How is your relationship with money? Are you showing up for yourself financially? It’s time for you to start looking at yourself as an asset. And a huge part of that means making sure you’re building assets for yourself by making strategic financial decisions. Being strategic with how you use your money now will set you up for financial success in the future. In order to have financial success, you need to start developing a financial safety net. What I’m talking about is creating a Power Fund.
As I’ve grown in my career, I’ve prioritized setting up my future for success. I invest in myself and in what I call my power fund. I grow my top-line income, reduce my expenses, save the difference, and then invest it in ways that will grow my wealth and financial stability.
Having a Power Fund Gives You Freedom
My power fund gives me the money to make decisions from a position of power instead of one where I have to take a job or do something that doesn’t align with my values out of sheer financial necessity. I stopped feeling that panic of needing a job right away and had the actual time to really look at what I wanted and what job was right for me, my family, and my future. It is so essential and has been incredibly helpful to have this financial cushion in place.
Having a Power Fund gives you the financial security to make decisions from a position of power rather than out of pure financial necessity.
At first, the idea of cutting down on expenses or changing the way you’re living may seem daunting. When I was first starting my power fund, many of my friends thought I was missing out on fun experiences. I was living frugally and saying no to a lot of those consumable expenses. I made some sacrifices in order to have the future I now have today. I had to look ahead to what kind of future I wanted rather than only think about what I wanted in the present. And there have been so many times over the years where I have been so relieved to have this fund. This fund is what led me to the amazing work-from-home fintech career that I have today.
Having a power fund also enables you to be the best employee you can be. For myself, I’m able to tell my employer precisely what they need to hear, not what they want to hear. I don’t have to worry about losing my job because I have my financial cushion, which allows me to just focus on my work to the best of my ability.
Be Prepared for the Unexpected
Sometimes life throws us curveballs, and things happen that are totally out of our control. Giving yourself a financial safety net is one of the best ways to prepare yourself for the unexpected.
There have been many times in my career where things have happened that were unexpected. For example, a few years ago, I was in a bad car accident and then was laid off from my job the following week. Because I had my power fund, I negotiated my next role from a position of power rather than pure desperation. It was right before the holidays when all of this happened, but I still felt relatively calm about the layoff, and I was able to negotiate multiple opportunities because I knew that I had time to find the right option for me, not just the first one that would pay the bills.
Get Started, Now
It’s a lot to think about, I know. But you don’t need a ton of money to get started on building your Power Fund. Just commit, starting today, to set aside a little money and to do so consistently. Looking for help staying committed? I created the DevelopHer Membership for just that. It’s a community filled with hard-working women in tech who hold one another accountable and support each other. The membership exists to help you learn to communicate better, negotiate your worth, and build your value. You can check it out here.
It might mean assessing your current expenses and seeing where there’s room to cut unnecessary spending. Even if this means cutting out that cup of coffee in the morning, or those take-out dinners at night, trust me, it’s going to be worth it in the long run. Chances are, if you really look closely at your expenses, there is room for improvement.
As you grow your power fund, keep track of how much you’re saving. Keeping track of your expenses and watching your finances grow will help build your confidence and sense of security.
Creating a power fund is one of the best decisions I’ve made for my career. There is no time like the present. The sooner you start, the sooner you start building long-term wealth – so what are you waiting for?!