In our busy day-to-day lives, prioritising investing can feel like yet another thing on an overflowing to-do list. This Wealth With Sophia column looks at how busy women can prioritise investing and get it done with ease to continue creating wealth
“I have no time. My to-do list overflows.”
Is this a statement that resonates with you when it comes to getting started with investing? You’re not alone. Lack of time is a leading barrier that women face when it comes to building wealth.
But, before you nix investing from your to-do list, rest assured that your journey towards a life of financial well-being is entirely possible with a mindset tweak, a few hacks, and some new habits that fit into your busy life.
See also: How I learned to prioritise myself again: a journey to self-care
A friend of mine recently shared her frustrations on juggling it all: “Not only do we have to manage our homes, take the lead on childcare, help parents as they age, but on top of all that still exercise, be healthy, prioritise our mental well-being and have a good skin care routine. And invest? How can we actually do it all?” She’s not wrong. How can we indeed?
Simply put, women just have no time. Women have increasingly moved into the workforce over the last few decades, yet societal expectations on women’s responsibilities at home haven’t changed. Juggling the needs of growing families, managing the household on top of the demands of building careers all fall upon women’s shoulders. A recent study showed that although women continue to gain more economic influence with increased participation in the labour force, they still contribute more hours at home towards housework and childcare. So how can we invest in a way that doesn’t add to our to-do list anxiety?
5 steps to invest for busy women
Women not only make less money, invest less but also live longer. The fear that women will outlive retirement savings is a real one shared by women globally. So, we simply must try to carve out some space in our to-do list to get this done. Here are some ideas on how to start your investing journey in ways that are time-efficient, empowering and inspiring:
- Reframe your mindset and motivation
Let’s face it, the things on our to-do lists that actually get done fall into the categories of “must-do” or “want-to do”. We need to reframe investing as a “want-to do” because it is so crucial to our future selves and our overall well-being and happiness. It starts with understanding your “why” for investing. Is it to save for a home? To be able to work less? To spend quality time with your friends and family? Whatever it is, keep your “why” close. Next, it’s about reframing our money motivations. Instead of thinking “I have to start investing”, let’s reframe that as “I want to start investing.” Now, combine the two: “I want to start investing because I want to spend more quality time with my family and friends.” This reframing of your mindset makes a tremendous difference in how we approach this topic. - Set aside five minutes every day (or week)
Next, it’s time to get organised and energised into action. Start by setting aside five minutes a day to take the first steps of your wealth journey. These could range from researching financial products like ETFs (Exchange Traded Funds), pinging a friend to ask for a financial advisor referral, or looking at what your retirement account or pension is invested in. Once you get into the habit of dedicating those five minutes every day, you can increase the time window—the key is to make sure it’s a window of time that you can commit to each day or week. - Embed financial wellness into your everyday habits
The trick to sticking to good habits is to make sure that you tack them onto existing habits. Are you a social media scroller? Follow financial media accounts for quick bites of micro-learning. Do you already write a journal? Spend an extra minute or two reflecting on your money actions for the week or celebrating the money progress you’ve made by writing it down. Whatever it is, make investing part of your everyday life. - Automate and simplify
Money should be boring. But, wait—what? Yes, creating wealth should inspire you. But creating wealth is the outcome of doing the most mundane, “boring” actions consistently over the long-term. Why not automate transfers each month into your investment accounts when you receive your salary? This is a small action that can achieve big results over time. There are also financial products that make investing for the long-term fairly simple, low-cost but also allow you to diversify your investing activities. ETFs that track broader stock indices are one such example. - Make it social…and celebrate your progress
If you have friends that you meet up with regularly, consider introducing the concept of money dates. It helps to share your challenges, possible solutions and especially your money wins.
Investing need not be difficult nor time intensive. It can also be an inspiring and empowering thing to do for yourself and your loved ones. So let’s make money “boring” by reframing the anxiety, simplifying the process, and most importantly celebrating your micro-steps with those near and dear. As the saying goes, all journeys start with a single step. Let’s take this step in a more efficient and inspiring way, together.
Christine Yu is a co-founder of Sophia. She is also a co-founder of Hong Kong NGO, Girls Just Wanna Have Fund$, a community of women learning together to prioritise their financial futures. Christine is also a frequent guest host on Sophia’s podcast The Money Makers by Sophia, which tackles topics on money and investing that affect all aspects of women's lives. On the show, she tackles interviews on money, mindsets and markets.
Front & Female’s Wealth With Sophia series is a collaboration with Sophia, a financial education platform built by women for women, to open up the conversation about money and help drive female financial literacy. The series covers all things money and investing to enable women to gain the confidence to take control of their wealth creation.