We are super happy to tell you all, that recently our Founder – Ashish Modani was invited to ‘She Talks Money’ – an event organized by SheThePeople TV in Jaipur to address the importance of ‘Why women should take charge of their finances’.
Ashish, while addressing the all women gathering made a very important point – “that three to four decades back, women were dependent on men as they were mostly homemakers but now the times have changed”. We stand in 21 st century wherein women are doing everything that a man can do but still shy away from taking financial decisions. He also added that “The moment women start thinking that financial planning is not their cup of tea and there is somebody else who is ready to take charge, you simply give them the authority to manage your money.” Additionally, other frequently-ignored aspects of this situation were discussed, which you can read about in detail in the article published by SheThePeopleTV here – https://www.shethepeople.tv/home-top-video/dependency-men-financial-planning-experts.
It’s 2018 and its time at least now, women take charge of their own finances. Thousands of women find themselves struggling with financial challenges every day; not necessarily because they don’t earn, but because most of them fail to plan for a rainy day. And the risk multiplies when women starts to think that getting financial literate and doing financial planning is a man’s job.
So here are the top five lessons in financial planning every Indian woman must learn:
1. Money management is not just a man’s job:
The stereotypical roles and notions should now be discarded. When we want our men to get into the kitchens and help women, women too need to help men out in times of need. And the most appropriate way to do that is to be financially adept. Remember for decades women have been considered as better money managers then men.
2. Kitty is not an investment:
Kitty parties are a great place to socialize, meet friends, eat food and have a great time. But your monthly kitty pool is no substitute for a sound investment option.
3. Define an objective :
Be it for a car you want to gift yourself, help your parents in their time of need or plan for your child’s marriage, define a goal you want to achieve. This is a very important step. The goal you define will help you take the subsequent decisions you’ll need to take in your financial journey.
4. Plan for the future :
With your goal defined, it is important to plan for it. You should devise a realistic plan. There are two aspects of this. One, the money you put in to achieve your goals should not affect your monthly expenditure drastically. You should be able to comfortably put aside some money to achieve your goals. Second, it’s better to take it slow and safe than to rush and fail. Systematic monthly investments can help you achieve a larger goal.
Sounds a bit confusing? You can get in touch with a financial advisor who can help you in setting up a plan that meets your goal.
5. Start now!
Time is an opportunity you can easily miss when it comes to investment. If one starts early, they’ll end up getting a bigger pay off at the end with a smaller amount invested. Want to know why? Read our article here http://www.investorshala.com/2018/09/19/4-reasons-not-delay-investing-money/
So ladies, it’s high time you start learning about money and how to use it wisely to sew a safety net for the future. At the end of the day, all of us desire freedom to make our own choices and live our lives in a way we deem right. To do that, financial planning and financial education will prove to be indispensable tools.