7 Questions To Kick Start Your Wealth Journey!
hy is it so hard for us women to consider creating wealth
as a goal that is as important as other life goals?
Perhaps you’ve wondered about this, too.
The answer is not all that difficult, though. In most of India, traditionally, it is the man’s role to provide for the family with a job, a business, or whatever it takes. The woman is usually the one to provide 24 X 7 care and nurturing, home management, family and community relationships and more.
Put simply, culturally, we’ve never been in charge of our own money life. For generations, we have left this part to our father, husband, brother, broker – basically, someone else.
But, in these changing times, women can increasingly look forward to their independence in many areas of life – choice of clothes, career, life partner – and money. Many of us now earn more than our fathers and grandfathers. We want to be able to earn, manage, and create wealth in a way that supports our own goals.
If you’re ready to begin your journey to financial independence, the first thing that you need is a realistic look at your current financial situation. My attempt with this post is to help women kick start their journey to wealth, financial freedom and independence.
Ready? Let’s build our financial snapshot with the answers to the questions below. Once you’ve filled in the answers,
Take a paper and pen, and start writing!
1. Your Family Members:
- How many family members are you?
- Are you dependent on your family/father/husband/brother for money? Or, do you earn your own living?
- What is the age of the person you are dependent on?
- What is the age of other family members?
- Do you have kids and/or elderly in your family?
- Are you responsible for their financial needs? Do you need funds for your
- Children’s future?
- Parents’ care?
- Emergency needs?
- Your own expenses?
- Your own well-being?
2. Your Work:
- Do you work? If yes, answer the following questions:
- Where do you work?
- How much is your salary?
- Do you have any additional income?
- Are you happy with your work? Or, are you looking for a change?
- Do you want to take up another job? Start a business? Take a sabbatical?
- Do other family members work? If yes, who, and how much do they earn?
- For how many more years, would these family members continue to work?
- For how many more years, would you continue to work?
- If you take a sabbatical or take a break to start a business, do you have financial support in the family? Would you be comfortable taking the support?
3. Your Monthly Expenses:
- How much is your household expense?
- Child’s education expense?
- Insurance Premiums?
- Repair work?
- Other bills?
4. Your Goals:
- What are your goals?
- Would just earning money help you reach there? Do you think you could invest simultaneously? Or, if you don’t work, you could invest some pocket money you get?
- Why do you want to invest?
- What do you want to achieve ultimately by investing?
- How much do you need for your goals and in which year?
- What are you doing to reach these goals?
- Do they overwhelm you?
5. Regarding your Net Worth:
- What are your assets? [these are assets built by you – not by your father, mother or husband]
- Own home
- Rented properties
- Savings account
- Fixed Deposit
- Post Office Investments
- Mutual Funds, etc.
- If you have not built any assets by yourself, go to the next question!
- What are your Liabilities
- Home Loan EMIs
Credit Card loan
- Car Loan EMIs
- Friendly Loan
– If you have lots of them, that’s fine. It’s always good to know where you stand. Keep going!
6. Regarding your Current Portfolio:
- What are your investments?
- Are these investments helping you reach your goals? If yes, fantastic! If no, may be, you need to shift gears and meet an expert! Women On Wealth could be your starting point.
7. Last, but not least
- Are you working for money? Or, are you making your money work for you?
Now that you’ve completed the questionnaire, you should be able to see your financial situation clearly.
Look at your goals – long and short term – and see how you can fill the gaps between where you are right now, and where you want to be.
Now That You Have A Financial Snapshot –
Here are a few general accelerator tips for your journey to financial independence and wealth creation.
- Have an Emergency Fund – Calculate your expenses, and make sure you have an emergency fund of 3 months of your expenses.
- Prepay Loans – Personal loans have the highest interest rate burden, and should be avoided completely. If you have them, service them and any other loans you have.
- Health Insurance – Have all the family members covered with health insurance. You will find this indispensable when needed.
- Life Insurance – If you have one single earner and all other family members are dependent financially on him, make sure the earning member has a pure term insurance plan.
- Rebudget your expenditure – Have a good grip on your current expenses, and estimate how much you can save for your goals.
- Start investing today – The earlier you start, the better it is for you. Procrastination can put a big dent in your overall investments.
– If would like to further accelerate your journey to wealth, we invite you to discuss your way forward with us. Feel free to fill the form here
. We’ll be happy to support you and be your fellow wealth creator on your journey to financial freedom!
And if you’re interested, the stories that these women change makers have to tell about their journeys to financial independence could guide and inspire you! Watch Here!