Woman’s Life — Why You Need Financial Freedom

AND HOW TO GAIN YOUR FINANCIAL FREEDOM

When you are working or not working, financial freedom is something every woman at least try to have in their life. And most of the times, it seems like a selfish activity and feel guilty to take care of their own needs.

Honestly, money is not one of my primary motivators in life and in general, even if I don’t want money to override my other decisions in life.

I have grown to see how money can provide stability and then freedom — freedom to take greater risks, freedom to try out to new jobs, career change or in fact freedom to have many other opportunities that life can possibly offer.

But how do I reconcile these perspectives? But at my core, I know, I realized that money is not my top priority — it probably doesn’t even make the top 5.

Why are women so uncomfortable talking money, finances, and financial freedom?

I want a job I love. I want a job that is intellectually stimulating and pays the bills of course. I want a job where I believe I add value to the world. I want a job that can teach me new learning everyday and makes me excited to be alive. I want to spend quality time with my family, enjoying the small magical moments. I want to have friends with whom I can be totally honest and share my true self.

See, NONE of these life goals are about money. At the end of the day, I don’t value money as a top priority.

For a while I thought it was because I didn’t feel knowledgeable enough, competent enough — so I read and research more and more and some more. But, I can see now that my reluctance to talk about money goes so much deeper than that. I felt anxious whenever I start thinking about money or discussing with anyone.

When I moved our from my parents house at age 17, I decided to gain my own financial freedom without depending on my parents or anyone for that matter.

Having said all that, Financial freedom is something it’s necessary at any age of life and it doesn’t depend on your marital status or age or gender or even your family background.

It’s applicable to everyone in spite of their role in family or gender.

It gives, purpose, security and make life a bit easy when you can support yourself in any unpresented situation.

It can sound overwhelming at first but learning and take active role in managing your finances can help you navigate difficult situation in life with minimal dependency and outside help.

When pandemic hit, there have been many industries got flatlined, women need to take leave from work to handle additional family responsibility or the family who are living with two income now have been reduced to one making huge compromised in their lifestyle.

Gain CLARITY — When you figure out where you are and where you want to go, gives you a BREATHING ROOM — When you escape living paycheck to paycheck.

I have been listening to a podcast, where women need to resign or quit their jobs to take care of their family, parents and loved ones. You need to create stability and add a sense of purpose to it.

Money is powerful and it can change and influence your human relationships in many different ways.

Below are the 5 key thing you can do to gain your financial freedom without sounding selfish and comprising your authenticity. If you still haven’t done it or thinking to do it, keep below things in points.

1- Open a high yield saving account

Though you might already have joint account but opening a separate high yield saving account with any bank to generate higher interest on your savings can make the difference in long period of time.

There are many banks that provides high yield saving accounts. You can research online and see what fits to your situation and needs.

You can open a separate bank account where you’re saving up your nest egg. No matter, if you have to quit your job or your relationship goes down the drain — with this tactic you are and, what’s maybe even more important, will be self-sufficient.

See to preferably put aside an asset of at least 3 months’ worth of salary, 6 months’ worth is even better.

2- Have an emergency cash fund

Life is uncertain and anything can happen over night. This pandemic taught us that. I call it as a “F*ck It” account. It’s a term I read in Cosmopolitan.

As per the thumb rule, one person should have at least 3–6 months worth basic living expenses saved in emergency cash funds. It can help you with situations like any medical emergency, parents care or any case you lose/leave your job for any reason.

This is your emergency fund, a safety blanket so to speak, in case you need to leave your job or a bad relationship. This should cover 6 months to 1 year of living expenses–at least.

3- Opt for good health and medical insurance

If you are working, you company might be giving insurance to their employees. Check with your employer and take the insurance that is suitable to your need and family. This way you can save up lots of money and make you more safe in any health crisis.

You can also opt for insurance for your house, car etc.

If you don't have employer sponsored insurance plan, research on the health and medical based on your need and dependents.

4- Pay bad debt — over due credit cards bills

Understand the different between an asset and a liability. As soon as we have money in our hand, we start thinking of luxury things that we can buy now. And in this process, we over burn our credit card limits and stuck in bad debt without any go out option.

So next time, when you have extra money, why not clear all the debt, loans, outstanding credit card dues and let money works for you.

5- Find best Invest strategy for your future and life Goals

Keep a close eye on how your investments are performing, just like how you may keep a close eye on how your kid is doing at school. Always know your numbers, like a dietitian knows what’s in their food.

It’s a simple law of attraction, when you look after something, you attract more of it in your life.

Knowing your numbers is key to growing your wealth!

But the best way to invest money is, of course, to use it to buy funds, shares, stocks, and bonds. Because those have a sustainable effect and make financial independence for women more tangible.

The road to financial freedom for women starts the very moment you’re capable to spend your money self-determinedly on what you want and need without fearing it might threaten your financial existence.

Real financial independence is when you’re able to live off your yields and returns in a way that working for you is no longer mandatory and not living paycheck by paycheck.

The way when people see the world, and their own sense of self-worth. I love the way people challenges, inspires, and motivates you to want to change your own assumptions — not because you should, but because it will benefit you. Pretty much I just LOVE it.

Don’t get discouraged by where you are in the process, focus on how far you have come and where you are going next.

You may now proudly pat yourself on the back. You’ve saved up a small nest egg and transformed your financial minus into a huge plus by settling your liabilities.

This provides security and stability.

You’ve come a long way and have made headway on the road to financial freedom for women.

Be Bold

Be Courageous

Be Your Best

Disclaimer: All opinions are personal, please use your own judgment before investing.

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