LAFAYETTE, Louisiana–The U.S. Department of Labor has some sobering statistics about the status of working women in the United States. With women still only bringing home 82 cents for every dollar that a man earns, they must work longer in order to have the same amount of money. Their ability to be financially secure has been made worse by the pandemic since many women were either laid off or had to stay home in order to provide child care. What can women – working or not – do to strengthen their finances no matter the economic climate? The Cash Queen, created by Tracie Breaux, the author of The 5-Step Millionaire, weighs in on this question that affects half of America’s population.
Tip #1: Live Frugally.
“Living well-within your means is one of the biggest keys to building wealth,” the company explains. “It doesn’t matter if you make $30,000/year or $300,000 – if you spend every last penny of your paycheck, then you still won’t have anything to save. Yes, you may have the comfortable lifestyle you desire to have, but you won’t be financially secure.”
The key to living frugally, they explain, is to look over your budget and spot the items that are causing your paychecks to disappear. “Is it clothes? Books? Trips to the movies? Travel? Something else? We all have something that we love to buy, yet when it comes down to it, we don’t really need so much of it. Getting a grip on your spending and strategically cutting expenses can make a huge difference in your finances.”
Tip #2: Live on Half of Your Income.
The Cash Queen believes that it is impossible to save money if you are living off a full salary. “In order to save for retirement, college, a house, or something else, we recommend that you live off only half of what you bring home. It’s possible that this means you’ll have to make sacrifices, but they will pay off as your bank balance grows.”
They say it’s very useful to have a savings account and to have your money automatically taken out of your check and placed in it. “That way, you never actually have that 50% to spend. It’s being invested, so the temptation to spend all of the check is avoided.”
Tip #3: Purchase Company Stock and Have a 401(k).
For those who are working, The Cash Queen recommends that they check out any investment options their companies offer. “Even people who make very little can benefit from this. Small purchases of only $25 a check add up over time, and as your paycheck grows, you can increase that amount to over $100 per check. If the stock increases in value, you’ll see your investments increase, too.”
A 401(k) is vital. “Many businesses will match your contributions, which means it’s basically free money for you,” the company continues. “Imagine how much money you can have over time and how that can provide financial security for you as you get older.”
Tip #4: Start a Side Hustle.
The Cash Queen believes that working a few extra hours each week to bring in some extra cash can help your finances and even open some new career doors. “The best side hustle for you will probably be based on what you’re good at. Take stock of your talents and skills because you’ve definitely got them. Are you good at sewing? Then you can make custom-masks or do alterations for your neighbors and friends. Can you sing or play an instrument? Why not give lessons? Any money you make from your side hustle can be invested, and over time, that can lead to greater returns for you.”
Tip #5: Educate Yourself On Money.
Investing wisely and managing your money are skills that anyone can learn at any stage of their life. “Knowledge is so important, especially with investments, so we recommend that you empower yourself with the latest information on them,” the company says. “There are apps, books, classes, and blogs that can teach you more about practical steps for building wealth.”
The Takeaway for Women Who Want to Grow Financially Stronger
Ultimately, the most important thing for any woman to do, says The Cash Queen, is to make the decision to create wealth for herself. “That’s when your fortunes, so to speak, will change: you are making the choice to learn more and do more so that your finances can be strengthened. Once you do, you’ll find a completely different financial future waiting for you, and you’ll never regret the sacrifices you made to achieve it.”
For more information on how you can experience the peace of financial security, please visit https://thecashqueen.com/.
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