Advantages Of Women Empowerment On The Society.
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Advantages of Finance Increase on Personal Development.
May 16, 2022
These 8 Powerful Steps Will Make You A More Financially Independent Single Woman.
Becoming a financially independent single woman is essential for every woman, and a key skill for women to have in our world today.
Financial independence is being able to live the life you desire without relying on anyone. You are able to cater to your present and future needs, for yourself and your dependents, without having to depend on anyone.
Financial independence is not really about the money one has, but being able to make the right decisions with the money, and apply it appropriately to work for you. With your finances in order, you will be in a better position to take care of your loved ones and follow your aspirations.
Various things happen to people in life which they cannot control, but independent people can control how they respond to life and its challenges. Those who are not independent don’t have that ability and are at the mercy of chance.
This is especially true for women as they face a unique set of challenges that can only be overcome by financial independence. In other words, financially independent people can make plans for the future.
There is a need for women to begin to look for ways to become financially independent for various reasons. For generations, many women have relied on their husbands, fathers, or boyfriends to make financial decisions.
This may have been a result of the restrictions that culture attributed to women in the old times. But that mindset is slowly changing as women have begun to realize the necessity of financial independence.
Research has shown that women’s life expectancy is about 8% higher than that of men, so they need to be able to meet their needs after their male counterparts pass away.
For many women, a good portion of their life is spent taking care of their children or elderly ones. With this, less time may be spent on working to earn an income and this may cause a drain on their time and money.
To become a financially independent single woman would require that there should be a goal. Women need to ask themselves some questions like;
- What do I most want to accomplish in life?
- What do I value most in my life?
- What do I need to do to be fulfilled?
Having a goal would give a sense of direction and help with adequate planning. Starting early as a single woman would also help, as a woman is perceived to have more time for personal development at this stage than when she is married and saddled with the responsibility of caring for her family.
8 Steps To Becoming A Financially Independent Single Woman.
For single women to become financially independent, would require that they put in some work and may they adopt the following steps to achieve it.
Having A Personal Goal
Having a goal will provide you with something to look forward to, help stop making excuses, and may act as a driving force for your actions. This is a vision of what you hope to achieve, and a starting point to achievement.
Goals could be short-term or long-term, so your goals should be categorized and timed. As a woman, you could define your goal around being able to work and earn a competitive income while having time to cater to your family and raise your children, or being able to do a job that will also afford you to spend quality time with your family.
Having this in mind will help you to decide what kind of job you want to do and how to get there. A goal will define your plan of action and steps to take in achieving that goal.
Educate Yourself
One of the steps to becoming a financially independent single woman is to educate yourself. Education could be from any of your chosen areas but also financial education is important.
Take out time to study money management, investing and start working on self-development. Educating yourself will reveal so many things to you including why financial literacy is important and how it can help you achieve your financial goals.
Educating yourself will also better inform you on the kind of financial plan to embark on, how to increase your income, manage funds, ways to invest wisely, and available options for investment.
Make Money
In becoming a financially independent single woman, you need to make the money. This can be done by getting paid employment or starting a business. It is also important to have more than one source of income as this can help you create wealth.
You need to seek out ways you can make money that aligns with your skills and competencies. When you are making money, then you will have something to plan with. If you are unable to work yet or engage in any business, it is okay to start wherever you are.
You can start by getting an education, learning a skill, understudying, volunteering, or joining an internship programs. Do not be afraid if you are not earning money yet, but know that you are gaining knowledge that cannot be taken from you and that will be with you all your life. And this can set you on the way to wealth and a path of financial independence.
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Be Disciplined With Spending
This will help you and go a long way to ensure you remain a financially independent woman. Having debt above your income can sabotage your plan of becoming financially independent as you are seen to be working to pay up debts and not to improve yourself. You need to spend your money on what is important and not be an impulsive spender.
Spend your money on things that would help you grow and on your basic needs, invest and save, acquire valuable assets, and invest in personal development. The remaining is what could be spent on other personal luxuries or convenience.
Spend according to your budget and do not feel bad about it. Overshooting your income or your budget will do more harm than good. Discipline is vital in financial planning, as you have your plan, you should be disciplined to stick with that plan to attain your goals.
Diversity Risk
Diversifying your risk is important when thinking about investment. When you invest all your money in a single type of investment, you run a risk of losing it all in case of any uncertainty or when the investment goes bad. When you diversify your risk, you reduce the amount of risk you are exposed to, to maximize your returns.
You can diversify your risk by having more than one kind of investment. For example, you can invest in real estate, stocks, bonds, and other money market instruments.
Diversifying your risks helps you to minimize the risk of a bad event taking out your entire investment. It is good to start early as a single lady to later become a financially independent woman.
Create An Emergency Fund
On the journey towards becoming a financially independent single woman, one other important step is to ensure you create an emergency fund that you can easily access in case of financial uncertainties. In life, anything can happen that would require your immediate action from health to family and other personal needs.
Rather than dipping into your savings or liquidating investments at any slightest need, always set aside a separate fund for emergencies. Some ways of hedging against such are through insurance, medical or life insurance, or any other type of insurance as you require; or by simply putting away separate funds for emergencies. Do not interrupt long-term assets for emergencies.
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Engage The Services of A Financial Planner
Most people may not have the time to spend worrying about finances or may need some form of guidance in financial management and planning, then it is good to employ the services of a financial planner. They are better informed and can help or advise you on ways to make, manage, plan and grow your finances.
Unlock Progress With A Growth Mindset
If you are serious about becoming a financially independent single woman, you are guaranteed to unlock progress through all of the above listed steps, by possessing a focused mind and growth mentality.
Developing growth mentality is the belief that one’s effort and those of other people around them will lead to success. Having a growth mindset encourages one to overcome obstacles and view setbacks as opportunities.
A mindset helps define one’s personality. It reflects the way an individual views and acts toward life, how they perceive success and failure.
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Conclusively, becoming financially independent is important for everyone but recommended for single women as this will help them to be able to stand on their own and plan appropriately for the future in case they hope to raise a family. It is not an option but a basic requirement.
Taking these steps to become a financially independent single woman now, can help you secure your family’s future, cut down on expenses, reduce debt, and enjoy peace of mind, but importantly, help you to live your best life.
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