After knowing the extensive and extended duration of the harsh issue women faces, they need to take concrete and proactive planning. There is no need for fear, blame or lament. Fortunately, there are practical solutions which women can access easily and leverage to reduce the impact, to subsequently enjoy financial abundance and independence. What is need is to embrace these 4 connected steps soonest possible.
1. Start Financial Literacy. Financially literacy for women is slightly lower than man and this place woman in a disadvantaged position. Focus on specific financial worries and woes unique to women and not the entire range of financial themes and techniques. This would take a week of good readings and it would be enough to wake you from your slumber and start pondering on sound financial solutions. Next, do map out an outline of your goals at each phase of a woman’s life. You do not need to reinvent the wheels – the journey and milestones, challenges and goals are quite the same. What differs is the size and quality of your goals.
2. Save and Invest promptly. Financial freedom began from knowing the correlation of financial stress, spending and savings. It is critical to defer and moderate unnecessary spending in return for financial security in the long run. Savings is the foundation but more critical is to know how one can invest to multiply savings – what we term as money@work. Next is to understand threats that could undermine and impact your current lifestyle, future goals and financial security and how all these threats can be mitigated via specific investment tools. These quick tips that you could master in a short time would jumpstart your financial dreams.
3. Partner a Financial Advisor. Leveraging the expertise and experience of a financial advisor is necessary to condense and accelerate your financial literacy, savings-invest strategies and outcomes. This is similar to having a personal fitness or health coach that will guide and provide all necessary resources and support. Spend some time to explore and establish such relationship and preferably with an experienced female financial advisor who could sympathize with your unique financial woes as a woman.
Most people assume having a personal financial advisor is expensive and reserve only for the rich and elite. In this global marketplace, technological simplicity and accessibility to information – having a personal financial advisor is no longer an expensive luxury but a common economic necessity. If you can afford a high end expensive mobile phone, that you need to change every five years, you certainly can acquire this lifetime investment that comes with multifunctional financial tools, auto reviews and upgrades, lifetime warranty and free financial apps at the lowest cost possible.
4. Staying Focus. Financial planning for your life is a lifetime project but fortunately having a competent Financial Advisor helps to guide you smoothly and swiftly on this journey. Once you have established the above 3 key areas your responsibility is almost done. Next, would be staying focus in your job to grow your savings couple with sustaining your financial habits and promises with your financial advisor. Your financial tree can then grow solidly, steadily and securely. Just sit back and enjoy your family and leisure interest. Meanwhile, your financial advisor will be busy doing all the monitoring, growing your portfolio and updating you on the progress.
It suddenly sounds so simple and easy. Indeed, literacy can overcome illiteracy and all its woes quite easily. Initiating the financial literacy and acquiring a financial partner is the only milestone you need to reach to begin your financial freedom.