Serial entrepreneur and founder of DailyWorth, Amanda Steinberg has created an online community geared towards women who talk money. DailyWorth helps women earn more, save more and spend smarter through best practices on money management. Since DailyWorth’s launch in 2009, the newsletterhas garnered close to 1 million subscribers.
Amanda shares her 5 tips on how best to achieve financial freedom – tips that everyone can use. It’s one thing to say you know how to take care of your finances but it’s another to truly apply yourself.
5 Tips to Financial Freedom
1. Make Money Your Friend
Many women think “I’m not good with money,” and avoid it altogether. Instead, consider that money can be a source of freedom and choices in your life, not just anxiety or stress. You can save and invest, as long as you believe that you are worthy of earning for and supporting your future.
2. Believe That Managing Money Can Be Feminine
Women are taught to adhere to “feminine” social norms like being sweet and selfless. Simultaneously, we learn that hoarding is greedy. So we see saving money as selfish. Instead, consider that saving and investing money is necessary to your long-term independence and self-reliance, no matter what.
3. Passion does not always lead to Earning
Often you hear experts say “pursue our passions, the money will follow.” I disagree. Being exceptional and pursuing one’s passions does not always lead to success. To earn and save money, you have to value yourself and your bank account, and ask for the money you deserve.
4. Stop Punishing Yourself For Spending
Ever feel buyer’s remorse? Of course you have. The problem with buyer’s remorse is that it contributes to mixed feelings about money, which can lead to resentment and sub-conscious emotional spending. Invest in quality products that enrich your life and let go of the guilt.
5. Balance Your Spending And Saving
Social etiquette can really burn a whole in our pockets. Birthday gifts, wedding gifts, big dinners out – why are we spending money on others when we are not saving for ourselves? Play a game where you invest money each month equal to what you spend on gifts and clothes — you'll be building net worth without feeling deprived.