Warren is describing one of the biggest hurdles many women face when it comes to money. There’s a lot to juggle between work, caring for kids and relatives, and managing the household budget, among other demands. And women are more likely to shoulder most of the home responsibilities. In fact, working women spend more than twice as many hours a week on childcare and household duties as working men, according to the Gender Equity Policy Institute.¹ Investing, retirement and other financial goals often get lost in the shuffle.

Women can’t afford to ignore these issues, says Lorna Sabbia, head of Workplace Benefits at Bank of America. “Across the U.S., there’s a wealth gap between men and women, caused by such things as the wage gap and the fact that women tend to spend more time out of the workforce. Our saving and investing are impacted by these things, which makes it even more important for us to take control of our finances early on.”

Warren saw that she needed to pay closer attention to her finances when, after years of investing, she realized, “I wasn’t really making money.” It turns out she had been paying almost as much in fees as she’d been making on her investments.

Switching to a new financial advisor after a cross-country move, she shifted her investments into low-fee options. That advisor, Merrill’s Mitch McLendon, has been a valuable sounding board, offering Warren advice on everything from financing for her business to how she can focus on volunteering at animal charities close to her heart as she phases into retirement.

1. Push to earn what you’re worth.
2. Make up for career breaks.
3. Invest for a more secure financial future.
4. Plan for late-in-life healthcare costs.
5. Know yourself and your priorities.

1. Push to earn what you’re worth

“Some women may be hesitant to push back on salary offers,” Sabbia says. “That has huge implications when it comes to your ability to save.”

Boning up on negotiating skills can help turn the tables. Most job seekers — men and women — don’t negotiate a starting salary offer, a Pew survey found. But more than half of those who do are able to sweeten the deal.² Get past that hesitation. Prepare by researching going rates in your profession, and if you can’t negotiate a higher salary, ask for a performance review six months into your new job once you’ve had a chance to prove yourself.

2. Make up for career breaks

Complicating matters, the career breaks many women take to care for family give them fewer years to fund a retirement plan. Career interruptions can also cause women to lose out on potential raises and reduce how much they’ll collect from Social Security. One recent study found that breaks for caregiving cut women’s lifetime earnings by 15%.³

There are ways to compensate for the financial impact of taking a time-out for family. “Familiarize yourself with resources, such as 401(k)s and health savings accounts, that can offer tax advantages as you work toward building a more secure future,” Sabbia says. If you’re married, look into a spousal IRA. “And develop a smart strategy for maximizing your income when you claim Social Security.”

It also helps to find an advisor who understands women’s different life journeys — “someone who really gets how things like the wage gap and career breaks can impact your progress toward your goals and who can suggest ways to compensate,” Sabbia suggests.

3. Invest for a more secure financial future

On average, women live more than five years longer than men do.⁴ “Make longevity an asset. Invest early and make your money work for you,” says Lindsay Hans, president and co-head of Merrill Wealth Management. “Something as simple as making sure we take advantage of critical wealth escalators like company matches in our 401(k)s can help us become more financially secure.”

When you earn less, you have less to save — and the natural inclination is to guard it by choosing investments that are more conservative. Over the long haul, those investments tend to have lower growth potential. Instead, work with an advisor to create a diversified portfolio that meets your goals, timeline and tolerance for risk. Having a financial plan in place can help you withstand the inevitable ups and downs of the market over what could be a long life.

“Financial independence is a goal worth pursuing,” Hans adds. “It can unlock doors for us to achieve all our aspirations as professionals, as entrepreneurs, as policy influencers, as single women, as mothers, as partners and spouses.”

4. Plan for late-in-life healthcare costs

Early retirement is a priority for Wyletter Whaley, an attorney based in Dallas. When her mother was diagnosed with congestive heart failure over 10 years ago, Whaley became involved in her mother’s caregiving — not surprising, given that two out of three family caregivers are women.⁵ A year later, Whaley moved her mom to a nearby assisted living community. It came with a hefty price tag. Whaley’s outlay for her mother’s care ran $3,500 to $4,200 each month.

That unexpected responsibility, plus her marriage shortly before, had a seismic impact on her financial footing. “I went from being a single professional with no one to consider but myself and a lot of disposable cash, to supporting Mom and then becoming the primary breadwinner in my marriage when my husband and I decided it was time for him to start his own company,” Whaley says.

Like Warren, Whaley doesn’t go it alone. For more than a dozen years, Patricia Barksdale, her Merrill Lynch financial advisor, has helped her navigate these challenges. Barksdale has subtly boosted Whaley’s investing swagger by encouraging her to ask questions. “Today, I’m confident when it comes to investing, but I’m not a risk taker,” Whaley says.

Not surprisingly, Whaley has also been taking stock of her own future healthcare expenditures — a wise approach given that out-of-pocket healthcare spending in the U.S. is projected to grow by more than 3% a year over the next decade.⁶ Her mother has since passed away, but Whaley’s experience paying for her mother’s care has pushed her to shop for her own long-term care insurance. “I had planned to self-fund, but I know now that I’d like to have a safety blanket,” she says. “I don’t have any children. My mom had me to look after her, but I don’t have a me.”

5. Know yourself and your priorities

For Whaley and Warren, understanding their financial priorities was the first step in finding ways to pursue them. What’s the one thing that empowered them to reach for their success? “It’s soul-searching,” says Sabbia. “Ask yourself: What’s your money for? Figure out how much you might need to retire early or pay for your kids’ college tuition and start working toward those goals. And don’t feel you have to go it alone. Talk about money with your friends and family. Maybe even consult a financial advisor.

“You don’t have to be perfect or know everything before you begin investing,” she adds. “Just start.”

There’s too much at stake not to.