10 Ways Women Can Increase Financial Independence
Do the opposite and avoid vice-like conformity
Though this is slowly changing, women are historically less economically successful and independent than men.
To shift this dynamic, actions must be taken, which I’ve implemented myself to create financial independence.
10 Ways Women Can Increase Financial Independence
1. Don’t rely on others to cover or help cover your financial expenses.
Never rely on others to cover your financial expenses. Maintain self-sufficiency. Don’t seek a savior. Don’t seek a helping hand. Be able to afford your lifestyle on your efforts.
This will create financial independence, freedom, confidence, options, leverage, and healthier (non-codependent) relationships with others.
2. Research how much others are getting paid in your field.
Always aim to earn more than the average in your field to stay ahead financially.
Many people are underpaid because they don’t research how much they should be paid.
When you know better, you can earn better.
3. Invest time and effort into financial education.
On top of observing how others manage their finances and the lessons they learn, the other best way to improve your financial independence and situation comes through financial education.
4. Increase your income consistently.
Stagnant income can become a financial impediment to reaching your goals unless you consistently earn enough.
Since inflation is increasing, your income should also increase (unless your income is unaffected by inflation because of how you live and how much you earn).
5. Manage your finances.
You can only effectively manage your finances by educating yourself on how to manage them.
Learn from experts. Experts can be in the form of books, seminars, podcast hosts, talk show hosts, and people who are genuinely doing financially well — not the ones who “appear” to be doing well because they’re flashing all their stuff.
6. Actively co-manage finances if you’re in a relationship.
Never allow your partner to handle all of the finances in totality. Be an active participant.
Remaining an active participant enforces accountability and keeps you informed of what is happening with your finances.
7. Set financial boundaries.
Whether you have money or not, set financial boundaries with your money.
Financial boundaries should be set with yourself and others.
If you’re over your budget, cut the spending.
If your friend needs money and you don’t have it, don’t try to work something out.
If someone informs you of a perfect deal that you don’t need, don’t go into debt to “get the steal.”
Financial boundaries are critical if you ever desire to build wealth. The universe takes as fast as it gives.
8. Avoid chasing the flash.
Materialism is an epidemic.
Most desire new, bigger, and better.
On top of this, most have endless desires for things.
What happens when you obtain “the thing”?
Not too soon after obtaining the desire, you’re ready to obtain the next thing. It’s a rinse-and-repeat process.
Question your desires.
Aggressively ask yourself, why do you want the things you want?
9. Live under your income.
It is a simple truth, but the key to wealth. If you live below your means, you will — without a doubt — create the opportunity to build wealth.
When you’re living below your means, you’re consistently experiencing an overflow of income that stays in your pockets and accounts every month.
10. Observe others.
One of the easiest ways I learned how to manage my money was by watching others.
I’ve observed people buy cars they can’t afford to buy in cash.
I’ve observed people almost pay off their car and buy a new one — only to incur tens of thousands of more dollars in debt.
I’ve observed people max out their credit cards quickly and then painfully and slowly try to pay it off.
I’ve observed people buy homes and struggle to afford the monthly mortgage.
I’ve observed people who still don’t invest even though they’re well past their 20s and 30s.
I’ve observed people who never take an interest in financial education but complain about being broke.
Here’s what I’ve learned from all of my observations:
Do the opposite.
One of the best ways to be successful is to do the opposite of what most people do.
Doing the opposite is usually right since most people are caught up in vice-like conformity and groupthink.
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.