“All the women who independent, throw your hands up at me!” Not sure about you, but Destiny’s Child is running through my head right now!
Independent women are a force to be reckoned with! Whether they’re single, own their home, or face society head on, there are certain things all independent women can do to thrive financially.
In fact, whether you consider yourself an independent woman or not, the tips in this article can help you financially thrive and conquer!
Check out 6 ways independent women can thrive financially and start implementing these tips and tricks into your day-to-day money routines.
6 Ways Independent Women Can Thrive Financially
#1 They can diversify their assets
Do you have a 401k? What about an IRA? Maybe you’re investing via a brokerage firm (like Fidelity or Vanguard) or a robo-advisor (like Public or Betterment).
Regardless of how you currently invest in assets, you can thrive financially by diversifying them! Not familiar with the term “diversification”?
According to our article 11 Investment Terms Simplified, it means:
“An asset allocation strategy that mixes a wide variety of investments within a single portfolio. Diversification rationale is that a portfolio with a variety of investments will earn higher returns and offer lower risk than an individual investment found in a portfolio.”
Basically, it means that you shouldn’t have all of your eggs (money) in one basket (single investment). Your money should be spread across multiple assets, so your risk is spread out as well.
If one asset goes down, but the other goes up, you’re even.
How do you diversify? Start by looking at your current assets/investment options. You can do this on any platform. If you’re looking at your 401k or IRA, look for the option to change your investments.
From there you’ll have the ability to select multiple options. Read How I Picked my 401k Selections for my strategy on this.
#2 They can start investing in stocks and crypto
One of the best ways to build real wealth is through investing. Primarily, investing in the stock market.
However, there are other forms of investments as well (real estate, equity in a company, and crypto are some examples).
I did an interview with The Money Manual about investing in crypto. You can read it here.
I’m sure you’ve heard of Dogecoin or Bitcoin by now. The good thing about crypto is that it trades 24-7. This means you can make money anytime, not just when the market is open.
Since crypto is relatively new, it doesn’t have as strict regulations as other forms of investments. My guess is this will change in the future, but until then you can leverage it to help you build wealth!
You don’t need a lot of money to invest in crypto to make a profit.
Robinhood, Public and Coinbase are all great options for investing in crypto. You even get free stock if you join Robinhood and Public! Start there and start small. At least until you can get your feet wet in the experience!
#3 They can get a pre-nuptial agreement in place
Are you an independent woman in a relationship? Are you engaged or on your way to marriage? One of the best things you can do to thrive financially is have a pre-nuptial agreement in place.
Long gone are the days of pre-nups being a bad omen. They are absolutely critical if you have wealth and assets you don’t want subject to your partner, should the marriage end.
Men have no problem asking women for pre-nups, so independent women shouldn’t have a problem asking for them either.
You can set your own terms and make it suitable for you and your partner. Maybe they have assets they want to protect too! Don’t be afraid to have the conversation, it’s necessary.
#4 They can set their own money goals
If you’re an independent woman, then you’re probably already setting your own money goals. However, it still needs to be called out, especially if you’re in a relationship.
You can thrive financially be always setting and working towards your own money goals: the things that mean the most to you.
I’m not saying that you shouldn’t have joint or mutual goals with a partner or significant other. I’m just saying that you should also prioritize your own wants and things you’d like to accomplish.
The levels never end, so the goals should never stop!
#5 They can start setting up their children for success
Do you have kids? Do you think you’ll have kids one day? Start setting them up for success now! You can do so in a variety of ways.
Open a 529 account (pre-tax investments) for their college education costs. Get them set up with a minor savings account and contribute to it regularly. Gift them a piggy bank so they learn the value of saving (affiliate link).
Financial literacy isn’t taught in school (yet), so one of the best ways to set your children up for success is by teaching them yourself.
However, you should have your own ducks in a row first. Since you’re an independent woman, I’m assuming you do!
#6 They can keep their own reserves on standby
Another way independent women can thrive financially is by having their own form of reserves (in the form of savings).
Should sh*t hit the fan—in your job, relationship or home life—you can recover and bounce back quickly, thanks to your reserves.
Not only does having a savings on standby help you if you need it, it brings a sense of security that can be powerful as you’re continuing to grow your own wealth. Start with having one month’s worth of reserves, then work your way up from there.
Related: 7 Money Moves to Become Financially Independent
Wherever you are in life, the tips above can be applied accordingly. The purpose is to stay an independent woman by ensuring you can and will always be financially stable.
Slowly work your way through the tips on this list so you can thrive financially. You’re worth it!
Do you have any of the tips on this list in place currently? What actions or habits help you feel financially in charge? Drop a comment below to share!
-Raya
The CGS Team
