Ideas on How to Become Rich - women and money
Hello and it has been a long time since I last wrote here on Ideas on How to Become Rich because I was away giving talks and earning big bucks in the growing educational and training sectors.
Many women are not savvy with money matters because most of them feel that it is the man who should be handling such things since young. As a result, most of the women I know, are unable to calculate their net worth or their economic value. It is so sad that being the fairer half, the women are not given a fair share of wealth and riches although some manage to secure both on their own terms. Others have problems even balancing household expenditure and giving themselves some gifts once a while.
How do enable women in general to become rich and worthy of their salt. there are some tips which I shared with my participants at a seminar on women and money matters.
Firstly, everyone of us especially woman, must determine your money goals long term and short term. This simply means what do you really want to achieve in monetary terms at the end of 1 year, 2 years or even 5 years. How much wealth are you going to accumulate over the next few years?
Once you have decided on your goal or money target, you have to then examine your resources on hand. Your talents, skills and your expertise are measureable in terms of money because you can transform your skills into something worth in money value ; you also can look at the jewellery you have collected over the last several years (if you have any of these gold, silver or precious stuff) or you have some kind of old furniture or antique passed down by a grand relative etc..
You can convert trash into cash and save the environment at the same time. This way you can have money to use in times of rainy days or emergency situations.
the third step is to curtail your spending urge. Spending is a habit for most women. A lot of them buy things on impulse or want and not really based on needs. They then discard those stuff away or store them in cupboards for a long time collecting cobwebs. So the best thing before you spend money is to check your spending and what are the essentials for weekly or monthly plan. this way you can save quite abit of money which can come in handy later on.Also you can put the bank into some kind of investment ventures to earn interest or dividend.
Another area is to avoid using credit card. This piece of plastic seems harmless but when you use it, it can get out of control and become your master. Many people I know are enslaved by this plastic card. They overspend without knowing as the pain only comes at the end of the month when the bill comes. So, my advice is to avoid using credit card wherever possible.
The next thing is always be prepared for life's unexpected events. Recently iceland volcanic eruption caused the ashes to be flown all over the world stopping the airways and airlines were affected and lost billions of dollars. Many hotel owners quickly gave discounts to the stranded travellers in their countries such as New York, London and major cities. The goodwill shown in this unexpected event will make the tourists remember that country well. Similarly as a woman, it is good to be aware of opportunities in daily mundane events and capitalise on them in case such things happen. I know of a women entrepreneur who was selling trinkets and making very little money. But when the SARS came suddenly in 2003, she quickly changed her strategy and bought lots of gloves, medical supplies which now becomes her trading inventory. She has since become rich and powerful in Singapore. Such ability to look beyond the unexpected events has made her very rich and powerful.
So to be rich and powerful, it takes common sense and lots of alertness for women in general and this applies to men as well. Open your eyes to opportunity, learn to avoid the use of credit card unless it is truly necessary and also set a monetary action plan which must be feasible, measurable and attainable. It is from a small acorn that you get the big oak tree, so start small with little risk investments and save hard and let the money grow into big oak later on...
the ocean is a collection of many little drops of water. So handle your money with your heart and head. It is definitely good for men and women to know money matters well, so that all can become rich in due course and also be prepared to become wealthy when the times come.
Have a meaningful day and save hard.... cheers
Sally Klaus
Ideas on How to Become Rich
