Traditionally, the only way that women could end up becoming very wealthy was to find a husband with money. Many girls grew up hearing that they had to marry well if they wanted to experience the good life.

If a girl was born lucky, she might get rich by becoming the heir to her father’s fortune. In fact, the ten wealthiest women on the Forbes 2008 billionaire list all inherited their massive wealth from male relatives.

The famed ‘glass ceiling,’ that invisible barrier to women’s upward mobility in business and politics, has historically ensured that ambitious women could only earn a comfortable living from their own labour, but not access the vast wealth available to their male counterparts.

Women shouldn’t lay the blame for their financial inequality solely at the feet at men, however. Lois P. Frankel, PH.D., author of Nice Girls Don’t Get Rich: 75 Avoidable Mistakes Women Make With Money, declares that girls are generally socialized to be nurturing and supportive, while the more assertive qualities needed for financial advancement are usually discouraged.

Frankel examines some of the common mistakes that women make which prevent them from becoming wealthy. Here are three errors that can hold women back financially:

– Mistake #4: Not playing to win. Frankel notes that women tend to be quiet and polite in business and play the financial game ‘like a girl,’ instead of determinedly going after the life they desire.
– Mistake #10: Choosing to remain financially illiterate. Frankel insists that women need to manage their spending, banking and investments.
– Mistake #45: Saving instead of investing. Frankel reveals that fear can keep your money stuck in low-interest accounts. She encourages women to get educated about investing and to find a female financial advisor.

Frankel asserts that women can learn to become rich, which she defines as “the ability to live your life as you want, free from financial constraints.”

She explains that women can change their financial status quo by envisioning themselves getting rich, and developing the skills needed to make wise financial decisions.

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Despite a history of being financially weaker, women’s fortunes seem to be improving. In the 2008 Forbes list, ten of the 99 female billionaires have self-made riches. Although this number may seem relatively small, many of them have struck it rich while enduring incredible personal hardship.

Oprah Winfrey has transformed herself from Mississippi dirt-poor to media mogul, in the process becoming the first African American billionaire with an estimated net worth of $2.5billion. J.K. Rowling, creator of the Harry Potter series, used to be a single mother on welfare. Today she is worth over $1billion.

In Jamaica, we have our fair share of local female success stories. JMMB executive Donna Duncan Scott and Paymaster CEO Audrey Marks, are just a few of the powerful women executives who are creating their own financial empires. Increasingly, females are heading up organizations that were once controlled by the ‘old-boys club’.

What factors could account for the improvement in the fortunes of female entrepreneurs and executives in Jamaica?

Professor Rosalea Hamilton, Vice President of Development at the University of Technology might have the answer to this question. Speaking recently at an Entrepreneurship and Networking workshop organized by the Women Business Owners group, Hamilton noted that the game of business was playing to win.

Hamilton said that women had to learn how to compete in order to be successful in their ventures. She explained that two key qualities that would help women to get ahead in business were the courage to take risks, and the ability to network.

By definition, an entrepreneur is a person who is willing to assume the financial risk involved in owning and operating a business. Women have traditionally been very cautious about taking chances with money, but now their risk profile is changing.

From investing in alternative schemes to creating innovative business concepts, women are releasing fear and taking charge in creating wealth for themselves.

Another key development in the improvement in women’s fortunes is the growth of networking opportunities for them. As Hamilton explained, networking is a “mutually beneficial social process of giving, receiving and sharing ideas and information.” Men have always known that getting ahead was easier when you had a strong social network.

As more business women are getting involved in service clubs and community organizations, they are developing important links that will help their businesses to prosper.

So if you want to get better at making money – take charge of your financial life, learn the money basics, develop an appetite for calculated risk, and make full use of all your networking opportunities.