You’ve finally made the time to learn how to make your money work for you, and you will thank yourself for it for the rest of your life. Perhaps you’re thinking about buying a property, investing, or working towards financial wellbeing. Regardless of your goals or current financial situation, it’s only by understanding how to manage your money that you will be financially free.
Why is it important for women to be financially free?
Everyone has their own definition of financial freedom, some might define it as having enough money to cover their lifestyle, some might define it as early retirement. In the case of women and money, there is a huge case to pursue financial freedom: it allows us to live life in our own terms.
An emergency fund will allow you to quit a toxic job or relationship; a bigger travel budget can book you accommodations at safer locations or a taxi at late hours; a well thought pension fund will cover for medical expenses that a health system designed by and for men, doesn’t cover.
Moreover, financial freedom is not only your right but your duty. According to the World Bank, 2.4 billion women don’t have the same economic rights as men. It is our responsibility to take control of our money and pass the knowledge to the next generation.
What are the 3 key money areas you need to understand?
Investing – because inflation makes your money small, investing is key to achieve your mid- and long-term life goals. At current inflation growth rate, your salary is not keeping up and you are becoming poorer. Investing has the power to grow your money and technology makes it incredibly easy.
Talking about money – as awkward as it might be, talking about money with those around you is crucial for your financial wellbeing. With your partner, to understand debt, goals, and approach to money. With your colleagues and industry peers, to make sure your salary is fair. With your friends, to be aligned when it comes to splitting costs, and to connect with like-minded people.
Money habits – being physically healthy is all about habits, and so it is being financially healthy. It is by understanding your relationship with money that you will be able to take control over how you manage it.
Book 1. Girls Just Wanna Have Funds: a feminist guide to investing
This book takes the reader through the journey of understanding the world of investing, from a feminist point of view. Written by three Scandinavian advocates for women investors, with a tea table book design, and colourful pages, it is concise and easy to read.
“Don’t think investing sounds interesting? No problem. We’re not here to have fun – we’re here to make money and claim our power.”
Highly recommended in order to get a first grasp at the gender wealth gap, investing terminology, and necessary steps towards financial independence, it is Her Lab’s top 1 book of choice for complete beginners.
Click here to buy now on Amazon.
Book 2. Broke Millennial Talks Money: scripts, stories, and advice to navigate awkward financial conversations
Talking about money with your circle is as awkward as necessary. From how to bring up the topic of cost splitting in a holiday with friends when everyone is in a different budget, to having the difficult money conversations with your partner and family. Including a crucial topic for women to work towards financial wellbeing: salary negotiation.
This is Erin Lowry’s third book in the series Broke Millennial, and it digs into the emotional side of talking about money. The Her Lab’s team has chosen this book to be in the top 3 due to the high impact that talking about money can have towards closing the gender wealth gap.
Click here to buy now on Amazon.
Book 3. The Psychology of Money: timeless lessons on wealth, greed, and happiness
How you manage your money is based in habits and greatly influenced by your relationship with money. Being reasonable with one’s savings and investments expectations and understanding how we see money and why we want it, will guide you in forming solid habits towards achieving financial goals.
“There is no reason to risk what you have and need for what you don’t have and don’t need.”
This book has sold two million copies and has been acclaimed by financial publications like The Wall Street Journal. The Her Lab team considers it a must, however we are deeply sorry that not a single woman has been used as one of the nineteen real life examples in the book.
Click here to buy now on Amazon.
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