Financial independence is paramount for every woman. It means to have health, power and freedom along with adding confidence and self-worth to your personality. It’s not the money you should be after, rather the freedom to live life on your terms.
Conventionally speaking, making a financial decision is considered to be a man’s domain, and a woman has less role to play in it. However, this generation has turned the tables. A confident woman doesn’t depend on a man. With the increase in the cost of living, it has become equally important for a woman to learn the skill of making effective financial decisions for oneself and the family as well.
Statistically speaking, 90% of women will be financially independent at some point in their life. Thus, it has become inevitable for a woman in this current world to be equally good or better in the world of finance.
Besides, being a financially independent woman helps one to be more confident and build higher self-esteem and morals.
Acknowledging the fact that a woman is as capable as a man, the following points will help you become wealthy and financially independent.
Acquire continuous knowledge
If you want to excel at managing your finances, educate yourself. The field of finance is enormous, and for that, one needs to have strong decision-making abilities. To master the game, try to acquire thorough and continuous knowledge about it, for instance, reading articles, newspaper, conversing with seniors in the industry and having a mentor. The more you learn, the better you get.
The flow of income
Primarily, having a legit flow of income is necessary, irrespective of the quantum. The flow of income gives one a sense of responsibility and confidence in themselves. It helps a person to dream bigger and better. One should endeavour to level up the flow of income gradually.
Maintaining a budget is the first step of making a financial decision, keeping in mind the cost and expenses and the source of income. It will help you in having a clear sense of your expenses and income. Segregating the income earned into several heads of payments, and allotting it keeping in mind that there is some surplus amount left at the end. Try to make daily, weekly, monthly or annual budgets.
Saving up and Investing for the future
Learning the art of thrift is very important. To start with, one should open up a savings bank account in a local bank and start depositing the surplus income. Adapting to the habit of saving is another step of learning how to make a financial decision for oneself. It will help you in the future dire situations and emergency cases. On the other hand, investing is equally vital because it helps in gaining wealth. Nobody becomes rich by keeping the money in the bank. Investing in assets like stock, land and building, gold etc. is a good choice for the long term.
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Insuring of life
Proper insurance coverage is a necessity in the world of inflation. To be a financially independent woman, one must have their life insurance done. It is a vital step towards mastering the game of decision making in the field of finance. It acts as a security in future needs.
Proper guidance and advice from a financial planner
Before taking any step or making any decision, it is foremost to take proper guidance and advice from a financial planner. The financial planner will help you to invest and save up smartly.
Be debt free
Having debt is a sign of bad planning and decision making. It acts like an anchor which will stop you from being financially independent. To keep your debt in check, one must clear it as soon as possible, no matter how much it crunches the savings. It is because getting out of piling debt is as burdensome as finding a needle in a stack of hay.
Take a risk and learn from mistakes
“Set goals, crush goals, repeat.” Women are usually very cautious when it comes to making an expense. But the real deal is in loving your dreams and taking risks. Irrefutably, a person needs to leap a faith and take a risk like investing in an asset or making some changes in the budget. Moreover, it is good to learn from the mistakes we make. There may be times when our expenses exceed our income, and we use up our previous savings. So, this will require us to cut down our cost of consumption like impulse buying or eating out, fancy shopping etc.
Keeping an eye on your hobbies
Find three hobbies- One to make money, one to keep you in shape and one to keep you creative. According to a study, 40%-45% of people tend to transform their hobby into their passion and earn for their living. One should pursue what they love. Not only are you going to love your job but also sustain your life. With proper planning, direction and most importantly will, one can turn their hobby into their mode of earning. It’s not a piece of cake but worth a try.
Having a proper future goal
Last but not the least having one self-actualization goal in life helps a lot in shaping our path of life. Be it travelling the world, buying a home or settling down with a family. The ultimate goal will drive you through all the ups and downs. Big dreams take time to manifest, so stay patient.
Even though depending on a wealthy man can raise your standards, earning yourself raises your self-worth.