myself.”
She also noted the importance of realizing you have to run your own race and not compare yourself to others.
“It is you vs. you. As long as I improved daily and weekly then I knew I was heading in the right direction,” she said. “I set goals for myself and stuck to my goals.”
Which Other Factors Play Into Becoming a Woman Millionaire?
Becoming a millionaire takes more than just receiving or earning substantial capital. It takes a comprehensive approach to managing, investing and growing that wealth, especially for women overcoming potential wage and financial literacy inequalities, Wall explained.
“It’s also about adopting a holistic approach to wealth management that can weather crises and uncertainties,” she said. “Ultimately, it requires a commitment to continuous learning and an active role in financial decision making.”
Additional ways to become a millionaire include living frugally and investing in the stock market, according to some experts.
Despite challenges they face, with proper planning, patience and discipline, it is possible for women to become millionaires by their early or mid-thirties, according to Lia Holmgren, an investor, trader and trading psychology coach.
“Living frugally, forgetting about fancy clothing and accessories, and constantly investing is crucial,” she said. “The stock market has been a great wealth-building tool in the past decade, especially after the 2008 crisis. Investing should be a top priority for everyone.”
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