Women are now more financially independent than ever before and that means they can set their own terms for success. Here are four ways women can make the most of this shift in power to help them achieve financial freedom.

The “why is it important for a woman to be financially independent” is an article that discusses 4 different ways women can achieve financial independence.

There has never been a better moment in the history of our civilization to be a woman. I agree that there is still much work to be done, but I can’t help but feel grateful to be alive right now and to be who I am now.

True, there are still restrictions for women, especially women of color, but we have more options now than ever before. Indeed, we have so many options that we often second-guess ourselves and experience uneasiness.

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When you say yes, you’re also saying no.

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It’s all too easy to second-guess our decisions in today’s world, when we can watch how everyone else’s choices play out on neatly managed Instagram feeds. The truth is that everytime we say yes to anything in our life, we are potentially saying no to a number of other options or routes.

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Maintaining Your Options

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Regardless of your level of confidence (or lack thereof) about your life choices so far and the future you’re pursuing, there are certain financial moves you can make now to keep your options open as you traverse this period of incredible potential for young women.

So, here are four strategies to help women maintain their financial power and keep their choices open.

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1. Get rid of debt as soon as possible.

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Nothing worried me out more when I first started my profession than the self-flagellation I went through every time I considered what else I might be doing with the $300 a month I was spending on my credit card for foolish stuff like clothing and food.

I reduced pretty much everything discretionary in life over the three years it took me to get to a zero-balance. But it was worth it since being debt-free enabled me to leave a marriage I despised and, subsequently, a job I despised.

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2. Gain Self-Assuredness When It Comes to Investing

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Women are stronger investors than males, according to studies, but we’d never know it. It’s by default because we’re more cautious and hesitant to take risks in areas where we’re not 100 percent sure we understand what’s going on.

The majority of the women I deal with in terms of investment and education are doing just great; they simply don’t realize it. The sooner you can be certain that you’re doing great with investing (since you’re saving for the future, right? ), the simpler it will be to set your mind at ease… and the more your early savings will assist to keep your future choices open.

One thing to keep in mind is that there are as many different investment ideas and tactics as there are YouTube make-up tutorials. Choosing and adhering to the one that resonates with you the most is the key to confidence and success.

Saying yes to one implies saying no to many others, as I said above regarding the duality of choice; you simply have to accept that. And, just as you may change your mind about many things in life (including your eye makeup palette), you can change your mind about investment techniques, but fiddling with them too much will erase whatever progress you’ve made.

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3. Put money aside in a Health Savings Account (HSA)

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This is one of my top financial regrets. When Health Savings Accounts (HSA) were first introduced, all I saw was the high deductible that was required in order to start an HSA, and I shied away. What I didn’t recognize was that I never went to the doctor, so deductible wasn’t an issue.

I took it too safe by continuing with an HMO plan for too long, and I lost out on thousands of dollars in company contributions to my HSA over the years. Not to mention the tax benefits of contributing my own funds to the account.

Even for boys, this becomes extra potent if you hope to have children one day. Maternity care is costly, children often see the doctor, and you never know when an emergency appendectomy may send you to the ER. Why not begin saving now to help offset those costs when life is expected to become much more costly than it is now?

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4. Take care of yourself, but don’t go overboard.

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I could afford the unlimited subscription if I had a dollar for every stressed-out yet flawlessly shaped lovely young lady I saw at the yoga class I visit. We’ve done a wonderful job of instilling the value of good health in young women as a culture.

But I’m concerned that they’re placing so much pressure on themselves to do everything flawlessly that they’re losing out on life’s pleasures. It’s not about getting everything “quite perfect”; it’s about having fun along the way. The more comfortable my life becomes, the more I understand that it is the trials that make it worthwhile to live.

For Pete’s sake, eat some cheese fries. Simply put, don’t charge anything to your credit card unless you plan to pay it off each month.

Related:

This article originally appeared on WealthTender.com and was syndicated by MediaFeed.org.

Image courtesy of monkeybusinessimages.com and istockphoto.com.

MediaFeed has more.

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AlertMe

Women are often considered to be the weaker sex, but that is not always true. Women can own their financial power and make sure they have a plan for their retirement. Reference: women and financial literacy.

  • what is financial feminism
  • how a woman can be financially independent in marriage
  • women and finances
  • gender and finance
  • financial planning for single woman
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