Girl, get your money right!

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March 8, 2022

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Women, who have been hanging on the sidelines with their personal finances, are now getting ready to jump in, and it’s about time! We may be in 2022, but the global gender pay gap persists. Research shows that women, on average, earn 23 per cent less than their male counterparts for the same work. Until the global pay gap shrinks, women must become the bosses of their financial situations. Ladies, you have pocket power. You have what it takes to be successful with your own money, to dive into the sea of finance and investing and emerge as the true money champions we are. According to the latest survey by Fortune magazine, 64 per cent of women said that improving at least one aspect of their finances was among their New Year’s resolutions, compared with only 54 per cent of men. So how exactly do we as women get started with investing to improve our personal finances?

WHY WOMEN SHOULD INVEST

Let’s explore the primary reason that all women need to invest. With inflation resulting in the record-breaking high prices of goods and services and interest rates climbing higher every day, stashing money in a savings account won’t allow you to outpace these increases. Investing is the tried, tested and proven way to beat inflation and build real wealth. Once we have adopted the mindset that investing is critical to wealth creation, it’s time to take the necessary steps to maximise how much we contribute monthly to investing. This, in turn, will drive the future growth of our money. And quite simply, if men can do it, then so can we.

WHEN WOMEN SHOULD START TO INVEST

Should women wait until they are finished having children before they invest? Should they wait for marriage before opening an investment account? The simple answer is – no. Stop waiting: there is no time like the present. Idle money is the worst money, and can lose value every day because of inflation.

HOW DO WOMEN START TO INVEST

The best way to start investing is to start with what you know. These days there are lots of practical, easy investing options at your fingertips. If you are in the ‘done for you’ camp and don’t want to get knee-deep in financial statements, then a unit trust (mutual fund) may be the best option for you. For women looking to be fully immersed in investing, buying stocks in quality companies you know would be a great place to start. You also may join financial education communities like my Money Squad, where I teach you how to invest to build wealth.

Once you start investing, it’s your duty to pay it forward. We also need to teach the next generation of young girls that their future can be different, shining brighter than any diamond Rihanna will sing about. When they understand that financial power is within their reach, they appreciate their freedom to build a life on their terms without relying on unpleasant systems, like abusive relationships or toxic work environments. Investing unlocks the power to define our own stories, to show up as our best selves. It grants us the power to claim a seat at the proverbial table which men have dominated. In short, investing gives women the chance to change the world.

Now, who’s with me? If you are serious about building www, then there is no time like the present. I’ve said it before and I’ll repeat it: Ladies, you have pocket power. It’s time to become truly successful with your money.

lifesttyle@gleanerjm.com

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