Sunday, March 8, 2020

WOMEN : HERE'S HOW TO BE FINANCIALLY INDEPEDENT



The women of 21st century are equal to men in every aspect and therefore should plan their financial portfolio to have a independent and stable life. Gone are the days, when only asset, where women used to invest was gold.


My Women's Day article published in PROFIT PLUS, Kannada Magazine

Every women should invest in diversified options for her financial fitness and independence. There are various options for women to invest her money like equities, liquid funds, gold bonds, insurance covers, real estate, if possible

1. Buy Less Gold Jewellery and rather look at alternate Gold Options. 
If you are buying Gold Jewellery returns, then the bad news for you is that  gold jewellery does not provide recurring returns or interest income, infact it is never sold at a prevailing gold rate, due to additional making charges.
If you like  investing in gold, you should go for Sovereign Gold Bonds, Gold ETFs and E-gold as they provide regular interest income, safety and have no making charges unlike jewellery.

BEST way to invest in Gold is via the Sovereign Gold Bonds. 
SGB is a tax-free, risk-free method of buying and accumulating Gold.
In fact, besides the appreciation (whatever) from Gold, you get an additional incentive of 2.5% interest on the Initial Invested Amount.


2. Restrict your urge to shop 
Women are oftenn tagged as shopaholics.
Going overboard with your shopping spree with readily available plastic money or EMI options can diverge you from being a prudent spender to an extravagant spender. It does not mean that you kill your passion for shopping, but it is essential to draw a line between need and greed for shopping. Of course, one should indulge in the things which give you happiness (shopping could be one of those). But, it is also essential to manage your finances ideally and try to channelize them in a productive saving vehicle



3. Don’t rely solely on your partner for financial actions
 Women cook healthy meals, look after the well-being of our family, but they miss out on being financially healthy. This is where a woman has to take charge and be more involved in money matters.

All in all, it is not just essential but imperative for a woman to be as ‘aware’ about the essence of financial investments and hence making the right financial decisions!

When finances are concerned, they aren’t as confident and knowledgeable about financial matters as men. This problem persists even as women handle many of their families’ routine money management duties, like paying bills and making many purchasing decisions.Thus, it is important to be financially literate and take an active part in your own and your family’s financial decisions.
You and your spouse make a TEAM and thus your participation is vital and inevitable.


4. Diversify your portfolio:

Diversification of investment portfolio is always recommended by experts. It helps in risk division and get effective returns. This women's day invest in various options like equities, mutual funds, gold bonds, Fixed deposits, PPF savings, insurance plans etc.

A women does not like saving too much, she loves having cash and buying things herself. But for being an independent and financially rich, she should invest in various options like equity, fixed deposits, PPF, insurance covers, real estate etc


Financial control is the biggest tool in your hand. Use it, and use it well.

5. Instill Financial Displine in your Children too :
Since women tend to more closely connected with kids, its much easier for them to instill the seeds of financial discipline in their children.
Make them aware of the steps involved in operating bank accounts, the pitfalls of wrong investing, etc.
Teach them the importance of Financial Goals and the advantages of starting early.



FINALLY,
Women need to remember that its a matter of fact, that Women tend to LIVE LONGER than men and at some point of time, they HAVE to mange finances on their own.
So, the earlier they learn to handle the better.



All the best
Srikanth Matrubai
Author of DON'T RETIRE RICH 
Certified Volatility Coach





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