Do financial matters overwhelm you?
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What is money to you? It’s associated with greed, power and the root of all evil. You cannot bring money away with you at the end of your life. What is the whole aim of having money? Look at money from a different perspective, as a resource, as a tool. While the notion of wealth might not interest you, surviving in this world must hold a high priority on your list of things to do. And how do we survive without money? Well, we can’t.
Many women are prone to be dependent on their spouse, and are less literate in financial matter compared to men. As acclaimed financial guru Suze Orman puts it, “A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life.” Depending on someone, anyone, does not give you financial freedom nor indepence. Women generally outlive men, and that alone can jeopardize one’s financial future if she is not prepared, not to mention the termination of marriage due to one reason or another.
What can you do to empower yourself and take charge of your finances?
Set a financial goal
We hear about goals all the time, but we almost never keep to them. How do you set good goals? Remember the SMART acronym: Short, Measurable, Achievable, Realistic and Time-based. Get your budget and career plan into the picture. Maybe you want to save RM25,000 within the next 5 years, or be able to pay off your mortgage or even a retirement plan. Whatever it is, stick to SMART goals and you’ll see your plans bear fruit.
Be aware of your money
Do you know where your money is going in the long term? According to Nielson’s research, men in emerging countries are still viewed as the primary decision-making stakeholders when it comes to purchasing home electronics or cars, while women rule in the health and beauty department and all child care matters. This is all fine and well, but women have to get involved in major financial decisions as well as understand how money is being spent. This is not because you do not trust your significant other, but to keep your head in the money game.
Get a home
“Owning a home is a keystone of wealth… both financial affluence and emotional security,” says Suze Orman. Buying your own home is probably the best investment you can make for your future. Do not expect someone to come along and buy it for you. Be independent!
Be more confident in yourself
Many women believe that their paychecks will reflect the effort put into their work. Not really. Many women underestimate and undervalue themselves. When you get a job, learn how to negotiate for the pay that you deserve. You rarely get something you want that you don’t ask for in life.
Invest in your future
Whether that means saving for your retirement instead of your kid’s college education or asking the boss for a raise, be willing to put yourself first for a change. “The reason more women are not a financial success is they don’t want to be uncomfortable,” says Barbara Stanny, author of “Secrets of Six-Figure Women”. “Every time you deviate from the norm, any time you do something you’re not used to doing — ask for a raise, buy some stock — it will feel uncomfortable.”
Remember that if you cannot provide for yourself, you will not be able to provide for others, or you’ll die trying. It’s never too late to begin planning. Do not be afraid to take risks and ask for professional advice.
