Every woman 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, in fact
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 often 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, it’s much easier for them
to instil 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.
5. HAVE ADEQUATE LIFE INSURANCE :
Have adequate insuarance for not just your spouse but yourself too.
Majority of woman are these days earning by themselves. Insuring their lives ensures financial support towards her family in her absence.
And most importantly make sure that your life partner when he takes life insurance, he takes it under MARRIED WOMAN'S PROPERTY Act (MWP)
Let me explain MWP Act in short.
When a death of life insured happens, the proceeds from Life Insurance claims firstly goes towards any pending loans to be paid off before anything else.
But under MWP, the entire WILL GO ONLY TO THE NOMINEE and thus MWP is of paramount importance.
You can find more about MWP in this blog
FINALLY,
Women need to remember that it’s a matter of fact, that Women tend to LIVE
LONGER than men and at some point, of time, they HAVE to manage finances on
their own.
So, the earlier they learn to handle the better.
“Don’t
give away your earnings to men in the family for investing on your behalf.
Identify your short term, medium-term, long-term goals and align your investments
towards the same.
Better to take an help of Expert.
AND
DEAR MENFOLK,
If you truly respect Women's Day and respect her, love her
then
ensure that she enjoys every day in her life and not just today.
Gift
her a SIP.
Without
HER, even HERO is 0.
All the best,
Srikanth Matrubai
https://t.me/joinchat/AAAAAELl4KUnaJzi-JJlDg/
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