The Star: Women and Financial Freedom

In this article, Kimberly highlights the importance of being financially independent as a woman. Traditionally, women in general have been relying on their spouses or children to make financial decisions on their behalf, however in recent years more and more women have been taking charge of their own investments.

Kimberly sees this as an opportunity to direct more efforts towards improving financial literacy especially amongst women. In taking charge of your own finances, you need to first ensure that you have a positive cash flow, which means spending less than what you earn. The next step is to set a financial goal and work towards that goal, and only start investing with the surplus cash you have available. 

The difference in mindset between men and women can be bridged with increased financial literacy, as Kimberly believes that women’s investment needs do not differ greatly from those of men. A general rule of thumb is to have a savings rate equal to your age. Kimberly recommends seeking professional advice from licensed financial planners in order to receive tailored advice for you specifically as the general advice dispensed by financial institutions may not suit your financial needs and goals individually. 

This article can be found online here.