Thanks to many strides in equality over the years, women are embracing their financial independence and taking control of their money like never before. As roles for the modern woman continue to change, it is crucial for many to equip themselves with the knowledge and tools to manage their money effectively. Historically, women have faced many barriers regarding their finances. While this is just the tip of the iceberg of challenges women have faced over the years, things have been shifting positive over the last few generations. 

Becoming financially fearless and taking control of your money will allow you (and future generations of women) to follow big dreams, make informed decisions, and build a secure future. Below are a few ways to become a financially fearless woman:

Educate Yourself

Education and knowledge are the keys to financial empowerment. Understanding basic financial concepts can help you to make informed decisions about your money. And, learning the basics can help to understand more complex strategies as you begin to build wealth. Resources are available through online courses, blogs, books, and workshops.

Set Goals and Save

Having clear financial goals will help you to prioritize and allocate funds accordingly. Saving for big goals like retirement, starting a business, or a down payment for a house require lots of planning and thoughtfulness. Having a solid goal in mind then creating realistic budgets and plans will help you get there faster and more comfortably. And even if you don’t have big goals, saving a rainy day fund should take top priority. You should be budgeting for an emergency fund no matter what your goals or financial situation is. Aim to have 3-6 months of fund available in case of job loss or unexpected circumstances.

Invest in Your Future

This goes hand in hand with setting goals and saving for emergencies, but investing your future is one of the single most important ways you can become financially fearless. Long term investments are crucial for building wealth, and they should be utilized. There are many options to explore, such as stocks, bonds, mutual funds, and real estate. Talk with a financial advisor to come up with a plan tailored to fit your needs.

Protect Your Assets

Part of being financially fearless is being confident, and you can’t be confident if you aren’t protecting yourself. Protecting your assets through insurance policies is a great way to feel good about what you have built for yourself. Life insurance, health insurance, and disability insurance are great ways to safeguard yourself against unforeseen circumstances. Make sure you also have a will and power of attorney to protect your assets if you become unable to.

Taking control of your money and finances is the only way to secure your financial future. It is important for women to prioritize doing so, even if we weren’t traditionally taught this as the way. Become a financially fearless women by being prepared and living a life you feel comfortable and powerful within.