Women are taking the lead professionally and are growing at a pace like never before. But having said this, there is still one area of concern where women lack the confidence and that is the finance. Given the lesser earning, women in general tend to save lesser than the men. This further leads to no-risk investments and depending on others when they exhaust whatever they have saved. So how do we combat this? How do we as women take the bull by its horns and know what precisely needs to be done with the pennies that we earn at work? Here are few tips.
- Open up and TALK about it:
It has been observed that women are hesitant to discuss their finances with others. This comes with the fear that don’t understand much about the subject and they might state something silly which might let others judge about them. But how will you know what kind of investment best suits your requirement unless you talk about it? For you to understand about equity, shares, deposits or anything you first need to discuss. Learn along with your friends and query when you have to. Don’t be hesitant. The more you know the better it is for you to create the right portfolio of investments. This will lead to your financial stability and growth.
- Prioritise the investments:
Always plan based on your goals. As much as saving for the long term is important, you must also save for any immediate needs. So plan and prioritise. Understand the kind of returns that you are expecting, the sort of financial options that you have to achieve the gains and then choose to invest. Be smart when it comes to money management. Know the expected changes like whether you are going to get married, if you are planning to change the job or have a child and accordingly spin your finances around it.
- Take some calculated risks:
A little bit of risk will help you get some excellent returns and it won’t hurt you too. So go for it. You can have a blend of investments that will fetch you better returns. Such as mutual funds, shares and stocks, commodity market etc. You can choose either of these along with fixed deposits, SIP and so on. The only way to master these is to know and try. Instead of investing huge money you can start small and as you gain the expertise, you can invest further.
- Ask for help:
If at any point in time, you feel stuck with any of the question seek a financial advisor who will be able to guide you through. But before you make an appointment, sit back and make a list of all the questions that you want to clarify. Know it all at the back of your hand. From taxation to fees to investment philosophies, there is a plenty to explore.
- Always act:
Once you have gathered all that you need to know, the next only step is to ACT. You will only know to handle it better with experience. So use your tricks, instincts and knowledge to build you own investment portfolio and make every effort to make it right. You will for sure enjoy the returns.
Take charge of your financial independence and sort out your money so that you get enjoy your retired life, just like everyone else. Be independent and that is what makes the whole difference. Happy minting!