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WEALTH NEWSLETTER Women Empowered and Achieving Life Transforming Habits |
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Being a single woman who also happens to own her own business, I am often asked how I am able to manage the day-to-day finances of my company as well as deal with personal financial matters associated with my household. I suppose that some people may perceive my financial independence as a big accomplishment. After all, on top of the distinctions I just spoke about, I am also a single parent.
I must admit, all of it comes with challenges, but personally, I happen to love that aspect. However, while I feel confident in my ability to "do it all," it must be noted that there are some fabulous tips that I have developed and learned along the way. It is my honor to share them with you, in the hope that what I have learned can make your journey toward financial independence easier.
- Educate yourself about your money and the investments that you are curious about or already a part of. Don't be afraid to ask questions and never feel uncomfortable about asking. Get actively involved in making household financial decisions as well as investment decisions.
- Devise a plan and make sure you also have a backup plan. You might think that you have the financial plan to end all financial plans, but what happens when something falls short or falls through? What happens then? Not having a plan spurs bad decisions and bad habits. It can also lead to a lack of choices if there is an emergency. Don't wing it!
- Invest in yourself and pay yourself first. Consciously make a decision to put a certain amount of money aside each pay period. Also, keep in mind that your rainy day fund and retirement account are separate investments and should each be handled with different principles!
- Plan for the long-term. Insurance is not a dirty word. We have it for our homes and other personal property but rarely do we carry appropriate levels of insurance to take care of us and our families in case of personal injury or death. Consider purchasing disability insurance and life insurance. Insurance proceeds can prevent you and your family from becoming financially destitute if life throws you a curve ball.
- Trust your instincts. If you are ever meeting with an investment or financial professional and you get a bad feeling about what they are saying or recommending, don't walk, run from their office. Respectfully thank them for their time and leave. Don't feel obligated to invest with anyone who either makes you feel uncomfortable or can't easily answer your questions. This is your financial future; don't pander to someone who doesn't have a stake in it.
These are just a few ideas to get you started on your way to financial independence and freedom. My personal rule of thumb is that you should never stop learning about ways to be financially secure. Take responsibility for your finances, your future, and your life and you will find that it is entirely possible to have it all!
Have A Wonderful Holiday Season!
Sherri
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