Do you have a desire to become a financially independent woman? Have you always wondered what habits do financially independent women have? If you are like me and enjoy finer things in life and want to become a wealthy and successful woman on your own, this article is especially for you:
Habits of a financially independent woman:
Your beliefs
- Financial success is not only about money.
- It is about getting to know where you feel there is a lack and how you change it.
- Listen to your thoughts carefully.
Are they like-
- It is not easy to earn money these days.
- Cash goes out from my hands like water.
- I always have bills.
- There is an economic slowdown. How will my business survive?
- It is these constant conversations you have with yourself that justifies the flow of money into your life.
- With a mental pattern of lack, even if you earn a lot of money, you will find yourself losing it very quickly.
- If you think money can not provide everything, you are totally right. But, poverty can not buy anything.
- Your thoughts, actions, and feelings around money must be shaped on the inside. Only then positive results will manifest on the outside.
- You will find that financially independent women have very empowering beliefs.
- They know that money remains in constant flow in their life.
- They give love to money rather than considering it evil.
- Financially smart women feel that the more they give, the more they will receive.
Financial goals
- Financially independent women know that if they fail to plan, they plan to fail.
- They know that if you plan for nothing, you will probably achieve nothing.
- What you do with your money now will determine if you will be rich in the future.
- You have to make plans about the direction you are going to take to reach your goals.
Financially independent women mainly use these 4 steps:
Final goal
Have your final destination in your mind. Get clear on exactly what you want. Write down everything you would like to achieve in the future. Visualise yourself achieving that financial goal. Then, live your day as if the goal is already accomplished.
Your present position
You need to know your financial position before you decide on the steps required to reach your goal.
When you will achieve it
Set a time frame for when you would like to achieve your goals.
Setting a date for your goal makes it real and motivates you to act. A deadline will help you take action by making it urgent. Make sure that your time frame is realistic.
Take action
If you do not act upon your dreams, they just remain wishes. Write down what you need to do to achieve your financial goals in small, manageable steps. Then, take your first inspired action towards your goal. Starting is the hardest part, but once you take action, you will start believing in yourself. It will take you closer to your destination.
Learning
- A financially savvy woman incorporates learning into her NORMAL ROUTINE.
- If you do not have a lot of time, check out audiobooks which you can listen to while getting dressed in the morning, cleaning your home, working out, or travelling.
- Successful women know the value of their time. So, rather than wasting their time on social media, they use it judiciously to learn a new skill or to increase their knowledge.
- If you want to become financially independent, make learning a part of your lifestyle.
Peer groups
- Wealthy women are aware that success in any area of life is strongly determined by the people they surround themselves with.
- Not only do they require the support and encouragement of others to make progress, but they often find themselves leaning on them for financial advice, as well.
- Look for the people who are willing to share their successes and failures to help you navigate your course just a little better. Please do not take financial advice from a person who himself is not financially successful.
Budgeting
- Do you often find yourself wondering where your money goes even after getting paid for your hard work?
- Well, if that is the case, let me tell you, you are NOT budgeting.
- To become a financially independent woman, you should know that the foundation of developing good financial habits rests upon your ability to master budgeting.
- The budget tells you where your money should go. Following it ensures that it goes FOR you and not AGAINST you.
- To create a budget, you must look at your past spendings, as well as future income.
- There are several methods and tools available for creating, using, and adjusting a personal budget.
- Keep it simple and achievable.
Savings
- Saving is the best habit of a financially independent woman.
- Even if you are saving a small amount initially, it is alright rather than not saving at all.
- Saving helps you manage your money, plan for future requirements, deal with unexpected expenses, avoid borrowing and paying unnecessary interest, and ease financial issues.
- So if you have still not started saving, START TODAY.
Debt dealing
- Debt can be beneficial in attaining financial success if you know how to use it.
- A financially independent woman uses debt as a tool to leverage her investments and grow their cash flow, but a woman who remains broke uses debt to buy things.
- If you want to become a financially independent woman, then borrow to acquire an asset that will appreciate value.
- Women with poor debt habits will go into debt buying things their income cannot support.
- They will borrow money to purchase expensive handbags and heels that do not appreciate the value and can not cover the cost of the debt over time.
DEAL WITH DEBT
- Make a list of the total amount of debt you have.
- Set a repayment schedule that includes how much you owe each person or institution.
- Decide which debts are most important. Debt, which has the highest interest rate, pay that one first.
- Set an estimated time by which you will pay for each loan.
- Create room in your budget every month towards paying down your debt so that you can decide which expenses you need to cut down in order to raise money for clearing your debt.
- Try to eliminate all the factors which have put you into debt. This will ensure that you do not get into a similar condition again.
Emergency cash
- Life is so unexpected. We never know what will happen in the future. So, we need to plan for emergencies.
- A financially independent woman does not wait for financial surprises to take action. She saves some money into an emergency fund; she knows that this is crucial for her journey towards becoming a financially independent woman. Before you splurge, make sure that you have at least ten to eighteen months of living expenses saved up for emergencies.
- An emergency fund is not there to make you money but to act as a financial saviour that protects your long term investments from short term unexpected expenses.
Networking
- Having an extensive network allows you to maximise your potential.
- A financially independent woman’s ability to attract wealth is directly linked to how well she can grow and leverage her network to take advantage of opportunities.
- You want relationships with people who genuinely want you to succeed.
- This will happen when you have built a genuine relationship/friendship and not just a transactional relationship that feels obligatory.
- The business or job opportunities will come from your networking abilities.
Investment
Investing might seem daunting, but it is the best secret of a financially independent woman.
Types of Investments
- Stocks
- Real estate
- Mutual funds
- Money market instruments (i.e. Treasury bills)
- The best thing is to write down your investment strategy to clearly articulate your thoughts.
- Make sure you write a strategy that matches your long term investment goals. It will help you avoid making emotional decisions.
- If you find your investment strategy not working, you can always change it.
- It doesn’t have to be complicated. Even if you don’t have much time to invest, it does not matter. You have to start from somewhere.
- Make sure you have proper knowledge of the field in which you are investing.
In your journey of becoming a financially independent woman, remember that-
Every single decision you make will either help you or hurt you. So, make every decision wisely.
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