The commandments of finance
Unfortunately, in our society, women are often taught to dismiss their innate understandings. This is shown to be quite true in areas concerning science, math, and money. I want to encourage you to work on sharpening your financial savvy so that you can trust yourself to wisely engage in transactions that will begin developing your wealth portfolio.
Below, I’m going to share some simple financial keys that can begin to shift and empower you into more prosperity.
-
Every lady needs her own banking accounts.
Make sure to open a checking and savings account that is your own. Whether you are single or married, you need to have your own money. While this doesn’t have to be your primary location to store your money (you can, after all, have a joint account with your spouse if you are married), you should have access to a separate account. Unforeseen situations arise often, whether they are emergencies or optimal investment opportunities. The best scenario is being prepared for such things.
-
Develop a budget.
Budgeting is essential when reigning in your financials. You have to be honest with yourself about what you are spending and where you are spending it in order to effectively begin utilizing your income so that you can focus on wealth-building. There are all sorts of ways to track your spending—from apps to particular credit cards. It is essential that you determine what you need to focus on spending more or less money on and tracking is the one way that you can get a hold of that quickly. After observing your costs and outflow for 2-4 weeks, you should be able to better assess your budgetary needs. It’s important for you to make sure that you are actively saving a minimum of 10% from your income. The sooner you begin budgeting your finances and putting safeguards in place for your spending, the better for your pocket and your overall financial state of mind.
-
Diversify your savings.
While you may desire to save all of your money in that newly established account of yours, I would like to encourage you to diversify how and where you save. Firstly, all of your money should not be tied up in US Dollars. There are many accessible ways to diversify the types of currency and assets that you can attain. Whether you begin purchasing gold and silver or you begin to acquire cryptocurrencies, it is a must to diversify the types of assets you attain. I am a big proponent of diversifying and I highly recommend investment in gold and silver assets.
-
Cancel your debts and negotiate where you can.
It is important to take note of the credit card debts that you are incurring. These are areas that can begin to hemorrhage you financially. Contact your credit card companies and talk to them about negotiating your interest rates. Also, be sure to focus on paying off your credit card bills within that invoicing cycle so that you do not have to spend extra money paying interest on your purchases. Be aware of your credit card company’s invoicing cycles and closing dates so that you can pay at the right time so that it reflects well on your credit reports while saving you the added payments in interest. And whatever you do, please be sure to pay more than your minimum balances. Those minimum balance payments are calculated in a way that will never allow you to become free from the debt you are accruing on those cards.
Financial basics are so very vital to building that strong foundation in wealth development. Step into your potential and begin cultivating your greatness!
Remember that it only takes two things to become wealthy. You have to make a decision and you have to start where you are. You never have to ask for permission to succeed.
You can have it all.