Hey everyone! I’ve been talking about homeschooling lately (because it is school season, after all), but today, let’s talk about something that we should talk about all year round: money.
When it comes to handling the family budget, it’s usually left to the woman of the house to juggle the finances. Apparently, there’s a scientific reason why females handle the family’s money rather than men. Research featured by CNN Money said that women investors perform better than men, but they lack confidence when it comes to investing and planning for retirement.
Why so? Well, they invest wisely. However, their conservative thinking in terms of wealth has also led to many women, particularly stay-at-home moms, with less money to invest in their future or retirement. Here’s a post dedicated to wonderful WAHMs out there on how they can invest without putting too much pressure on the family’s finances.
1. Assess and set your financial goals
When it comes to investing, the initial step is to assess your financial position then set your financial goals accordingly. Look at your savings and see how much you can allot for long-term investments.
Place your money on opportunities with high returns after at least ten years and not in illiquid assets (real estate, car, mobile devices). Consider this list of low-risk investments with high returns to see which one you can invest in.
Secondly, determine your investment personality (willingness to take risks, the ability to take a loss and more). Lastly, build your financial goals based on your investment personality and how long you want to invest for. Short-term goals often result in quick and low returns compared to long-term goals that are fit for those planning for their retirement. It’s always ideal to invest in long-term strategies as you are able to gain greater yields, and able to re-strategise in case a loss happens in between.
2. Consider Forex Trading
A great way to achieve financial freedom is by investing your money in Forex trading. Women and millennials have a few things in common – they want low risk when it comes to investment opportunities and they follow a conservative trading system. According to a market insights report, millennials are particularly risk averse because they have been exposed to a lot of financial crisis, making them sceptical when it comes to capital markets. As a result, they use a conservative trading system that will help them lower their risk of incurring major losses.
However, most moms and millennials are also tech-savvy, making them perfect for Forex trading. Mobile apps, various software and resource websites allow them to have real-time access to information about their investments and assess the global market accordingly. Today, 92% of moms in the UK own a cell phone, with 83% of them saying they always keep their mobile device close to them.
3. Engage in a lucrative hobby and start a business
While it’s not easy managing work and chores at home, many have proven that it’s possible to earn money even when you are looking after children. The best way is to find a hobby that you like to do and start a business from your passion, whether it’s baking, creating jewelries or writing a blog. Many WAHMs have started their own websites, where they share their own personal experiences about their life with their children, newfound hobbies and reviews of tech products or services they’ve recently tried. Starting a hobby can be a great way to escape the monotony of home life and make it more interesting. Try it and we’re sure you’ll find new purpose in life.
Do you invest? Feel free to share your tips and experiences in the comments!