TomorrowMakers

Do you find yourself believing these destructive lies that hold you back from achieving your dreams?

5 Money lies that hold women back from achieving their dreams

It’s 6 am and your alarm rings. You’re supposed to go jogging. You tell yourself you will snooze for ‘just five more minutes’. You know that’s a lie, of course. You eventually wake up at 8 am, gulp down breakfast, get dressed hurriedly, and rush to work. 

There are many such lies you may tell yourself through the day. Some of them may be harmless but others may not be so innocent. And when it comes to finances, we often tend to take even more liberties with the truth. 

Let’s consider some significant ‘money lies’ we fool ourselves into believing:

1. I don’t have the time

At the outset, this does seem to be true. Even 24 hours seems too little to do all the things you want to: working eight hours a day, yoga class, dental appointment, grocery shopping, and cooking. By the time you go to bed, it’s time to start over. However, it is important to go through your finances and keep track of your expenses and savings. You don’t need to spend a lot of time on this. Keep a budget and review your finances every week. There are multiple apps such as mTrakr, Money View, Wally, etc that allow you to log in your spends and based on that provide a smart analysis of your expenses against your budget and target savings. In case you forget, you will get reminders too to log your expense.This weekly exercise should take no more than a couple of hours. Additionally, you could also consult a financial advisor to get better insights into your money and your financial future. 

2. It’s boring

Many women feel that numbers, figures, and charts are boring. They don’t want to look at them if they can help it. That shouldn’t put you off from taking an interest in your own finances. Many simple programs online help you with financial calculations without jargon or fancy graphs and charts. Remember, while numbers may be boring, make sure your retirement isn’t. By taking an interest in your finances today, you can enjoy your sunset years travelling around the world and living your dreams.

3. That’s not how my brain functions!

Many women leave the financial aspects of their relationship to their spouses, saying, “My husband knows what he’s doing. He’s really into this stuff.” The truth is there’s no special trait that gives men an advantage over women when it comes to money and finances. In fact, a lot of men are not as finance-savvy as they appear. If you think you don’t know much about money, you can always start learning. After all, it’s never late to learn new things.

4. Discussing money leads to arguments 

Money plays an integral part in a family. As a wife (and mother), it is your right to discuss money matters with your husband. Yes, you may have a difference of opinion about how the family finances should be utilised. But an argument or two shouldn’t stop you from discussing money altogether. Many studies indicate that women have different financial concerns on things such as everyday budgets and retirement funds.[ii] By voicing your opinions, you can steer your family’s future on to the right track. Have open and honest discussions with your husband about money on a regular basis. Just don’t ignore it.

5. Investing is too complicated and risky for me

Investing money is a way to increase your wealth over a period. There are different avenues where you can put your money and watch it grow. Some of these carry a higher degree of risk than others. But this doesn’t mean all investments are risky. Anyone can invest in mutual funds, for example. Then there are different types of funds such as debt funds, hybrid funds, and equity funds that can help you meet different types of goals. All you need to do is to invest through a Systematic Investment Plan (SIP) regularly and consistently.

Conclusion

These days there’s a lot of talk about the gender pay gap, but not enough talk about the gender investment gap. If you think you have told yourself any of these lies, it’s high time to bring about a change. Start looking at money and investing differently and make a difference in your life – for the better!
 

It’s 6 am and your alarm rings. You’re supposed to go jogging. You tell yourself you will snooze for ‘just five more minutes’. You know that’s a lie, of course. You eventually wake up at 8 am, gulp down breakfast, get dressed hurriedly, and rush to work. 

There are many such lies you may tell yourself through the day. Some of them may be harmless but others may not be so innocent. And when it comes to finances, we often tend to take even more liberties with the truth. 

Let’s consider some significant ‘money lies’ we fool ourselves into believing:

1. I don’t have the time

At the outset, this does seem to be true. Even 24 hours seems too little to do all the things you want to: working eight hours a day, yoga class, dental appointment, grocery shopping, and cooking. By the time you go to bed, it’s time to start over. However, it is important to go through your finances and keep track of your expenses and savings. You don’t need to spend a lot of time on this. Keep a budget and review your finances every week. There are multiple apps such as mTrakr, Money View, Wally, etc that allow you to log in your spends and based on that provide a smart analysis of your expenses against your budget and target savings. In case you forget, you will get reminders too to log your expense.This weekly exercise should take no more than a couple of hours. Additionally, you could also consult a financial advisor to get better insights into your money and your financial future. 

2. It’s boring

Many women feel that numbers, figures, and charts are boring. They don’t want to look at them if they can help it. That shouldn’t put you off from taking an interest in your own finances. Many simple programs online help you with financial calculations without jargon or fancy graphs and charts. Remember, while numbers may be boring, make sure your retirement isn’t. By taking an interest in your finances today, you can enjoy your sunset years travelling around the world and living your dreams.

3. That’s not how my brain functions!

Many women leave the financial aspects of their relationship to their spouses, saying, “My husband knows what he’s doing. He’s really into this stuff.” The truth is there’s no special trait that gives men an advantage over women when it comes to money and finances. In fact, a lot of men are not as finance-savvy as they appear. If you think you don’t know much about money, you can always start learning. After all, it’s never late to learn new things.

4. Discussing money leads to arguments 

Money plays an integral part in a family. As a wife (and mother), it is your right to discuss money matters with your husband. Yes, you may have a difference of opinion about how the family finances should be utilised. But an argument or two shouldn’t stop you from discussing money altogether. Many studies indicate that women have different financial concerns on things such as everyday budgets and retirement funds.[ii] By voicing your opinions, you can steer your family’s future on to the right track. Have open and honest discussions with your husband about money on a regular basis. Just don’t ignore it.

5. Investing is too complicated and risky for me

Investing money is a way to increase your wealth over a period. There are different avenues where you can put your money and watch it grow. Some of these carry a higher degree of risk than others. But this doesn’t mean all investments are risky. Anyone can invest in mutual funds, for example. Then there are different types of funds such as debt funds, hybrid funds, and equity funds that can help you meet different types of goals. All you need to do is to invest through a Systematic Investment Plan (SIP) regularly and consistently.

Conclusion

These days there’s a lot of talk about the gender pay gap, but not enough talk about the gender investment gap. If you think you have told yourself any of these lies, it’s high time to bring about a change. Start looking at money and investing differently and make a difference in your life – for the better!