With the onset of 21st century and the era that we live in, it’s important that women and men are required to be working to run the economics of the house. The standard of living that we chose for ourselves call for us to work harder but the most important part of it is knowing your economics and how you are going to budget your lifestyle.
Like they say “a woman’s purse is her world” you will find everything in it. Then why not investment. Take out that smart phone, and before clicking on social media, click on some financial apps and get to know how money can be made. If any education is required, open online websites and just type your query. We love our jewelry, but then why not target what we want by buying a Gold ETF fund. Our life is precious, lets invest in life insurance.
Investment is a thought which is same as having a thought of hitting a gym, it’s in the head, but we get lazy to actually do anything about it. Science says women can multitask better than men. They are powerful with their presence. Capable with their mind, honorable to their family, they are called Laxmi. So let’s represent that by putting our mind in building wealth for our own future and for our family.
Invest for Financial Independence: Women need to be prepared to face any unprecedented event like losing a job or walking out on a relationship. When they have the control of their finances, they are prepared to face the curve ball life throws at them and not feel helpless.
Invest for Future: We all aspire to be somewhere over a period of time. Be it a home maker or a working woman, you want to attain and reach a certain goal. Ask yourself what you need and work towards it. A new house you want to get for your parents, build fund for your child’s future education or travel the world. What every you desire, set the wheels in motion by saving and investing.
Invest because you make a good investor: Several studies show that a woman’s portfolio outperforms that of a man only because of the traits that women posses. They are risk conscious, willing to research what they don’t know and believe in “slow and steady wins the race”. These traits make them a better investors.
Money matters are not tough but if you feel intimidated, there are ways to help you out.
Learn the Basic: There are lot of online portals and YouTube channels which help you learn and understand the financial jargons and concepts. Visit these sites and educate yourself. If not much, understand the basic. Learn how to manage your money and easy avenues to invest in. We all know that money will not grow if kept hidden under the bed in a box. Put your money to work. Don’t let it sit idle.
Seek Professional help: Not everyone who invests is an expert. You need not be one too. You have Asset Management companies (AMC) and financial advisers who serves as your thinking partner and helps invest our money in a way which is best suited for your current and future needs.
When we slide the responsibilities, we invite risks like;
. When the responsibility falls on your shoulder unannounced, it will become too overwhelming to bare.
. The sudden delegation will require time to understand everything and catch up.
. When someone else is managing the finances, they may not understand or consider your financial goals or vision. You risk losing your say.
Woman may have spent years building a life at home and then with their spouse. Everything is in place; all the ducks are in row. Then what is missing? It’s not uncommon for couples to divide and conquer the chores. But delegating all your financial planning and matters is a mistake. You may buy time by handing over the task, but when crisis come, it will have its own repercussion.
So women, change the flow of the tide. Have a plan and stick to it without being swayed by the noise others make. It’s the time in the market and not timing that market that matters. Finance is not rocket science and even if it was, women have already been to the space and back.
In my next blog, I will talk about “How to know if you can you afford one working parent” So stay tuned.
Till next time
Stay Strong and Pray for our Country
This blog is a part of Blogchatter’s #blogchatterA2Z challenge.