Did you know that women are exceeding men in financial independence today?
According to a study done in 2017 by the U.S. Census Bureau, 42 percent of millennial women carry a degree, whereas 31 percent of millennial men carry a degree.
This degree propels women into a career that enables them to achieve financial independence earlier than men. This independence will hopefully launch a new-found confidence in women, helping them to feel secure in an income, allowing them to support themselves and their loved ones adequately.
Beyond the income, the hard work that women have put into getting where they are today, combined with the achievement of being financially independent, will help women to make an impact on this world like never before.
So what beyond the crisp diploma will help one attain or maintain financial independence? Especially when that diploma often comes hand-in-hand with a pile of student loans?
Here are some simple things to help you pay the loans off quick, still be financially independent, and go forward feeling financially secure:
Find a Financial Adviser That is Right For You. (financial planner for some women)
Maybe you don’t have any student loans, but you don’t really know where to put your money going forward.
Perhaps you’re a single mom who just rocked the game of education and wants to make sure that she and her family are in a stable spot.
Take some time to sit down with someone who will take the time to not only understand your finances but also help you know your money as well as help you financially plan for your current situation and future.
Create a Debt Action Plan.
Your financial plan should include a budget and an action plan to pay off any debt. With all this established, you’ll gain a sense of security knowing where your money is going and how much you’re spending month to month.
The sooner you can pay off the debt, the more money you’ll be saving and investing and in turn, the more financially secure you will feel.
Think About the Future.
Financial security is not something that people want to risk losing. Saving for your future now and choosing the right investment options will help to ensure that you are in a financially secure and independent place and that you are feeling confident in your choices with your money. Be sure to discuss your future with your financial adviser.
These three action items will help you to avoid some potentially sticky money situations and beyond that, help you to be in a state of consistent financial independence.
The good news: Financial independence is more than possible. It’s been achieved by women and will continue to be. This is only the beginning.
The even better news: Financial independence is not the final destination, it’s the trajectory of a life that instills confidence in women to manage their money well, build a strong career for themselves and be fearless in helping other people in innovative ways.
Meredith is a Philadelphia native with a bachelor’s degree in Integrated Marketing Communications from Duquesne University and has worked in digital marketing for over seven years. She’s passionate about writing to women to help them feel more confident in their financial lives.