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One of the best things you can do for someone is to give them the gift of investment. We often make investments that come in various forms in business, relationships, love, and time, even if it isn’t always reciprocated. In the case of investing, many people choose to do so to ensure a better future for themselves or for someone else, with the expectations of getting something in return. Investing doesn’t always mean that you’re putting your own money in the market, which means that you may have money hiding way that you aren’t aware of.
If you are a college student or you have been to college in the past, or you plan to go in the future, then you are no stranger to investment. Paying for books, classes, food and other expenses are all part of the journey of higher education. Also, in many cases, it isn’t us that pays for school, but our parents. There are also other types of investments given to other people, which come in the form of wills, real estate arrangements or even lending.
If you’ve grown up fortunate enough, then perhaps your parents, or someone close to you has set up a fund in your name. Trust funds are common ways to help someone to move towards a better future. Trust funds are investments that build up over the years, placed in good care by trustees who hold the investment until the beneficiary is allowed access to the money.
If you have money that you never knew about, then you might be jumping for joy over your newfound riches. However richer you may have just become, it’s how you use it that determines whether or not you keep it. Statistics show that at least 42% of women tend to lack the financial means needed to take care of themselves after retirement, due to the fact that many of them over the age of 64 and live alone due the the death of a partner or other factors in life. Although marriage may ease financial hardships, what’s to happen if you must rely on yourself for the rest of your life?
Having your own set of goals for the future, in terms of investment is vital. More than 70% of women plan to continue working into their old age, which is great, but having money set aside for times when you need it most always feels best. Here are some things you can think about, as a woman, in what to do with your investment finances
#1) Learn & Live More Freely
Ever heard the term, “The truth shall set you free?” The first step towards any goal is knowing where you’re going. When you learn the truth about investing and what it actually entails, you can rest easy knowing that you always have a backup plan, no matter what obstacles get in your way.
If you seek a more balanced financial life ahead, it’s always safer to know the basics than not. All the financial jargon put out there can be quite confusing, but if you learn the simple building blocks of financing, then you will be fine.
Investing isn’t super easy, but with useful tools, such as online classrooms, webinars or and websites, you too, can learn the fundamentals of investing. Morningstar.com is a great tool for those who are beginners in their investment schemes. It’s an ideal place to start if you’re looking to learn more about investing for the future.
#2) Take Advantage of Resources
Perhaps your job offers programs that you can take advantage of. For some people, working part-time doesn’t offer many benefits, which makes it difficult to set money aside. However, many jobs do offer a 401k program that many people aren’t even aware of. If your job doesn’t provide 401k classes, the provider usually will if you contact them.
If you happen to work part time or aren’t able to take the classes needed, it’s always best to set some money aside in a savings account or an IRA plan to help connect you to a good start. If you’ve proven exceptionally hardworking at your job, asking your manager for a raise will also enable you to save more. By taking a certain percentage out of your paycheck each time you get paid, you’ll continuously get closer to your future goals.
#3) Seek the Help of a Peer or Advisor
Your friends and family, who are pretty successful with their investment goals can offer invaluable information as well, especially when you’re at a loss as to where to start in your own financial planning. If you can, seek financial counseling with someone who can steer you in the right direction. Whichever route you choose to go, getting help where you need it most is always better than going at it alone. A close friend, a parent or trusted family member, even your spouse are all recommended sources.
If you are in a joint account with a partner, discussing financial issues and plans is imperative to getting on the same page. If you have an issue, you can talk to each other about it. Setting goals together can help grow your money even more quickly, especially when you’re investing together.
All in all, it’s important to get the gist of what investing really means. A comprehensive understanding can lead to endless possibilities.
Investing isn’t as difficult as it seems, which is why many women seem to shy away from the idea of it. Do you have an investment plan set aside for you? If so, what are your future plans? Share with us in the comments below!