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What Women Should Not Do For Financial Independence - 7 Things To Know

Updated: May 5, 2023


Financial Independence for Women
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Financial independence for women is of utmost importance more than ever today with women becoming more and more empowered. There are many strategies for women to achieve financial independence in this digital era. In addition, there are also certain things that women should not do in order to get there. Let’s learn what they are in this article.


7 Key Things Women Should Not Do For Financial Independence:


1. Not working towards multiple streams of income


The primary mistake women do is not diversifying their profession. It is imperative that you pursue a side hustle in order to multiply your income streams and reach your financial goals faster.


For example, if you are in software industry, you can pursue side hustles such as a software consultant over the weekend or taking up freelance testing jobs. Or you can create and sell courses and ebooks on latest software tools and processes. If you are an artist, you can try your hands on YouTube with unique art tutorials.


All of these not only adds value to your resume, but also creates a financial edge if you decide to take a career break anytime.


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2. Not setting priorities right


For women to take care of their personal lives as well as their professional lives, they need to get their priorities right. Sometimes we women want to have it all - or rather do it all, resulting in burnout.


Think over your capabilities and time limitations and do only what is of top priority in a day, while learning to delegate the rest. This will help you achieve financial independence faster and also be happier in life.


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3. Not being productive


Procrastination is a thief of time. Being unproductive not only steals your time, but also hinders your financial growth.


While it is important to take breaks on your busy days, it is equally necessary that you spend our time wisely and finish any pending tasks on time to get one step closer to your financial independence.


4. Improper goal settings without considering the season of your life


Financial goals are not always same for each phase of your life. Whether you are a young adult, wife, stay-at-home mother or a retired woman, financial management is different depending on the season of your life. This must be taken into consideration while setting you financial goals.


5. Not focusing on skill development


As much as financial independence is necessary for women, skill development is also important. If you are unable to pursue a side hustle due to personal circumstances, spend your time learning new skills. You can also serve as a volunteer with various organizations in order to gain exposure.


You never know how and when these skills will become handy in your future, paving the way to financial success.


6. Unmindful of the spending habits


Women are not exempt from the need to save money and be financially independent, hence they should be careful of their spending habits. Wasting your valuable time and money on things that you do not need is a strict no-no to proper financial planning.


One of the biggest mistakes that women make is getting influenced by social media influencers. This leads to them spending money on a lot of clothes, shoes, and other accessories - way more than what they need.


It is better to invest in your financial independence rather than spend it on things that are not necessary.


7. Not asking for a raise in salary/compensation


There are many common misconceptions about what women should not do for achieving financial independence. There are myths that women should not take time off from work, they should accept a lower salary than their male counterparts, they should not ask for raises or promotions, and they should not negotiate salaries.


These beliefs are false because it is important for women to get what they deserve. Women who don't ask for a raise or promotion might never get one. Women who don't negotiate salaries might never get paid what they deserve.


It is therefore important to know your worth, the value you are bringing to the table and negotiate for your financial right.


Final Thoughts:


We should not think that financial independence is only about having a high paying job. It's also about controlling your finances and making sure that you are being smart about your money.


Women don't need to quit their job, never have kids, or make a lot of money to be financially independent. These are the myths that are holding women back from reaching their full potential.


Therefore, women should equally focus on their careers and the other aspects of their lives. Along with that, they should also be mindful of how they spend their money in order to be self sufficient. After all, they are the core pillars of family and society!



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2 Comments


srivatsan0707
srivatsan0707
Jul 31, 2022

Very nice article and informative for women to pursue their dreams and how to be successful at their work place. Definitely a must read !!

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