These day, if you want to get to the top of your
career, mere hard work will not do; you need to plan well &
strategize.
For busy young women professionals or those who do not
know much about financial management and planning, hiring a
financial advisor or representative might seem like a good option.
However, some financial advice may not turn out the same way for
different people.
That is why it might be a good idea to listen to some
custom financial advice made specifically for women.
The challenges women to face
We have gone a long way compared to the past when it
comes to equal rights and opportunities for both sexes, but that
does not mean that there are challenges that are exclusive to each
group. Considering this, it is almost common-sensical to think that
the advice given to men and women should not always be the
same.
This is not to be exclusivist, sexist, or
discriminative; rather, it aims at giving better financial advice
to each sex by addressing their issues and concerns that may not be
faced by other groups/the opposite sex.
Women, being the marginalized group in the past,
certainly face more issues than men do, especially in the business
world which is still largely male-dominated. It would be tedious to
list each and every problem, but the list would include the
tendency of lower income (even for the same job), more leaves and
vacation periods (due to events and responsibilities like pregnancy
and taking care of children), and the fact that women tend to live
longer than men.
Due to these facts, they also have shorter time to save
and prepare for their future retirement.
While consulting a financial advisor is also an option,
we can help you start off by compiling for you custom financial
advice for women.
Before we get to anything specific, you should first
analyze the current situation of the market and economy in wherever
you are from. Remember that you must be honest as possible in
determining their current state; the steps you have to take depend
on how good or bad things are going to the country’s current
economy & markets.
For women from places with good/steady
economy/market: Make
the most out of your privileges and advantages, but at the same
time, share your talents and knowledge to train others as
well.
The good news is that you have an advantage. Now, it is
up to you what you are going to do with it. Having the advantage
does not guarantee success; it still requires you to act on your
goals.
Other than that, you have to know that, contrary to the
scares and warnings about the “real world” you hear from your
business professor, it does not have to be completely a dog-eat-dog
out in the world, even in the business community.
In fact, many times it is more beneficial to lend a
helping hand to someone in need. So be helpful and generous in
giving advice and help to interns and that new hire. If you do
this, you will be rewarded with loyal and motivated talents.
For women from places with bad/unstable
economy/market: Double
hard work may be required of you, but do not think that it’s
impossible; some have done it before!
We have to admit that just like more hard work is
required from women than men when it comes to proving themselves
worthy of promotion, some women have to work extra harder to make
it, depending on the current state of the market and economy.
You will need to take greater risks, but while there is
a bigger possibility of failures along the way, let them serve as
lessons and reminders on what not to do in the future. It might
take you longer and more attempts and trials and errors, but
remember that it is never too late to be successful in life.
Just look at this list of people
who achieved success after a career switch and
these after-40
stories of success for motivation.
According to your current job, savings and inheritance,
you may need to adjust your budget and even your lifestyle to allot
a bigger portion of your earnings for your savings (retirement
savings &, emergency funds).
In fact, even the current events in your life will
impact your financial progress.
Are you currently married/about to be married? Do you
have kids and/or planning to have one in the future? Where do you
plan to reside permanently and how is the place’s current cost of
living? You have to consider these factors as you do your regular
budgets.
For women in engaged in family
business: Given
your apparent advantage, do not be too comfortable and still be
competitive enough to try and prove yourself on your
own.
Your parents did a great job of ensuring a good
financial future for you, but it is still up to you to keep the
things working and in tip-top shape. Its future success still
depends on how knowledgeable, hard-working, persevering, and
competitive you are.
Show that you have what it takes to fulfill your duties
in your job position and that your being there is not only because
of mere entitlement by bloodline.
For fresh graduates: Things
might be slow and painful at first, but everyone starts
somewhere.
Yes, at first, your choices are quite limited, unless
you have special privileges. Some have to start from scratch, but
that does not mean they cannot make it big. It just means they have
to work harder and be more competitive and bold in their jobs.
It’s a cliche, but it has to be said — do not give up.
Do not be afraid to try new things; this is the time for you to try
different fields or explore the different ways to invest. There
will be mistakes along the way, but see them as ‘battle scars’ you
should learn from.
For women employees: Save
and invest.
You have to admit that to make it big, you also have to
take chances. Being employed in a big company might steadily
generate you income, but it is difficult to get to the top this way
alone. Being an employee is not at all bad, but you also may have
to work on other side projects whose income can grow faster than
waiting for the next promotion or raise.
If you do not have a lot of savings yet to invest, you
can try savings a portion of your current income. Once you have
saved enough (including 6 months worth of emergency funds and some
retirement savings), study the market and explore your investment
options.
For women starting on their own: Do
not underestimate the power of proper planning.
As Benjamin Franklin nicely puts it: “if you fail to
plan, you are planning to fail.” No need for an overly specific and
complex and detailed plan, but know the basics: what are the
current movements in the market, what others/the competition are
doing, what is your edge/what sets your product or services apart,
and what you can do to get and maintain an advantage
competitively.
Understand your strengths and weaknesses; aim to be
better where you are good at and know how to use them wisely and
strategically, while you can seek the advice of an expert in the
fields you are not good with. Look at the bigger picture; do not be
limited by what you currently offer and think about what the
customer would want and be willing to pay handsomely for.
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