"She can work, she can earn, but she may not know how to make the right investment Decision / '' Women don't know how to invest!"
It's high time that we challenge this thought.
This blog post aims to explore the problems associated with financial education and foster financial independence in women. It offers actionable advice that women can use to improve their financial future. If you are one of the millions of women wishing a better life today, start planning your finances today.
Women are the driving force, backbone, and architects in any area of work and society. Women are like a full circle who have the power to create, nurture and transform. But when it comes to financial decision making, they give way to their spouses to manage their finances thinking, that men can make more informed investment decisions. According to a survey, 58 percent of young women aged between 20 and 34 do this.
When women can manage, organize households and fit perfectly into any role, they also focus on their financial lives to achieve the security and freedom money promises and make informed financial decisions.
Women should ensure that they are investing their short-term savings in sources that help them grow financially in the future. These sources may vary according to various factors like risk, time, etc. Young women should not only save money but also learn about the importance of financial planning. A savings budget is an indispensable step towards financial independence.
Women in relationships should have both individual financial goals and goals for their partners. Both men and women in a family should share the financial responsibility of the family partnership, which will lead to a better future. If you think you cannot plan your finances as a woman, you can incorporate elements of discipline and concentration into your family's financial plans and skills.
Women, irrespective of their marital status, can begin to plan and invest. Don't be afraid to take the leap, start talking about money. Start making small investments into PPF, Diversified Portfolio Investments, or SIPs.
PRO TIPS TO BE A GREAT FINANCIAL PLANNER:
To have a secure future, you must make a retirement plan for yourself. Start investing as early as you can as every year adds up to the impact of compounding and, in turn delivering a more fruitful result.
Medical Expenses are the biggest enemy of our savings. So, make sure your family is covered under a medical claim.
A good investment is that which can give you higher returns. The returns should be good enough that they should be able to break through the inflation and help you live the life that you dream of in the future.
Make sure that you calculate your tax deductions every year and do your best to exempt them. Invest in various areas that will help you save tax.
Let the money work for you when you are at rest. A passive income source like mutual funds can make money for you even when you aren't working.
Have a mix of long-term and short-term goals.
SMART ORDER TO INVEST
Term Life Insurance
Health Insurance/ Mediclaim
Public Provident Fund (PPF)
Accidental Insurance
Mutual Funds
Stocks
Personal Financial planning is no rocket science. You need not be an expert to start investing, so kick start your investment journey today! Remember, if you don't care for your money then, you cannot expect someone else to take care of it!
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