‘The Smart Money Woman’ is a concept popularised by Arese Ugwu, who in her book titled same, uses storytelling to simplify and personalise the seemingly complex concept of personal finance management.
Being a Smart Money Woman is a lifestyle we should all aspire to have. It goes beyond being able to account for your income and expenses or following a strict financial budget, it involves a mind-set and lifestyle reorientation. Below are four key qualities that we believe every smart money woman possesses.
She has an Entrepreneurial and Wealth Mind-set:
She does not shy away from challenges and has the guts to pursue her dreams. She is committed to continuous growth by constantly improving her skills and learning from her mistakes. She invests in her future. She maintains a positive outlook. Her hustle is purposeful.
She has a Financial Plan and sets Financial Goals:
She has a financial plan and sets goals for herself. She understands that wealth building is a slow process. She is patient and perseveres and does not get caught up in “get rich quick” schemes. She has a budget and constantly tracks her spending. She spends, saves and invests purposefully. She has an emergency fund.
She keeps abreast of Finance Knowledge:
She makes it a habit to keep up with the relevant financial news so that she can make the right investments. She is not impulsive about the way she uses her money, rather, she asks questions, reads from reliable news sources, and avoids investing in things she does not understand.
She is Money Savvy:
She knows how to make, manage and multiply money. She understands the importance of personal finance management and works hard to stay on track. She takes responsibility for her finances and spends intentionally. She has multiple streams of income and keeps all her financial records. Her money goals are clearly articulated.
Each of us is capable of becoming our own version of the Smart Money Woman, but we must keep in mind that it is a process that takes time and commitment. There will be hurdles along the way but the important thing is to remember to stand when you fall.
Take control of your financial future, start your journey to becoming a Smart Money Woman today.
Your Personal Finance Coach