Dear Ladies,
Do something today so that I can’t thank you enough.
With love,
Your Future Self

Your checklist should include having enough funds to secure your future. Building wealth is a long journey with many pit stops and obstacles along the way. So, if you want to reach your destination of achieving financial freedom on time, it is better to start off early.

Don’t be under-confident and scared about investing
Robert Kiyosaki once said – Financial freedom is freedom from fear. Let go the fear of money. Also, don’t let money control you. It should be the other way around. Confidence comes from knowledge. There are numerous websites on the internet that can teach you the ABC of handling personal finance and investing. There are also free simulation investment games that can help you fight your fear. Once you are confident and geared up with knowledge, your investment journey begins.

Stop hoarding money if you want it to grow
Women and money share a strong bond. They cannot let it go in someone else’s hands that easily. Money lying idle in the savings account yields very little return. You may think that atleast you are not losing the money. But it is exposed to a much bigger risk, i.e. of inflation, because of the miniscule interest rate. After a few years, when time comes to utilise the money, it will be of much lower value. Also, saving money to spend on shopping won’t let it grow! You need better avenues to increase the financial worth.

Take advice only from the trusted
Build a circle whom you can trust for financial advice and money saving tips. If you ask every other person about money management, you will only end up confused with no action plan. Approach the people who have been investing for long and who only want good things for you. You do not want to be stuck with misleading guidelines because of envy or hatred. Make sure to double check any suggestion you get. One of the common misbeliefs is that mutual funds are risky. This is not true. Mutual funds diversify your investment, thereby, diluting the risk as well.

Financial freedom comes from proper planning
You should also get involved in the family discussions and decisions about money. You can start with knowing about the family investments, then sharing your thoughts, gradually moving towards decision-making. Having time-oriented goals is the first step to financial planning. Set goals and then find investment vehicles to achieve those goals. A well charted financial plan can help you minimise the risk and maximise the returns to meet your goals. It is important to not be over-ambitious, lest you end up taking too much risk.

Start investing
Proper planning has to be followed by execution as well. Don’t just plan, begin investing. You can start small to ward off your fear and become comfortable. One of the easy yet effective investment tools for beginners interested in securities is mutual fund. You get access to a wide variety of stocks for a relatively smaller investment. How? Mutual funds spread the risk over a range of stocks after thorough research by experts in the field.

Tracking progress is important
Once you have begun investing, monitor your investments. However, don’t let short-term market movements have an impact. Women are known for their patience. Investments, especially long-term, need patience too. Tracking helps you judge how well your investments are performing. In a few years, if you feel you are likely to get better returns by investing someplace else, consider shifting.

Get on the driving seat, hold the wheel and steer your financial journey. Make financial planning an integral part of your life to be truly empowered and gain financial freedom.