Women are faced with financial headwinds in most areas. There is a gender price discrimination commonly referred to as “pink tax,” where women pay more for the female version of products than men pay for similar products. Wage bias, career bias, and investing bias makes it harder for women to amass wealth in the new normal.
There are many options available for making more money and increasing your income. However, gender wage gaps are a significant contributor to wealth disparity. When it comes to increasing your income, asking for a raise may seem like a tough thing to do. Yet, if you fail to negotiate your salary, you will leave money on the table and further the wealth gap. Before negotiating for a raise, know your value and worth in the organization. You should not be afraid to walk away if you do not get it.
Surveys show that women believe they have better chances of economic power as investors than they have in the modern workplace. A 2017 study in Los Angeles showed that eight out of ten women have experienced negative stereotypes about their financial contributions to the household and investing in knowledge.
Investing allows your money to work for you and multiply.
Here are the ways for women to multiply their wealth in tough economic times.
Invest in Education
Investing in yourself is the best form of investment in your journey to financial independence. Ultimately, the wealth you amass will mean less if you lack the wisdom and character to manage and sustain it. In the new normal, you can invest in online courses or books to boost your knowledge. The more you invest in growing and learning, the more you equip yourself with knowledge and skills to continue amassing wealth.
Stock Market
When it comes to understanding and investing in stock markets, you should include general investment and your retirement account. Basically, these accounts yield a return of 8 to 10% on the initial investment. This is a significant move to build wealth. Though investments should be a set it and forget kind of a plan, it is important to check your accounts periodically to ensure that the plan continues aligning with your wealth-building goals.
Real Estate
This is another area that is perfect for amassing wealth fast. Historically, it is lauded as the foremost method to build wealth. Investing in real estate presents an opportunity to build wealth and boost your net worth. Real estate is a passive income plan that further increases your income and ultimately leads to wealth-building.
Though real estate investment is luxurious, it should be done with utmost caution. Carefully do your research and ensure you are investing in the right deals.
Invest in Fitness and Health
According to reports from the American Cancer Society, 90 percent of women do not pursue a healthy diet, and 85 percent do not exercise regularly. In your journey to accumulate wealth, you need to be in good overall health. According to these experts, regular physical activity and a good night’s sleep are vital for physical and mental health. Exercising has been known to reduce the likelihood of serious illnesses such as diabetes, obesity, cancer, and heart diseases.
Career women and businesswomen are busy; hence they might lack consistent thirty minutes to exercise. In such cases, you are advised to exercise in bits. For instance, ten, three-minute exercises will be equivalent to one thirty-minute session.
Start a Business
Entrepreneurs have autonomy over their earning trajectory. Though many will discourage you that having a business and working for yourself is challenging, they will also attest to their financial freedom. The growth of the internet has made it possible for many people to own a business. The barrier to entry has been lowered for people without business backgrounds.
In the early stages of starting a business, it is advisable to have it as a side hustle. Normally, side hustles are used to make ends meet, pay debts, or make extra income. That does not mean it cannot be used to generate wealth. Leveraging side hustles will help you increase your income.
Women have a tougher time to accumulate wealth compared to their male counterparts. This is not because ladies are bigger spenders or are not interested in multiplying their wealth and investing.
In reality, there are real roadblocks to attaining financial independence for women as compared to their male counterparts. Happily, there are ways to overcome these barriers, even in tough economic times. Statistics should not have the final say in your financial independence.
