6 ways to become Women with Wealth
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|   Dec 28, 2014
6 ways to become Women with Wealth

6 ways to become Women with Wealth:

 “If you’re given a choice between money and sex appeal, take the money. As you get older, the money will become your sex appeal.” — Katherine Hepburn

 

Have your “Independent” bank account and credit card – even if you're married, because a man is not a financial plan, hence this is the starting point for your financial control. Once you start well, things will start moving faster and you will see the difference. Showing concern towards your future has got nothing to do with feeling intimidated. It is not correlated.

 

Never lend money you can't afford to lose – because chances are that you probably will. There is an old proverb, "Before borrowing money from a friend, decide which you need most." When it comes to money ‘trust agreements’ can really get tricky and regretful. It’s much better to avoid such situations, which may have severe consequences to a personal relationship. I know women including myself who have lent money to so-called “close relatives and friends” and later feel anxiety about what the decision has cost us (monetary and relationship).

 

Define your financial target just as you do your target weight. How come there is a mounting pressure on loosing weight and not investing for your rainy days? Strange. Isn’t it? It is good to contribute in the running of the house, but to keep you always in the back seat can be regretful. It is a must to invest (not just “save”) at least 20% of your income in the basket of financial products (with right combination of FD, RD, Mutual Funds etc.), which can beat inflation.

 

Never sign any financial document, which you don't understand. Take your time; everything doesn’t work on 2 mins noodles theory. Ask for the photocopy of the documents in advance, read it thoroughly, understand, discuss, clear your doubts and then sign. I know quiet a few who felt targeted only because they signed in haste.

 

Negotiate for all the perks you're entitled at work. You can’t be slogging equally to feel supplemental and underpaid? It is not wise. Give an attempt and bridge the gap. It is a level playing field where performance has to speak than anything else. First step could be start delegating; this may make the process little easier. As truly said by Lee Miller. “If you ask for too little, you can be sure that’s what you will get.”

 

All the joint investments or property to be held in both names. Women are inherited juggler – a daughter, a lover, a wife, a mother etc etc. so why delegate financial decision-making to your partner? If you can have so many working hands and deliver out of all of them so beautifully, why absent yourself when it comes to investment and financial decisions? Please don’t do this; it is indeed a very important aspect of your dignified life.

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