Success

"Success isn't about how much money you make. It's about the difference you make in people's lives." (Michelle Obama)

What woman doesn’t want organization in her life? Financial planning is one thing that often gets forgotten. Female's relationship to their money is an important topic in today’s world. If you’re a woman, it’s important to know about how your  money (in any form) works.

Managing money effectively is a key skill that successful women use to their advantage throughout their life. It is important to educate yourself about the challenges money in the world. Taking the time to master a key principles will pay off for years to come.

Harry Callahan said, “Experience is the best teacher of all…” I disagree with that quote. Why not be wise, and learn from the mistakes of others so that you can avoid them. Below is four reminders on how to easily fix monetary mistakes on your way to becoming a successful woman: shefinds | Homepage

 

1.   Successful Women Don’t Have Credit Card Debt Debt should be categorized in two different groups. There is bad debt and good debt. Bad debt includes things like credit cards and personal loans. On the other hand, mortgages and student loans (that are well managed) would fall in the good debt category.

If you want to be free financially, you need to get your credit card debt under control. Credit card debt can make your life miserable if you’re not paying attention to it.

2.   Successful Women Don’t Hoard Their Money A savings account is a good start financially. Successful women don’t hold onto all of their money. Instead, they invest. It’s not necessarily in securities or stocks and bonds. They are investors in business or own a home. Successful women make their money go to work for them.

This is the hardest thing for women. A lot of times they’re not sure what to do with their money and feel stuck. You either need to start investing the money and not be afraid of it or professional help is needed. Money is a tool.

3.   Successful Women Don’t Neglect Their Future You need to save for retirement. It’s not the most exciting thing to do with your money, but you have to do it. Do you need any more of a reason to save and invest in your future? You need money when you retired. And if you don’t, you can’t retire. As a final piece of financial advice, Successful, smart women surround themselves with people who can help them become wealthier.

They hire financial advisors. They hire an accountant. Successful women bring in resources for things they’re not good at. Managing your money should not be a Do It Yourself (DIY) project. I'm a firm believer in outsourcing things you can’t do or don’t know how to do. It’s a money saver and a time saver.

4.   Successful Women Don’t Overspend  Nonsense spending is what will completely erase any financial success you have. Successful women have savings. They save monthly. They know what their outflow is, and they aren’t shopping all the time, or making purchases they don’t need. It’s all about disciplined, thoughtful spending.

 “Men and women both have an equal capacity to make money, but they want money for different reasons. Men want money for power and women want it for comfort, and usually not their own comfort, but the comfort of others in their lives.” (Suze Orman)[i]

 

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[i]  Sources used:

·        “10 Money Mistakes Successful People Don’t Make” by Bruce Harpham

·        “4 Money Mistakes Successful Women Never Make, According To An Expert” by Jessica Harrington

·        “8 Women Reveal the Biggest Money Mistakes They’ve Ever Made” by Wendy Robinson

·     “The Top 9 Money Mistakes Women Make” by Natalie Bacon

·    “The Top Money Mistakes Women Make” by Erica Holland