Despite the fact that more women are entering the workforce than ever before, most of the time, the household investment portfolio is still held by men. This is partly due to deeply ingrained social customs, but to a large extent this can be attributed to a lack of financial knowledge among women.
To educate women economically, we invite Sheetal Gurung, Debt Free Expert in Women in wealth, to host an Ask Me Anything session at Girls Tribe by MissMalini and answer some of the most common questions Tribe it has to do with creating wealth and living debt free.
Ways to Get Rid of Debt ASAP, How to Avoid Debt, How to Manage Credit Card Debt, How to Start Investing When You Have Debt, How to Begin Your Wealth Building Journey as a Beginner, How to Build Wealth Yes does not come from a wealthy background, is there a “good” debt? Sheetal answered all of these questions and more! Scroll down for her tips on 3 of the most common questions we all have about living debt free!
Q. How can you start building wealth, especially when you have minimal savings?
Here are a couple of things you can do if you are serious about building wealth:
1. Get a financial education because skilled and knowledgeable investors can make faster investment decisions.
2. Build your financial security first, which means having an emergency fund, health insurance, life insurance, and debt-free.
3. As an informed investor, you will choose good quality investments to see your money grow.
4. Develop Your Financial Awareness – Track your income and expenses, which can give you access to areas where you could save more money. The more you save, the more money you have to invest.
Q. Is it true that we must use a credit card for all of our expenses and then pay the bill in full to increase our credit score instead of using a debit card?
If you have the discipline to do it, then it is the most efficient way to get the most out of a credit card. Your disciplined payments will definitely show your ability to pay, which is what credit scores are all about.
Q. Would you recommend investing in crypto for wealth creation? Also, what do you think about investment options other than mutual funds, fixed deposits, recurring deposits, and stocks?
First, if you already have a well-diversified investment portfolio consisting of mutual funds, FDs, RDs, and stocks, which is based on a well-thought-out financial plan in which each investment is aligned with your objectives, and you are clear on how much you will will allocate money to the various assets, so you really don’t have much to do here. Just keep investing in a disciplined manner.
Cryptocurrencies are not regulated at the moment, unlike stocks and mutual funds, which is what makes me wary of investing in them. There is extreme volatility and therefore it is not something that I would recommend to any new investor, especially if someone does not have excess money to hang out. I’d say wait, watch, and develop your understanding of the same.
What’s your advice for finding and staying motivated while working from home? Share it with us in the comments below!