How often do you get to meet a woman on the Fortune 50 Most Powerful Woman in Business list?
Not often - but you can actually join me this coming Tuesday to meet Fidelity’s Kathy Murphy, president of Personal Investing at the giant fund company, and a woman who ranks on that very list (in-person or via live interactive broadcast).

I’m really looking forward to hearing Murphy speak about her keys to success. Over the years, I’ve had the good fortune of meeting and learning from many other powerful women from the Fortune list, from the days when I was in Silicon Valley to today at the Financial Women’s Association, where we are working to advance women in business.
Murphy’s visit is timely, and it’s got me thinking: What makes a woman powerful? Is it...

  • How much wealth and economic independence she has?
  • The size of the business she controls and her influence over others?
  • Having the confidence to ask for a raise when it's deserved?
Perhaps it’s all of these and more. But forget these “Top 50” lists for a moment: What do you think makes a woman powerful? I’d love to hear from you (you can comment below).
New data shows that women are living longer, up to 88.8 years on average. And if you didn’t know it yet, 80 percent of us will be solely responsible for our finances at some point.
“Taking control of your finances isn’t just a choice today; it’s a necessity,” says Murphy. Whether it’s you, your mother, your wife, sister, or daughter — all women will have to make important financial decisions in their life, and the sooner they engage, the better off they’ll be.
Let me share 3 tips for building your economic power amid this new data of women live longer:
  • Max Out. Don’t make the mistake many women make and ignore your 401(k). Max out!
Your 401(k) is perhaps your best bet for making your money grow because you contribute a portion of your wages before you pay taxes. For example: If you save 10 percent of a $30,000 salary in a 401(k), that’s $3,000. But if you didn’t contribute that to your 401(k), you’d only be pocketing about $2,200 after paying regular taxes. The government taxes neither your 401(k) contributions nor the investment returns on those contributions until they are withdrawn as benefits at retirement.
By tucking aside that $3,000 over 25 years, your contributions will grow to about $200,000 and about $255,000 if your employer offers a match of 50 cents for every dollar you save (up to 6 percent). In 2015, you can contribute up to $18,000 and, if you are age 50 or over, you can contribute an additional $6,000, or $24,000 in total.
  • Flex It. Health care expenses — including copays, over-the-counter drugs, and even laser eye surgery — can really add up and reduce your economic power.
A flexible health spending account allows you to set aside money on a pre-tax basis — meaning, it goes from your paycheck into an account, bypassing the taxes that would normally reduce your take home pay. Your flexible spending account allows you to pay for a host of medical expenses that might otherwise come out of your pocket, making a $300 expense really about $200 because of the tax savings, depending on your tax bracket.
  • Ask For It. How can you get a raise if you don’t ask?
Women still earn less than men on average, and the pay gap grows as women age. The problem can begin with the first paycheck: While men tend to see a job offer as a starting point for negotiations, women are less likely to counter. Remember, the best time to negotiate is usually walking into a new job — or your first job — since that typically becomes the foundation for future pay raises.

If you’re considering asking for a raise in a current role, be ready to point to the impact you’ve made, whether it’s taking on the additional responsibilities of a co-worker or bringing in business that has clearly exceeded your own “cost.”
Remember that practice helps. Just as you would practice for an audition or job interview, practice the “ask.” While some research says it may hurt women to ask for a pay raise because they might appear greedy or demanding, other research suggests that using charm can help. Asking is never easy, but with a little practice and a lot of confidence, you’ll be far more likely to get what you deserve.
If you want to become a powerful woman, follow these tips and join me in person or in a live interactive broadcast this Tuesday. More here.

Oh, and please share what makes a woman truly powerful today.
Jennifer Openshaw is Executive Director of the Financial Women’s Association and author of the Socially Savvy Advisor (Wiley). She's advised Fortune 500 companies and has appeared on Oprah, Dr. Phil, CNN, and Fox on consumer financial empowerment and technology.

Source: https://www.linkedin.com/pulse/article/20141114150505-9359661-what-makes-a-woman-powerful-meet-a-fortune-50-most-powerful-women-and-get-advice?trk=nus-cha-roll-art-title