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Women Empowerment through Financial Independence

Building Strong Financial Foundations for Women's Empowerment

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“Each time a woman stands up for herself, she stands up for all women.”

- Maya Angelou

Financial independence is critical to women’s empowerment, and we must educate ourselves and those around us on the topic. Unfortunately, a lot of emphasis is placed on educating men on wealth management and growth from an early age. In comparison, there is not much awareness on the subject among women. Even in the modern world, where women are becoming more empowered and growing professionally, there seems to be a gap that needs to be filled with education about the significance of financial independence and how it can be achieved.

It’s about shifting the mindset embedded culturally from an early age that men are financially superior. One of the significant differences between men’s and women’s financial success is their upbringing and professional goals, which can be accomplished with the right mindset and effort. 

Women can be homemakers and financially independent, too. Not only those who are professionally committed can financially support themselves. With the ease of technology, home businesses are growing more than ever, but it does require consistency and commitment to the craft. 

Benefits of Financial Independence

Financial independence can benefit women in many ways; most importantly, it empowers them to take charge of their lives and make decisions that are best for them. 

It takes away the dependency factor, because of which many women stay in abusive or toxic relationships or make choices that do not resonate with them because they can’t support themselves. 

The ability to financially stand on your feet results in higher self-esteem and self-confidence. Which plays a vital role in decision-making and choosing the life you may live. It also helps with setting boundaries for yourself, what you will tolerate, and how you expect to be treated by others.

It allows you to lead a life aligned with your values and goals and follow your passions to live the life of your dreams.

Financial independence reduces financial stress and anxiety and enables you to plan your present and future with a sense of security. 

How to be Financially Free

Educate Yourself & Others

Early on education for yourself and the next generation about financial freedom and security is a pivotal step. Financial education should be a part of every individual’s primary education, but since that’s not the case, you can educate yourself regardless of your age and background. However, to make an impactful change for the next generation, you must educate the young girls in your family and those around you. 

Imagine having this knowledge in high school that you will have now and how that would have benefited you. 

Set Clear Career & Professional Goals

Have career and professional goals. Invest in your career as it allows you to be financially independent and professionally grown. Whether you are an entrepreneur or working for an organization, having clear goals for your professional life will provide you with your career trajectory. 

You must invest in your career growth by advancing your skills and expanding your business (if you are an entrepreneur), as it provides you with greater financial stability.

Prioritize Saving

Start a habit of saving if you are not already doing that. The rule of thumb is 50/30/20, which explains that 50% of your income should be allocated to your necessities, 30% to your wants, and 20% to your savings. 

This method has been available for decades and allows individuals to manage their financial lives well. The goal is to allocate the budget to the expenses when the income is received instead of spending and saving after. This helps with planning and strategizing budgeting and savings. 

Investment Knowledge

It’s always a great idea to have multiple revenue streams. Learn to invest and create various revenue streams of income. Different investment options are available, such as bonds, stocks, indices, mutual funds, EFTs, and commodities that you can invest in through online trading platforms.

However, study the investment before investing and choose a reliable platform.

Work from Home

If you are a homemaker, explore online opportunities available to work from home. This could include starting your own online business. Explore your talents and skills and what services you can provide that would add value to other people’s lives. 

Invest in Real Estate & Assets 

It’s not affordable to buy a house for everyone, but if you can start to plan for it now, there’s a possibility to have one in the future. Explore options for mutual real estate investments or real estate shares. 

Furthermore, there are different asset classes where you can invest in, such as gold, bonds, and mutual funds. Explore what options are available, and what works best for you.

Financial Goals & Retirement

Be clear about your financial goals and plan your future and retirement. Be very clear on how much money is required for you to retire. This gives a clear direction to your efforts. Something that I have learned over the years and I’m personally working towards:

25 x yearly expense = into investments is the ballpark for your retirement.

This means your twenty-five years of living expenses should be invested in secure investments so that you can retire with ease.

Also, be mindful of your spending habits, how you spend your money, what is unnecessary, and what can be saved. When you objectively observe your finances, you’ll realize that there is a lot more you can save.

Financial planning can be overwhelming, especially when you are a little late in the game, but know that regardless of how late you are, you are stepping stones for your future to come. 

If you are a HerMeNow participant or alumni, book your free coaching session now through the HerMeNow website

portrait of HerMeNow Wellness Consultant, Anam Anjum

Anam Anjum 

Wellness Consultant

+971 52 629 9656


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