According to Ameeta Chatterjee, a strategic and financial advisor, there are a few a things that young women should keep in mind to become financial independent. Let's know about the guidelines to financial independance for young women.
Financial independence is irreplaceable. Even if you prioritise caregiving or follow your partner's career, find ways to earn. It fosters self-esteem, expands your social network, and grants control over finances.
Save at least 10% of what you earn each month, whether it's a little or a lot. Keep it aside for the future. As time goes on, this savings will grow into a substantial sum.
Just saving money isn't sufficient because inflation and increasing expenses erode its value over time. Explore other options like mutual funds, insurance funds, and the stock market to counter this.
When investing, avoid anything you don't fully grasp, even if it's popular like bitcoins. Building wealth requires logic, not emotions. Stay informed, be precise, and remember, simple math is all you need to make the right decisions.
If you're considering a short break or sabbatical, explore long-term or interest-earning options for your money based on your financial situation.
Women should consider having two bank accounts to foster financial independence, allowing for separate allocation of personal and shared funds, empowering autonomy in financial decision-making.
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