Happy International Women’s Day!
Personal Finance, they say, is 80% mindset and 20% knowledge. In celebration of this year’s IWD, we interviewed some amazing ladies from our community. They shared with us beautiful insights to help #breakthebias in our mindsets.
In today’s interview session, we have three amazing ladies- A.A., B.W., O.O.; catch up on their insightful responses below.
Question 1: What were some money mindsets you had, as a lady, when growing up and how do they influence your money decisions now?
A.A.: I always felt like I had to help everyone I come across who needs help financially but over the years I have realised you can’t really help everyone especially if you are working towards a particular goal.
Most importantly, I have made it a rule to not lend out more than I can forfeit. This has worked for me so far.
B.W.: I started saving early, let’s say I am a born self-taught Saver, I used to save from money from the ₦100 my dad gave me as break money till date I am still a very good saver. I save for things I really desire and once my mind is bent on saving for something, nothing can deter me from doing so.
O.O.: The money mindsets I had while growing up was “never plan and spending without a budget”. This mindset helped me a lot, even though I learnt through the hard way because I have had numerous occasions where I went ahead without a budget, and I ended up spending more than usual. Now, a budget guides me in all of my spending.
Question 2: As a woman, do you have any bias to investment risks, and how do you manage it?
A.A.: As regards investment, I think a major point will be trends. So, in our society today, we discover that a lot of us go into a particular investment because almost everyone is going into the same.
What has helped me so far is to really study whatever I am going into, and I know myself, so I make sure I am fully convinced that I am ready to take the risk and I also look at how I will be able to tolerate any investment that goes south.
I put all these and more into consideration before jumping into any form of investment.
O.O.: Well, I really don’t have any bias to investment risks. We all know investment comes with a lot of risks, so if you’re investing, it’s because you know you can handle the risks that comes with it. If I can’t handle the risk, I’d rather not invest in it.
Question 3: Is there any finance lesson you would like to share or recommend to other ladies out there?
A.A.: In the society we live in, there are a lot of things out there to “pepper” us ? but the truth is we do not need to keep up with trends most especially if it will be harmful to your finances. You just find yourself eating deep into funds which would have been put to a better use.
Also please avoid debt at all costs. Do not bite more than you can chew. You can always make do with what you already have. This is where compromise comes in.
B.W.: You are not too young to start your investment journey, please start early. The earlier, the better. Go for financial literacy, keep educating yourself, learn the art of investing, start with the little you have, it not how big but how constant you can be, be patient and understand that the compounding effect of investing is rewarding, and, in the long run, you will be glad you did.
O.O.: To every lady out there, pls have more than one stream of income, e get why?.
Also, there is no talent or gift you can’t monetize, it’s only for you to discover that talent. So, cheers to many more discoveries!
I hope you take out awesome lessons from today’s enlightening session!
To your financial independence and freedom!