Avoid procrastination and become one of the many female investors.
Women today are busy. They’re managing their careers, raising a family, furthering their education, running a home or fostering a business. Who has the time to think about investment options? Often these professional women have no workable investment plan.
Compared to men, women face different obstacles when it comes to planning for their financial future and retirement. They face different life challenges and investment risks. They also live longer, which means they need to consider different investment strategies when planning for retirement.
Here we’ve listed a few investment tips for women who want to take the plunge, but don’t know where to begin.
No matter how young you are, it’s never too early to start saving. Waiting for something? Well don’t. When planning for your financial future, the old adage ‘There’s no time like the present’ holds true.
But if you haven’t managed to start investing from a young age, then that don’t let it stop you from starting now. Late is better than never if you still need to plan your investment strategy. The time is now; avoid procrastination.
Plan your financial goals
Think about your future and educate yourself about your investment options. Where do you want to be financially in 5, 10 or 15 years time? What sort of lifestyle do you envisage? How would you like to see your wealth grow? What are your retirement plans?
Using the SMART system for goal setting can help you realise objectives that are specific, measureable, attainable, relevant and timely.
Get clued up
Inform and educate yourself. The internet is loaded with useful resources that will help you plan your investment strategy. Cover the investment basics, but remember that nothing replaces the advice of a trained professional.
Know your options
Do research into equities, money markets, property and bonds. These words might not mean much now, but if you want to make a smart choice, then knowing your investment options is a good place to start.
Many women consider it traditional that the man should take care of all financial matters, but this is no longer appropriate. Only you can be responsible for your future financial security. By getting involved in the financial decisions of your family, you can learn and educate yourself about your investment options.
Join an investment club
Investment clubs offer a community where people can pool their resources and knowledge for the purposes of investing. First-time investors can also learn about their investment options and different markets from more experienced club members.
Women-only investment clubs are also growing in popularity. Enquire with your friends to see if they can recommend a club for you. Otherwise you could look into starting your own.
Get professional advice
Once you have done your homework and thought about your investment goals, make sure you also get the advice of a trusted financial planner or investment advisor. Being prepared before you meet with them will mean you get the most out of the session(s). But while it’s good to prepare yourself and to know the basics, there is no replacement for professional advice.