6 HABITS OF RICH AND SUCCESSFUL WOMEN
Money can be an intimidating subject for many women, and some women let that fear and intimidation of money hold them back. But if you genuinely want to be a wealthy woman, which many women strive for and achieve, you need to be conscious of how you go about attaining wealth.
You have to develop discipline and make working out a consistent habit. Our daily habits are what determines our success in life. For becoming wealthy we need to make a perfect plan and determination. Knowing where to invest money and where you are wasting is a crucial distinction to make. You have to consistently pay attention to your money and discipline yourself to develop habits that support your financial success.
If you truly want to be the BOSS of your life, financial independence is a goal that you’ll need to strive for and healthy money habits will help you achieve it.
Let's scroll down to see what are those habits?
· Stay Fit
· Invest In Yourself And Assert
· Know The Difference Between Needs And Wants
· Have Emergency Fund
· Manages The Expenses
· Set And Achieve Financial Goals
- STAY FIT:
Exercise is helpful for weight loss and maintaining our health. Exercise can increase metabolism, or how many calories you burn in a day. It can also help you maintain your body, which also helps increase the number of calories you burn each day.
Stretch, go for a walk, do some yoga or light-intensity exercises for at least 20 minutes in the morning. It helps in preparing your mind and soul to get ready for the whole day. So it is important to exercise in the morning to stay fit.
2.INVEST IN YOURSELF AND ASSERT:
When you take the time to learn how to manage your money and make more money, you are investing in yourself. Building wealth and earning passive income does not come naturally; you need to invest the time to understand how money management works. Spend your money cautiously and wisely. Choose the correct way to spend money on luxuries that will give you more in return, such as real estate or investments.
Real estate has traditionally been a good investment because, over time, the property gains value so that if you wish to sell it, you will have received more money for it than what you paid to buy it. That’s a good feeling, right? Also, you can invest in stocks, mutual funds, gold, whatever you find convenient but INVEST! You may not realize the returns in the immediate future but long-term returns end up contributing quite a bit if you come to think of it.
Let it grow! Let it grow!
3.KNOW THE DIFFERENCE BETWEEN KNOWS AND WANTS:
Make it a habit of asking yourself if you actually need something before going ahead with any purchase. This will help curb your expenses in a big way because you will not spend money on the things that are not needed now.
Stop going out shopping on a whim or heading out every weekend to party just because you’ve been working the entire week. It would save a lot!
Learn to mentally say NO to yourself to things that don’t fit in your daily/monthly budget.
4.HAVE EMERGENCY FUND:
Any incremental or bonus amount that you get apart from your salary, be it from the cakes you sell as a side business or selling your previously loved gadgets in the second-hand sale, keep it as an emergency fund.
It will come as a relief in case of emergencies.
Got a cheque from your aunt for your birthday? You know where to put it!
It is always good to have emergency funds especially on rainy days, it would help in the medical expenses.
5.MANAGES THE EXPENSES:
Set a budget for the entire month beforehand and make sure you stick to it as much as possible. At times, you can also set a budget for every day.
This will help you live within your means instead of spending your valuable money on non-important or non-return things like buying the latest fashions and look good.
Any money you are spending on shopping is a sunk cost. You will never get a return on this money. Remember, When buying clothes and shoes, it pays to buy quality because it will last over time. It’s tempting to overspend, but remember, your money will be better served elsewhere.
6.SET AND ACHIEVE FINANCIAL GOALS:
Firstly do a SWOT ( Strength, Weakness, Opportunity, Threats ) test, which is a superb concept to know about yourself and then set your goals.
Set short-term and long-term goals.
Set your goals to be achieved within a specific timeframe. When you have a plan of action, it’s easy to stay focused. This will help keep you disciplined. If you truly want to be the BOSS of your life, set a goal and work in a positive way along with the goal.
Dream. Set Goals. Achieve. Repeat.
BOTTOM LINE:
Building wealth requires a plan and discipline to stick to that plan. If you are uncertain how to invest in the knowledge and plan to build your wealth, there are money coaches who can help you with your financial plan.
