A lot has been written and spoken about how to become financially independent, particularly in relation to women. But, exactly, what does financial independence mean for women? Well, it is subjective, but there remains a wide gender gap when it comes to investing.
That said, one doesn’t have to be a financial expert to start investing. There are also experts in this field who can guide you and manage your money for you.
As the world gears up to celebrate International Women’s Day (IWD) on 8 March, here is a look at ways that can help you to make your own financial decisions or be financially self-sufficient.
“As an experienced finance professional, my advice for investment tips to achieve financial empowerment would be to focus on long-term goals and stay disciplined in your approach,” said Sonam Srivastava, Founder at Wright Research.
Four such expert tips are as follows:
1) Firstly, start by setting clear financial goals, such as saving for retirement, buying a house or starting a business. Once you have a clear understanding of your goals, create a plan to achieve them and stick to it.
2) Secondly, invest in a diversified portfolio that aligns with your goals, risk tolerance, and investment horizon. This can include a mix of stocks, bonds, and other asset classes, and can be tailored to meet your individual needs and preferences.
3) Thirdly, stay disciplined in your investment approach, avoid making emotional decisions, and maintain a long-term perspective. This means resisting the temptation to sell during periods of market volatility or chase after hot investment trends.
4) Lastly, seek out professional advice if needed, and stay informed about market trends and developments. This will enable you to make informed investment decisions that support your long-term financial goals and empower you to achieve financial independence and security.