For whatever reason (lack of education, lack of confidence or the patriarchy) it seems that many women have a hands-off approach to money. And while they might have a good grasp of staying within budget and saving, they don’t tend to invest in the same way men do. It seems that even though there is nothing stopping us ladies from getting in the game, we just don’t. However, becoming a savvy female investor may be easier than you thought.
Investing is actually not a complicated concept. It works a lot like gambling but can be much less risky for those who are willing to learn and spot good advice. For example, you could invest in shares of a large company or you could buy a house and rent it out through an agent. Both are completely valid investments but carry slightly different risk factors. You might also like to look into positive and conscientious ways to invest, such as medical research or renewable power. Keep your options open.
Becoming A Savvy Female Investor #1: Get Educated, Not Patronized
One of the main reasons that women may dodge certain subjects is that often we end up being patronized rather than getting the information we want. ‘Mansplaining’ seems to reach a peak when it comes to subjects like business and finance, so it really is no wonder that answers and help are challenging to find.
Now, though, you have everything you need at your fingertips and there are plenty of sites that are more than happy to share their investment secrets. You might also like to seek out the advice of a financial advisor to find out more. Be patient with the learning process and take a list of questions if you have to!
Becoming A Savvy Female Investor # 2: Use Technology Designed for Women
Another point to consider is that technology is constantly being developed to bring more women into male-dominated worlds, like finance. Two women, Sallie Krawcheck and tech entrepreneur, Charlie Kroll have recently launched Ellevest, a robo-advisor that can help you make smart investment decisions by taking a deeper look at your finances. You can read Ellevest reviews online to find out more about how this works.
Becoming A Savvy Female Investor # 3: Start Small and Grow
The best tip for a beginner investor is to start small. Test your instincts with money that you can afford to lose. For some women, this might mean $50, for others it might be $50,000. Whatever your number, starting small will give you a chance to see how the markets work and experiment with what you invest in. I also recommend consulting with a broker or someone who has previous experience with various types of markets.
As you learn more about investing and watch your savings start to grow and prosper, you will gain confidence and be able to do more with your finances. Having the ability to manage your money is nothing to do with your gender, so get out there and have a go!