How Rich Aunties Are Made
Happy International Women’s Day!
We often see jokes on Twitter about how women are rich but pretend not to be. Women are said to have millions sitting pretty in their savings accounts. Beyond bants, there is still a disparity between men and women in terms of economic attainment. Women are still more likely than men to live in poverty. A startling number of women are financially vulnerable and at the brink of poverty. One push and they tip over. It’s like being on the edge of a cliff.
The gender gap is not far-fetched. Women for the longest time have earned lesser than their male counterparts. They spend more time working unpaid labor- house chores and child-rearing. Women are also more affected financially by the death of a spouse.
In celebration of International Women’s Day and its commitment to BreakTheBias, we have curated a list of how women can take control of their own lives and finances. So when there is a roll call for smart money women, your hands are raised.
Invest in financial literacy: Information is power and this is especially true for financial literacy. Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing. Financial literacy is the first step in the journey to gaining financial independence. Arming yourself with financial information and skills open your mind to opportunities and makes taking financial decisions less challenging.
Increase your earning power: Scaling financially with a single source of income is a difficult task. The way out is to create alternative sources of income. In addition to your regular job, you can start a side business or take up freelancing gigs. Learn in-demand skills. You could also ask for a pay raise at work especially when you know that you are deserving. How you choose to do this will be determined by your financial goals.
Save and Invest: It’s not enough to make money, how you handle the money is what counts the most. Healthy money habits such as saving and investing should be given priority. Investing is one of the easier ways to earn passive income and make your money work for you. In the words of Warren Buffett, “if you don’t find a way to make money while you sleep, you will work until you die.”
Ask for help: You don’t have to go solo on your journey to financial independence. You will need help along the way and it’s okay to ask. If it seems like you don’t have enough information, reach out. Ask for support when you need to. Create a savings group with friends if it will help you to stay disciplined and accountable.
We are rooting for you.
The Kolomoni Team