More than ever, women are living longer than men. Women are assuming greater professional and leadership responsibilities, while still managing their personal and family finances.
Questions that we need to ask ourselves:
● What do I own? – Assess where you are currently, with your investments/ assets – physical and financial.
● What do I owe? – Bring down bad loans, if any.
● What are my goals for my money? – Write down your financial goals; short term, medium term and long term financial goals with amounts and the year in when you need them. Prioritize those goals and start with the first three more important ones.
Key points to keep in mind.
1. Invest in retirement – The National Pension System is not talked about enough, with it, you can create a corpus dedicated towards your retirement & also avail tax benefits on payment above 80C.
2. Protect against the unknown – Take term insurance, there are several tools to help you assess the exact values. Be involved in family finances, it doesn’t mean that you have to be involved in the day-to-day aspect of it. But even just starting with understanding where are the assets, how are they invested, what’s out there? The last thing you want is something unexpected to happen, and you being unprepared to handle it. So even just understanding what your situation is a good start.
3. Get financial education – Getting a better understanding of money takes work, but it doesn’t have to be overwhelming. Equipped with the right attitude and education, women can feel empowered and confident about their financial future.
I am a strong believer in the live well and save smart philosophy. Investing is not as hard as it is made to sound. You can educate yourself on your investments through the journey. Equip yourself to ask the right questions and don’t fall into any sugar traps of returns and multiplied money.
Women’s investments are no longer an option, however a reality and a priority. Invest for you.
If you have any concern, please write to us at dipika@mywaywealth or call at 7975755821, we would be happy to answer your query.
Dipika J (VP, Business development)