Being financially sound is more than just earning, saving and properly managing your money. There are additional aspects to consider when it comes to thinking about monetary matters. Here are the basics to becoming the financially wise woman you were destined to be:
- Saving is more than stashing your money in a shoebox:
Of course, it’s great to have a savings account through a bank, however, there are many ways for you to save what you earn while earning interest. Sites such as mint.com and nerdwallet.com are great online tools for searching for interest-yielding savings accounts such as online savings accounts, CDs and money market accounts.
- Investing is also a key part of financial growth:
The thought of investing makes some women’s heads spin but if done properly it can be very lucrative. Once you have satisfied all of your financial obligations, determine if you have any extra or discretionary funds left over. If you do, it is wise to look into investing. Some investment options are: real estate, mutual funds and ETFs, to name a few. Saving for retirement is also a crucial part of investing. Some employers offer 401(k) plans or plans such as IRAs are options you can open up at anytime without the assistance of an employer.
- Doing research will ensure that you are finding what’s best for you:
Doing research is key when it comes to money matters. Whether it’s reading finance books, articles or attending seminars/classes, it is wise to not only familiarize yourself with these topics but become well educated. This will allow you to see that money is just a tool and not something to be afraid of.