Do you know, only 33% of women make investment decisions without any help from their husbands, father, or male colleagues? Financial literacy for women has become a mainstream conversation today.
Wealth cannot be earned, it can only be created. Regardless of the sum, you start with, 20-30 years later you can end up with a significant corpus that will help you live a financially independent life.
Start by defining what matters to you, why and what can help you get there. You could categorize your goals as achievable, stretch and dream goals, and/or you could classify them as monthly and annually.
“A plan of how to spend an amount of money over a particular period of time to achieve the goals you set.” While doing this for a business is extremely helpful, we almost never apply it to our own personal lives.
Contribute 6-9 months of monthly spend towards an emergency fund AND don’t touch it, unless of course an emergency! Budgeting should give you a ball-park figure of your monthly expenses, so build your emergency fund accordingly.
Getting rich is very different from staying rich. We have all heard of billionaires who couldn’t sustain their expensive lifestyles. Money exaggerates the person you already are.