31 August 2022
Happy Wednesday Luv,
Our relationship with money has changed as a result of the pandemic, which has prompted millions of individuals worldwide to consider their safety net, scrutinize their spending, and begin investing to support long-term financial goals.
We live longer, devote more of our time to care for others, the gender pay gap has expanded, our pensions are frequently meager, and all of these factors have a negative impact on our finances. As a result of inflation eating away at our financial resources, the cost of living crisis is now compounding our problems.
I wish to share some motivating thoughts with you regarding money that can change your perspective. Hopefully there is a useful lesson that women everywhere can learn from the information below.
1. How it feels to be financially independent
I wish we could bottle the largest benefit of women’s finances—the sense of fulfillment that comes from having financial independence—in spite of all the negatives.
This, in my opinion, entails taking control of your finances by overcoming feelings of financial overload, making your own choices, establishing financial priorities, and forming productive routines like budgeting that will help you reach your objectives.
These encounters cannot take the place of regulated financial advice, but real-world examples serve as a reminder that nobody is faultless. As seen by the enormous expansion of the online community for those who are debt-free, knowing that others are going through the same struggles can be a source of inspiration and strength. It serves as a reminder that having money is not the same as having privilege.
2. More women are investing — and so can you!
Trading apps and investing platforms saw a surge in female users. The simple part is getting started. Thinking through your investing strategy and comprehending how tax benefits might increase your investments can assist novice investors cling on for the ride as markets become bumpy.
Charlotte Ransom, the creator of Netwealth, says, “We spend so much time working hard to acquire the money, but not enough maintaining our wealth.
Nevertheless, research indicates that a lack of funds—rather than a lack of confidence—is a primary barrier keeping more women from investing.
3. How much money does your partner make, and where is it?
This is a question that every woman should be able to answer, but a startling proportion of them do not. However, consider having a chat with your peers before speaking to your partner.
Don’t overwhelm yourselves by trying to have all of these conversations at once — tackling one topic at a time (perhaps over dinner) should make it more enjoyable and manageable. ?
Stay tuned – more tips to follow next week…
Til next time,