Money is power—but for too long, women have been left out of the financial conversation. Tracy Theemes, author of The Financially Empowered Woman, TEDx speaker, and founder of Sophia Wealth, is on a mission to change that. A passionate advocate for women’s financial equality, she believes that education, confidence, and community are the keys to unlocking financial independence.
In the lead-up to International Women’s Day, Tracy is hosting a one-day event on March 1 to help women take control of their money mindset and financial future, with proceeds benefiting Dress for Success Vancouver.
We sat down with Tracy to talk about why financial empowerment is more critical than ever, how women can build wealth with confidence, and the most important money mindset shifts to make in 2025. —Noa Nichol
Why is financial empowerment such a crucial component of gender equality?
When women have control over their finances, they gain greater agency in their personal and professional lives. This reduces dependency and enables them to make choices about education, healthcare, and career based on their own personal values and needs.
Economic power allows women to invest in their own futures and those of their children breaking cycles of poverty. Studies show that when women earn and control income, they reinvest a significant portion in their families, leading to better health, education, and overall well-being for the next generation.
Economic vulnerability often increases the risk of domestic violence, exploitation, and trafficking. Financial independence gives women options. It makes the world safer and can serve as protection against abuse and violence. Systemic barriers like the gender pay gap, unpaid care work, and lack of access to financial services keep women at a disadvantage. Financial equality ensures equitable wages, fair labour policies, and improved access to credit, savings, and investment opportunities.
In short, financial empowerment isn’t just about individual success—it’s a foundation for systemic change that leads to a more just and prosperous world for everyone.
What inspired you to dedicate your career to this mission?
I saw women’s financial needs in the advisory space were not being adequately addressed by traditional firms and their practices. I knew that women investors needed and craved a different approach. Money for women is experienced in context, and in their time-strapped, highly engaged lives, they need a strong, full-service partner to assist them in running their financial lives with efficiency, competence and with an understanding of their extensive family and work responsibilities. I became energized and excited as I uncovered more opportunities to meet these needs, and in 2008, Sophia Financial Group was born.
With the current economic climate and rising cost of living, what are the biggest financial challenges women face today, and how can they start overcoming them?
Women face key financial challenges, including:
- Gender Pay Gap: Women earn about 87 cents per $1 men make.
- Leadership & High-Paying Fields: Women are underrepresented in STEM, finance, and executive roles.
- Career Interruptions for Caregiving: This leads to lower lifetime earnings and retirement and pension savings.
- Women Entrepreneurs: Women receive less funding.
- Socio-Cultural and even Religious Doctrine: Emphasize and reward women’s caregiving and support roles and not their leadership and economic success leading to role confusion and low confidence.
Taking small steps—learning, advocating, and investing—can lead to long-term financial security.
Many women struggle with financial confidence. What are some mindset shifts that can help women build a healthier relationship with money?
Some key mind shifts to work with, include moving from:
A sense of scarcity to believing you have enough
Old idea: There’s never enough money.
New idea: I have enough. I am enough. It is what it is. Building on a sense of gratitude and self- sufficiency is a powerful way of initiating change.
A posture of fear to confidence
Old idea: I’m not good with money.
New idea: I am a good learner. I have learned many new things in my life successfully and this is no exception. I can educate myself about cash flow, investing, and negotiating to boost my confidence.
From Saving Only to Investing Boldly
Old idea: Saving is enough for financial security.
New idea: Investing grows wealth and creates long-term security. I can learn the fundamentals of investing and create a solid, diversified and effective strategy.
From Avoidance to Awareness
Old idea: Money is stressful, I’ll deal with it later.
New idea: Being proactive with my money gives me freedom and peace of mind. Regularly track spending, set financial goals, and engage in money discussions.
From Dependence to Financial Independence
Old idea: Someone else will handle my finances.
New idea: I am capable of managing my economic life and seeking the advice I need to move to the next step. Taking charge by learning about financial planning, increasing my earning potential, and investing is possible.
You’re a long-time supporter of Dress for Success Vancouver. How does financial independence contribute to a woman’s overall confidence and success, and why is this cause so close to your heart?
We held the first Sophia Wealth Academy in 2010, and it inadvertently raised money. This was not our intention. At a networking event I met the Executive Director of Dress for Success Vancouver and realized that their mission and our mission were beautifully aligned. Since then, we have enjoyed a partnership with DFSV for close to 15 years. We love the DFSV purpose, and we love the impact of their programs and the opportunities they create for local women.
Sophia Wealth Academy aims to educate and empower women in their financial journeys. What can attendees expect from the upcoming March 1 event, and how will it help them transform their money mindset?
We started Sophia Wealth Academy as a one-day event to educate, inspire and embolden participants to take the next step on their financial journey. This year the theme of the event is Power. It’s a creative, fun and informative day where women experience workshops led by a multi- disciplinary team of experts. Attendees will learn about the rudiments of financial planning and investing, how to develop a courageous and successful relationship to wealth and how to reset and override negative patterns and fear.
There will be opportunities for women to get their individual questions answered and apply their knowledge at the Financial-Plan-A-Thon. We’ll reprogram our nervous systems and discover new ways to find the courage to live our wealthiest life. See the entire program for the March 1 event at sophiawealthacademy.com
What are some common money myths that hold women back from taking control of their financial futures, and how can they move past them?
An unfortunate myth is that we don’t know as much as men so they should take charge of finances. Or that we are already busy enough, so this is a good task to offload, even if this means over time, the diminishment of our power. We have been fed Cinderella stories since birth and those can unconsciously disempower and discourage us over time.
Many women experience guilt or fear around making, saving, or spending money. What advice do you have for women who want to break free from limiting beliefs and embrace financial abundance?
We don’t need to aspire to abundance. That implies having more. Always more. Then we feel insufficient when we are actually managing things just fine. The first limitation is that we are mostly all doing a pretty good job with what we have. We need to recognize and appreciate ourselves. Then we can operate from a posture of strength and adequacy.
In your book, The Financially Empowered Woman, you talk about practical strategies for financial success. What is one piece of advice from the book that every woman should implement in 2025?
If you want something different from what you have, it is going to be you that is going to make it happen. It will be your hard work, your motivation and your determination. You have the power. Whenever we challenge the status quo there is always resistance; we need to prepare for that and not be discouraged.
Building wealth isn’t just about earning more—it’s also about smart investing. What are some key financial habits or investment strategies women should focus on this year?
Everyone, not just women, should be focused on investing according to a financial plan and not paying attention to TikTok and all the media interference. It is difficult to screen out all the noise but investing according to a predetermined strategy and then sticking to it will yield massive payoff in the long run. The biggest impediment to moving ahead is the belief that “this time it is different.” Every day is different! But there are patterns to achieving success. And though they may change or alter; they are fundamentally the same. Trust yourself. Make a plan that fits your life. Then follow it consistently.
As we approach International Women’s Day, what is your message to women who are ready to take charge of their financial futures but don’t know where to start?
Ahead of IWD on March 8, join us at the Sophia Wealth Academy. Educate yourself. Surround yourself with other women educating themselves. Know you’re not alone and there’s no time like the present to take control of your future and be the wealthiest, most confident version of yourself.
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