Recently, I was going through an X post by a famous finance guy seeking an investment allocation percentage if you get a crore rupees. Surprisingly, most of the comments were from the men. It broke my heart as we are women seeking financial independence yet not confident enough to register our presence.
According to a survey, nearly 67% of working women still depend on male members of their family to make financial decisions; while over 22% of the respondents stated that they are not influenced by anyone in making financial decisions.
As we step into the vibrant New Year of 2025, I’m excited to share with you some resolutions that have not only changed my life but could transform yours too. As a woman, I understand the unique challenges we face when it comes to financial empowerment. Here’s my personal take on five resolutions to help women seeking financial independence.
Table of Contents
- 1. Read About General Finance Daily, Even if for Just 15 Minutes
- 2. Never Give Money to Someone to Invest
- 3. Beware of Equity/Partnership Deals That Ask for Future Ownership Transfer
- 4. Always Read Full Disclosures and Terms and Conditions
- 5. Start Investing in Equity, Even if You Don’t Feel Ready Knowledge-Wise
- Conclusion
1. Read About General Finance Daily, Even if for Just 15 Minutes
I started this habit a couple of years ago, and oh boy, has it made a difference! I used to think finance was for the suits and numbers folks, but once I began dedicating just a quarter-hour each day to reading up on financial news or insights, I found myself hooked.
It’s like a puzzle, and the more pieces you put together, the clearer the picture of your financial future becomes. This involves which medium to trust for sound information in a world full of “sensational” news.
2. Never Give Money to Someone to Invest
I learned this the hard way. A friend once convinced me to invest in a “surefire” real estate deal that promised sky-high returns. The only caveat is that they will invest it under their name.
Thankfully, I had a lightbulb moment and remembered a friend of my grandma’s who lost a substantial amount through such “friends.”
Always invest money under your name and regulated instruments only. You may share the profits with your advisor friends but always keep control.
3. Beware of Equity/Partnership Deals That Ask for Future Ownership Transfer
Early in my journey, I was pitched a business idea where I was supposed to be the face of the company but then transfer ownership back to the original owner after a year. It felt off, and my gut was right. I dodged a bullet there. Now, I make sure any deal I enter is clear, fair, and in my favor.
4. Always Read Full Disclosures and Terms and Conditions
I used to skim through these, but after missing out on a critical detail in a contract that cost me extra fees, I’ve become a stickler for reading every line.
I remember the day I spent an hour going through the terms for a new health insurance policy – it felt like homework, but it saved me from a poor decision. Now, I treat it like a treasure hunt, looking for the hidden gems or traps in the fine print.
Women seeking financial independence also read, Top 6 Criteria for Choosing the Best Health Insurance For Women
5. Start Investing in Equity, Even if You Don’t Feel Ready Knowledge-Wise
My first stock purchase was nerve-wracking. I felt like I was stepping into a casino, but instead, I was buying into my future. I started small, with just enough to make me feel the pinch but not break the bank.
Over time, watching those numbers fluctuate taught me more about the market than any book ever could. The sense of accomplishment when my first investment paid off? Priceless.
Conclusion
These resolutions aren’t just about numbers on a screen; they’re about taking control, learning from experiences (mine included), and building a life where you’re the captain of your financial ship.
As you weave your own stories into this journey, remember that every step, every choice, is a move toward the financial independence we all strive for. Here’s to a year where we grow, learn, and empower ourselves. Happy 2025!
Also read, Investing 101: Mutual Funds vs. FDs vs. Stocks
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