One of the myths about why there are not many women engaged in trading and investing is because they are scared of taking action in the ‘male world of finance’. Women are often scared of not knowing what to do… how to start. As a woman trader who started from zero and becoming a millionaire, I know that the best way to overcome that fear – even on a limited budget – is to dip your toes into the market.
The old saying that it takes money to make money is true. And those living paycheck to paycheck may feel there often isn’t enough money left over to put towards investing.But if you don’t put money away for later years, you will face a very difficult future. One day, you won’t be able to work and you may not have enough money to live on… So what can you donow to escape such a catastrophic situation in future?
Financial freedom comes to the persons who take control over their finances – It’s a golden rule of the universe. My advice is not new, but it works. Follow 3 easy steps to change your life and take control over your financial future:
To reach any goal, you need look for opportunities, not for excuses.
One of the best thing you can do for yourself is to develop a habit of saving part of your salary or other income. Even a small amount regularly saved adds up over time. Savings today are guarantees and possibilities of tomorrow. Beginning today first of all reserve 10% of your income to save. You can save even more — or if 10% seems to be too big an amount for you, start with 2% or 4% and increase it every month. Make every dollar count! How often do you go to fast food restaurant, how often do you buy snacks? What if you cut out even small part of those expenses each month, netting you an extra $100 per month? At the end of the year you will have $1200. Yes, it does not seem like much to get started, but anything is better than nothing, and it can make a big difference in 20 years.
Start a special account to save 10% of your income and pay it with the same respect as you do your mortgage. Be disciplined – it’s your key to success. And never touch your savings, except for investing.
While you are letting your savings mount up to the level where you can use them, educate yourself about investment. There are many free courses and a lot of information around that can teach you the basics of the market, the different kinds of shares, bonds and other opportunities. Beware of those who recommend anything they personally get a fee for pushing. Learn for yourself what the risks and rewards are from different types of investing.
3. Get started
Start investing as soon as possible, as soon as you accumulate enough funds to join the investment program you like – do it! If you are just saving, not investing, you will never become wealthy, because inflation will be eating your money day by day and year by year. The magic formula is saving + investing = financial freedom.
To reach a goal you need to make a first step – do it now!