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Financial self-defense for women
Starting to invest
Doing anything for the first time can be difficult. When it comes to making decisions about your money, taking the first steps can be particularly daunting. Whether you want to start investing on your own or you’re hoping to establish your independence in other areas of personal finance, you shouldn’t feel you have to learn everything there is to know all at once. Taking it one step at a time can gradually build your expertise and increase your confidence. And once you’ve begun, you’ll find it takes less time and effort to keep things rolling.
For many women, the fear of making a mistake holds them back from taking charge of their finances. In truth, most people are afraid of financial missteps, and everyone is bound to make a few. But the more you learn about investing, the more you’ll realize that the biggest mistake you can make is doing nothing at all. That’s because over the years, inflation will eat away at your money, eroding its purchasing power. Investing — making your money earn money — is the only real protection you have against inflation.
1. Make a list of your financial goals.
2. Consider your current financial resources, the amount you’ll need to earn to meet your goals, and the possible obstacles or events that could stand in the way.
3. Find a financial adviser or planner whose business is investing. Talk to friends and family who’ve worked with advisers or ask your lawyer, accountant, or another adviser for a referral.
4. Create a financial plan with help from your adviser.
5. Learn investing basics. Study information provided online and by your financial adviser.
6. Start reading the financial press. Look at newspaper and magazine articles that focus on current financial affairs.
