Hey People out there, beware the women entrepreneurs are here. New York is recently taken to a storm of women entrepreneurs who are proving themselves better than man in running a business. Women’s way are not diplomatic like men but they are much more calculated and less risk bounding.
But one thing that women admit, in which they still lag behind to their male counterparts is – money and savings.
This is surprising isn’t it, women and bad at savings. Studies actually confirm that women are good at investing than men, even during the most complicated money decisions. Research says that women performed better as they traded less. And why they trade less? Since, they are less overconfident about their investing skills.
Well, women do you know this lack of confidence in you might create problems in your money life. So here are 5 tips that may help you to run money with the same authority with which you are able to run your business.
Tip #1 : What Are Your Financial Goals? Write Them Down.
Are you going to pay down all your debts by 2013 or you are planning to buy a new bungalow in the posh part of the Upper West Side in 2015. Then set all the written goals to sketch out a good plan. If you are able to know the number of goals you are aiming at, may make you set the goals according to priorities and achieve it accordingly.
It’s Not The Time To Get Divorced
There can be black holes in the family for money. Better to know the truth, as everyone has different view about money. You may do not have a clear idea how your husband or partner thinks or scan about money, as their ignorance is likely mutual. Better, go and talk to your spouse and kids, before you plunge into your money-making decisions. Do not allow the money to drive you into those financial disasters: divorce or having financially dependent children.
Save Like a Man
There are clear statistics to prove that women are able to save only half of what men are able to save towards their retirement. Women generally survive, more than an average man, so you can think to save 20% more than them.
A good rule-of-thumb saving says : 12% of a woman’s income vs. 10% for men.
Stay Away From Those Debts
Women who are early enough to clear their debts and pay off all the liabilities, can retire early and enjoy the most. Just make a rough calculation, how much you need to contribute monthly towards your debt by a specific date such as target retirement age, the years when your kids will start going to college etc. and if you have kept yourself away from refinancing your mortgage, so what are you waiting for?
Good Economy, Means Good Savings
When you are able to delve in good economic times, it is better to cater safe and secure holdings during this time. You may have CDs or money market funds as an emergency fund. In this crummy economy, you need an appropriate cushion to double that. Though a bad economic condition is always overwhelming, so keep your spending in line with your values and reduce the rest.
If you are able to follow these five steps, then no doubt you will be a perfect women entrepreneur, who can defeat men positively.
Author’s Bio: Diyana Lobo, author of this article is an outreach expert and works in close association with bilingual call center services. He shares his knowledge on their lead generation processes and how their financial call centers serves both small and large business.