How women can build wealth in 2022
A few simple steps and you will be on your way!
Did you know that women are disadvantaged when it comes to income and opportunities? I am sure you did, and I am sure you are pretty over it by now. Well so am I! That is why I want to make sure that all of you ladies out there have access to the information I have that’s helped me to break the statistics and build wealth and income like a boss ( or should I say like a man boss?) — anyway!
Before we start, let’s all get on the same page: Wealth = Assets – Liabilities; the result is a number, positive or negative, that reflects how much you personally have in monetary value.
Wealth is something that I am sure you want to attain because the more wealth you have, the more money you have, the more freedom you have to do what you want — and that sounds good right?
If you found your way here, it’s probably because you are not actively building your wealth, but want to. Don’t worry! If you are just starting out, that is okay!
There is no time like the present; it is never too late, doesn’t matter how old you are, or how much money you have, you can start building wealth.
The steps below are what I did to build my >100k wealth. The steps are based on the principles you use to build a profitable business; only your life is the business and this time the profit is yours to keep! This way of thinking helps me, and maybe helps you too.
Believe you can build wealth; no one starts a business thinking they can’t do it; so don’t put that kind of negative talk into your mind about your life goals! If don’t think you can, your mind will work against you.. and we don’t want that!
Inform yourself; before you build a business, you usually have to educate yourself for some time about how to do it, how others have done it etc. So just like this article, read up on how others do it, read books, do a course. The more knowledge you have the more confident you will be in taking action. You could even get a coach!
Surround yourself with people who have similar goals (and are supportive); business is all about people — the RIGHT people. If you want to succeed you need to find the right crowd. You know what they say; you become like the closest people to you. So the more you are around those who are also on the same journey, the more your mind will subconsciously work for you and help you get there.
Have a vision; just like in business, you set a mission or a vision for where you want to go; you need this orientation for your life too! How do you attain something, you haven’t defined…? I have a vision board which really helps me to stay focused on where I want to be. You can easily make your own free on Canva.com, print it out and stick it by your bed so EVERY DAMN DAY you are reminded of where you want to be.
Set goals; I am sure at work you are familiar with setting goals for the quarter and tracking them as you go? Well, you need to do the same for your life. Once you have the grand vision, break it down into smaller goals. Seems simple, but don’t skip this one. It is really powerful to write your goals down. It also enables you to be accountable. Make sure you make them realistic…but not too easy… you also want to push yourself!
Spend less than you earn; if you are burning your cash faster then you are making it, your business will go bankrupt; just like you will too if you don’t control your spending.
Do a budget; not everyone needs or wants a budget, but if you haven’t done one, they are very helpful tools to identify where your money goes and where you can cut back. It will show you exactly how much you have left after your costs, to either save or invest.
Invest; this last step is really important. Once you have successfully done steps 1–7, you should have spare cash and you then need to make that work for you!! Just like a business invests into new products or services that generate income, you need to do the same. There are many ways to do it such as via ETF’s, stocks, Crypto, NFT’s, property, or a business of your own. There is no “best way”.
And like magic, you now have the blueprint to get your a** into gear and start building your wealth.
If you got this far and you aren’t planning how to act on the above already, ask yourself how important is it to you to build wealth?
If it’s important enough, you will start! There is nothing separating you and me except knowledge and action! You really can do it too.
CONTRIBUTED BY Jessie | Female Finance
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