As we, the Generation Y women, go out into the world we will learn many new things. We can always depend on the advice from our elders when it comes to some things, however. For example, we have heard again and again about how it is smarter to buy your car than it is to lease. The same argument can be said about renting an apartment vs. buying a house. There is a certain security in knowing that your money is going towards something that will be yours in the end. But there is something else we all often rent that I do not get as much advice about; your job.
Now when I say renting to own I mean it the same way I do in the sense of renting an apartment or leasing a car, you are putting your money/time into something that you cannot guarantee will be yours. What if the company goes under, or they decide to downsize? If you are living paycheck to paycheck or do not have income coming in from another source, this could be a serious problem. Now many relieve this fear by joining a dependable company that offers a lot for its employees. Others relieve this fear by signing contracts that protect them from termination for a given period of time. I have recently discovered a new way to relieve this fear for myself with my job, and that is by finding a second source of income that I can depend on no matter what.
I do this of course through investing. Now I am definitely a beginner, but after reading some good literature on the topic, I think it is right up my alley. When people hear the word investing the first thing that comes to mind is stocks, but there is much more to investing than that! You can invest in a business, CDS, real estate, mutual funds, etc. The idea of investing is making money regardless of if you are working or not.
So for those who have thought about starting a business one day, keep these things in mind, now may be a good time to start. For those who feel intimidated by the topic just take some time to educate yourself about money and investing. A few great books I have read/am reading include:
I believe that generation Y women are a little different from earlier generations just because we want it all. We will take an enjoyable life over anything else and we have no problem doing things a little differently than the traditional view. I am still learning myself as I said before and if you ever want to pick my brain on what I have learned thus far feel free to comment below or contact me on our contact sheet. I am not saying you should quit your job right now, but work toward your future now. And just keep in mind that when you are your own boss, your financial future is in your own hands.