HerMoney.com, Sonali on Financial Confidence
8 Female Entrepreneurs On How They Built Their Financial Confidence
No, financial confidence isn’t something you can gain overnight, but it can become second nature. It all starts by taking one step forward.
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As anyone with a few years of life under their belt can tell you, confidence comes in many forms and in varying levels of strength. For example, you may know that you can master a yoga sequence (including inversions!) and whip up a roast chicken dinner to die for. But maybe you haven’t yet learned to trust yourself with home décor, or with your skills grouting that new bathroom tile. The point is that we all need a little self-assurance in some areas from time to time, and when we find there’s something that makes our heart rates skyrocket, it’s a clear sign we need to work on building our confidence mojo. Our finances are no exception. And although we may be pushed a little out of our comfort zones when we’re first learning, as long as we practice patience, we’ll get there.
Luckily, plenty of successful, innovative and money-savvy women have paved this road before us. We checked in with a few of them who have been there, done that, and asked for their best piece of advice for mastering our financial confidence. We love what they had to say!
“Don’t delay to take action.”
Building financial confidence requires a lot of discipline and patience. The earlier you start taking action, the better off you’ll be in the long run. My advice for others would be to create a monthly budget, cut out large expenses, and save as much as possible — at least 20% of each paycheck. Invest in the stock market and long-term bonds early in your career, and always pay down debt. I have also consistently maxed out my 401(k) contributions each year and contributed to Roth IRA to help set me up for a comfortable retirement. It takes planning and hard work, but financial confidence is achievable when you have a set plan in motion.”