chambersjr

(ARTICLE) The 4 Steps For Women to Reach Financial Stability

Added 2021-07-03 14:05:48 +0000 UTC

Get your money right ladies.

Step 1: Education or No Education?

Myth: You will not be able to find a good job without an education.

In this day and age, having a degree can seem like a requirement to get a job, but is it necessary?

I know women who have excellent jobs with high salaries without a university or college degree.

Without having an education, you may find yourself having to work your way up from a lower position, but the rewards can pay off in the long run, but this is not always the case.

Many people without degrees have great jobs, occupations, and careers;

many of these people get by through:

Hard work
Apprenticeships
Certifications
Online classes,
And/or valuable and practical experience.

Remember that education can help your occupation, career, or job, but education is not necessary to your financial success.

So, if you have chosen the no-education path, then be proud and make it work to your benefit.

Does it help to have a university or college degree?

A b s a - f u c k i n g - L u t e l y

You will always know, in the back of your mind, that not having a degree will most likely not be a hindrance to you in obtaining a position.

It is proven that having an education is helpful in the long run.

People who have higher education often have higher earnings over their lifetimes; the more education you have, the more you get paid — it’s a positive correlation.

Side Note:

Sales (commission based jobs) is a great field for anyone who has the heart, mind, and determination for it.

If you are in a field such as sales, income will never be a problem — as long as you are diligent; there are usually no income limits in sales.

Furthermore, education is usually not a requirement to get into the field.

Step 2: Get a Job — Start Your Career (AKA Income)

It is important to have your own money.

Even if you don’t have to work and are being provided for, it is important to have money to call your own.

Women with their own money have a different attitude; they emanate independence, which also correlates to higher self-confidence.

When you are deciding on a job or career, the first step in deciding your path is to look into the following areas:

1. Your current (or soon to be) skills

2. Your level of education

3. Your interests

Salary

After analysing these areas, it is time to determine what salary or pay rate you will demand (require) from your potential employer

DON’T SELL YOURSELF SHORT

Always do your research and find out what a woman — with your background — should be getting paid in your chosen field.

This is the Article I made on how to negotiate a higher salary:

https://www.patreon.com/posts/48079947

If you already have a job and have never researched what you should be getting paid, do that today.

Many women are often underpaid because they never do their research, and some also don’t have the guts or don’t know HOW to ask for what they deserve.

(Stop being a pussy)

It’s okay to ask for what you believe you deserve; the worst answer you can get is “no.”

You will not die.

It is also an intelligent idea to find out what other people are getting paid that work in your position — especially men — to ensure you are paid equally.

Be Intentional With Your Career Choice

When it comes to jobs and careers, it is vital that you choose an opportunity that you will enjoy, in an environment that you enjoy, with people who are not toxic but positively enjoyable to work with.

One of the worst things to experience is to work for a company you hate.

Life is meant to be enjoyed, and working a full-time job takes a considerable amount of time (roughly 25% or more) from our daily lives; hence, make sure you enjoy your place of work.

A job offers you independence, an outlet to express your talents and skills, and financial stability — if you live within your means and handle your money wisely.

A Consistent income provides multiple opportunities to improve your financial status.

For The Female Entrepreneurs

The good news is that you get to set your own damn salary for yourself, which is a great opportunity.

Complete a market analysis to understand the going rates for your service and/or product and go for the price you feel you deserve. Don’t sell yourself short.

Step 3: Establish a 6 Month Emergency Fund

If there is one thing I have learned to value, it is what I call an emergency fund.

An emergency fund is a way to provide for yourself when you have no income coming in or when emergencies pop up (e.g., car accident, hospital bill, etc.).

Some financial experts have suggested that you start with a £1,000 emergency fund to help cover expenses that pop up, but the issue I see with this numeric range is that it doesn’t account for emergencies such as losing a job or a loss of income; you must have something stocked away, so you don’t have to worry about the financial aspect of losing a job.

You don’t want to lose your job, which can be a stressful event in itself, but what is even more stressful is not having a job and having nothing in your savings to pay your bills on time IF that was to ever happen.

I suggest that instead of having a £1,000 emergency fund, prepare a 6-12 month emergency fund instead.

The amount you have in your 6-12 month emergency fund should be the equivalent of 6-12 months of your current monthly living expenses.

Let this be the first financial goal you set for yourself if you do not already have the 6-12 month emergency fund in place.

This may have to be something you build slowly overtime. So every month take a percentage of your paycheque and put it towards building your emergency fund

After you have your emergency fund stacked up, you then wana move onto other things such as investing.

Getting this emergency fund established will only add financial peace of mind to your daily life.

Even if you never experience an emergency, job loss, or loss of income, this fund will only benefit your financial status.

SIDE NOTE:

Only use emergency funds for VALID EMERGENCIES

NOT emergency shopping trips 😐

Step 4: Live Below Your Means

In a world where consumerism is the norm, living below your means is a foreign concept to many.

When there is a constant supply of new things to buy and consume, it can be challenging to stay within your budget.

Opportunities to buy new things are slapped non-stop in your faces, ears, and minds via various forms of media.

All of this talk about consumerism is still not an excuse to not live below your means, though.

Many of the things people buy (outside of the necessities you actually need to live) are unnecessary, and many of the things people buy are poor investments.

I wouldn’t be surprised if you had pieces of clothing in your closet that you have never worn, or too many clothes for that matter — this is called over-shopping.

Fast food and going out to eat all the time can also be one of the most frivolous types of purchases.

I am not saying that some of the luxuries that we enjoy in life are bad, but if you constantly spend too much (too much is different for every person depending on their budget and income) on meaningless luxuries, you will never have anything leftover in a given month to afford the things you actually need!

It’s perfectly okay to treat yourself, but be responsible.

Are You Budgeting?

Whatever you do, find an app to use that will help you consistently budget.

I guarantee you that budgeting will change your financial woes into praises.

Also, budgeting helps you to be more aware of purchases as you make them.

Here’s a video I made on How To Manage Money:

https://www.patreon.com/posts/how-to-manage-45883052

How To Be financially Responsible:

https://www.patreon.com/posts/49226227

** If you know of any good budgeting apps, list them in the comments **

When you commit to living below your means, you help ensure that you always have enough to take care of what you need to do.

Living below your means is also a demonstration of self-discipline, an essential characteristic to have when working to correct and better your financial status.

SIDE NOTE:

If you have a good car that is working well, then you most likely don’t need to buy another car; be faithful and grateful for your car until you obtain the next one, when you are financially ready.

If you are in debt or deluged with bills, buying a beautiful car will not solve anything.

Applying to get another credit card that you can max out will also not help you with your financial status.

Think before you act when it comes to making purchases and applying for more credit cards.

I suggest using credit cards for specific investment purposes only.

Take some time to scroll down my patreon page, there’s a few videos I’ve made on credit which give you an idea on how to properly utilise it.