Savvy Women Investing in 2024: how to become your own gold mine

Are you planning to make 2024 the year you start to invest your money more meaningful and plan for your financial future? Or even better is this the year you commit to your financial goals by investing your money to grow your wealth, create additional income streams and become the wealthy woman you know you are destined to be?

Here at YNLS we want to help women to shift their mindset to ‘how can I increase my income to become more financially independent’ rather than the default narrative we have around money of ‘how do I make spending cutbacks?’ This simple mindset shift could make all the difference towards growing your wealth and financial independence for women. After all, we all know that the statistics show female investors outperform men in the financial industry according to an analysis by Fidelity Investments. It just starts by more women increasing their investing knowledge and not feeling scared to take their place in this male dominated field.

Growing your wealth

Growing your income is one thing, but using that extra income to invest and grow your wealth is next level. Having a clear understanding of what your finances currently look like will help to give you the ability to visualise your financial path, create an investment strategy and become confident in planning your journey towards wealth. At YNLS we want to share the best ways to invest money, how you can take control of your finances and start your investment management to become the financially confident and empowered woman you are.

This starts by:

Knowing your cash flow

Take control of your personal finance by knowing and managing how much money flows in and out of your accounts. Monitor your monthly income and expenses so you know what’s available to fund your financial goals. Aim to have a positive cash flow every month i.e. reduce your expenditure and increase your income. Conscious spending begins by knowing what you are spending your money on, spending it meaningfully and changing your spending habits to put more money towards investments that you can grow or that can bring you income.

Setting financial goals

Maximizing income and minimizing expenses leaves more available for giving, saving and investing. Setting specific goals around these pillars can keep you moving in the right direction. Create an investment time horizon into your financial future and consider how much you want to have saved in your retirement savings so that you can work your way back and know what you need to do now to achieve this.

Creating a budget

A budgetcan help you track your spending and make sure your money is going where it needs to.  Do a financial audit to see where you can decrease your expenses.

How to raise capital

Once you have taken stock of your current financial position it’s time to raise capital to start your investing journey. 

Pay yourself first

Start to pay yourself first from your income by transferring a proportion of your earnings into investment accounts as soon as you’re paid. This ensures you consistently save and invest a portion of your income. It’s amazing how a small amount of money grows by compounding over time.

Sell Unwanted Items

Declutter your home and sell items you no longer need on online marketplaces for a quick injection of cash.

Side Hustles

Generate additional income by taking on a side job or freelance work. There are various online platforms where you can offer your skills and services.

How to invest your money to make additional money

Now you have raised some capital and increasing your cash flow every month – here are some ideas of how to invest your money to grow your wealth and make additional money:

Invest in yourself and develop your value

You are your own gold mine, so take that course, work with that coach or mentor and do what you can to develop your value. Listen to inspiring podcasts. Imagine the best version of yourself – who do you want to become and do whatever it takes to get you there. If that means investing in yourself to learn a new skill or to increase your knowledge – do it – it will only mean your value increases and you get to where you want to be much quicker!

Invest in Stocks and Shares

Opening a stocks and shares investment account is a really good starting point. If choosing shares seems scary, investing in a fund takes that fear away as a fund manager chooses the stocks and shares to invest in for you. Choose a fund that tracks the stock market and focus on both growth stocks and dividend-paying stocks. Growth stocks can potentially increase in value over time, while dividend stocks provide a regular income stream. Reinvest dividends to benefit from compounding returns, which can significantly grow your investment over the years.

Invest in Starting a Business

If you have a viable business idea, consider starting a small business. Get in close proximity of people who have achieved what you would like to, to learn from their growth and take the first step towards it, you will only know what you can create once you get started.

Invest in Property

Property can be an excellent long-term investment choice and there are various ways to make money in property, through refurbishments, rental property,, holiday lets etc and you can benefit from both the property’s growth in value but also from rental income. Start by saving for a deposit and research the different types of property investments that would suit you.

Your Journey to Financial Empowerment

If you start to follow these steps it will help you to grow your wealth over time – remember that growing your wealth is most definitely a journey and not a race, it takes both time and patience. If you continue to reinvest the income you generate from your investments, this will help to accelerate your capital growth . 

It’s time for us to get more money in the hands of more women and help women investors to become more financially independent and empowered. Just take the first step…

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