Financial independence is a goal many women strive to achieve, yet only a few accomplish.
For many women, the realm of all-things-finance exists as the clichéd domain of the opposite sex, therefore there is a general lack of confidence towards financial education by women.
Interestingly, many women are willing to spend years studying to gain a formal education with the expectation that they will obtain a job that will pay enough to enable them to sustain their desired lifestyle. Yet when it comes to educating themselves about how to create wealth, they never quite ‘find the time’ or worse, many believe that investing is men’s business.
The idea of financial freedom before retirement age is often thought-to be a complex issue for women as given that woman work fewer years than men and as such accumulate less superannuation, planning for retirement is more critical, Let’s not mention the fact that woman are getting married and having babies later in life, and the high rate of marriage breakdowns all of which can further compound the issue. But there is an answer.
By simply implementing what I like to refer to as the ‘three laws to wealth creation’, you can build a solid foundation that will not only give you more choices as to the way you live your life, it will also allow you to grow your own investment nest egg.
The three laws to successful wealth creation are:
1. Spend less than you earn
Unfortunately, there is a large percentage of women who do not get past the first rule of spending less than they earn and are therefore, unable to move on. It is estimated that more than one third of women leave a debt on their credit card each month, which is frightening. While you may not be in this group you will probably know someone who is.
For those who struggle with this one there is a solution, simply start by setting a budget. If you are like most women, you probably think a budget will restrict your spending, hamper your lifestyle a.....
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Dale Gillham - director and founder of Wealth Within