The story of Madam CJ Walker - who made her fortune by developing and marketing a line of cosmetic and hair-care products for black women through the business she founded - is a testimony that when women have resources, they can change the world.
Women are born with a natural ability to take care of their families and communities and empowering women can be equated to empowering the whole community. The greatest journey to pursue is that of balancing your life's desires with well-planned finances.
Here are some tips to becoming a financially savvy woman:
Create multiple sources of income:
As prices for goods and services increases with time, it has become evident that one source of income is just not sustainable. A financially savvy woman creates multiple sources of income in order to save, invest and then pay for their monthly expenses.
You might be asking yourself, how or where to start? I will admit this does comes with effort, a lot of research and getting to know what you're good at. In fact it is a journey instead of a destination.
Try to find out what you are passionate about and monetize that in addition to your current profession or business. It doesn't have to be a fully fleshed business. You can join a property stokvel, sell handbags and shoes, write a book, sell your paintings or become a freelancer. A financial coach may also assist you with a plan to identify and monetize your passions.
Pay off Debt:
Women have been labelled over-spenders because we just love shopping, it's our ultimate pleasure. The handbags, the hair, outfits, what a about the kitchen sets? Whilst this is not always true, buying our favorite things on credit should not be a go-to thing. Credit is expensive and can be stressful if not managed well.
A financial savvy woman aspires to live a debt free life. Create a plan to pay off debt with extra income you obtain. Pay off the most expensive debt first, in order to cut down costs.
Save and Invest:
A financially savvy woman aspires to grow her money. Saving and investing are a great way to start building wealth. Sometimes it's hard to stick to the plan (the budget) when you see those to-die-for shoes, it really is, but thinking long term is so inspirational that you might actually stick to the plan.
Visualize your best life and plan on how your current financial decisions can assist you to make your dream life a reality.
Plan for retirement:
Think about the lifestyle that you will want to live when you retire, put a number after taking inflation into consideration. A financially savvy woman starts planning for retirement in time.
They say well behaved women seldom make history. Here's to making history in your spaces.
Dikonelo Mile is the founder and MD of accounting firm Success Tunes. She writes in her capacity as Read more on financial literacy, investing and protecting what you earn in our next edition.
Disclaimer: This article is for educational purposes and does not constitute financial advice.