Women have started playing a key role in various spheres of society akin to men. They are Doctors, Architects, Lawyers, Govt workers, Corporate Executives, teachers and many more. In fact they are at most times more efficient than men at what they do. But when it comes to Money matters.. women have traditionally leaned on a male member of the family for support.. either father, or spouse or any other member of the family has played the role. However we believe that it is time for the women to take charge of her finances and customize her investments to her needs. Why ?
More women are earning well and they have substantial amount of money at their disposal that needs to be planned and managed well. So be it optimization for tax purposes or for meeting long term needs.. it is important to plan investments effectively.
Women traditionally take a break from their careers to start a family or they may take a break as caregivers to support an elderly who is ill, however the need for money never stops. Planning finances better will help fund a certain portion of expenses when needed even when one is not working.
Today the cost of a good life means that both the husband and wife must pitch in with resources necessary to make it work. However inflation means that what is a Rs50,000/- per month lifestyle will need Rs 1.00 Lakh in 10 years time.. so the women’s money also needs to sweat more to grow better than inflation.
In times of turbulence in marriage or the demise of the spouse, the comfort that one’s finances are within one’s control is a huge advantage in helping the women feel emancipated.
Women’s needs for money are different from men, having control over their money means that they are able to fulfill their needs,, esp things like going out with their friends or an overseas travel to spend time with old class mates or even supporting elderly parents with medical expenses.. all these can be done by one’s own voilition if the funds are managed by self.
Things Women must remember in managing money :
Create a financial plan taking into account your needs for short, medium and long term funds.
Invest in a variety of assets like Gold, real estate, Mutual Funds, Bonds.. but before all this ensure you have saved for your taxes.
No FILL IT, SHUT IT , FORGET IT ! when it comes to investments.. review atleast twice a year ask questions and deeply contemplate if the investments are faring as per your plan.
Be prepared for losses.. you cannot make a profit without some losses along the way.. understand that it is perfectly normal. Just review to check if the loss is temporary in nature (life Mutual Funds when the equity markets are down) or is more permanent( if permanent then exit the investment and put it into something better).
Give it time.. you will get better with time.. initially even if your experience is not all that great.. keep at it … you will turn out a great investor in time. The best fund managers have made it there after 30 years or so. So don’t hope to get it all right on day one.
Seek professional advice if you lack financial knowledge, but take inputs and decide for yourself.
Keep your spouse and near ones informed of your investments and the nominations.
Rebalance your portfolio atleast once in 2 years.
Take charge of your finances and am sure you will find life a lot more satisfying.
It is the responsibility of every WOMEN to be WEALTHY.