Have you heard your girlfriend say or a mom say, “I am not interested in the stock market, that’s my husband’s forte, or my salary is lying in my account, my dad will invest it for me later on?”

Majority of working women these days are satisfied by earning a good pay, and that is great because it is the first step towards being financially secured.

However, they usually leave the work of investing their earnings to their partner or parents.

The power of investments is unknown by them:

• When you invest your earning over a period of time, it grows, usually exponentially, because of the compounding effect, and helps you in achieving your life goals.

Just on salary you may not be able to cover all your expenses and meet all your goals, and will have to depend on someone else.

This might lead to a compromise, which is not bad, but why do it if you can live life on your own terms - with the help of financial knowledge & planning.

GAIN FINANCIAL KNOWLEDGE

The first step towards a better financial future is gaining knowledge of financial products in the market:

• Taking an interest in them, and making the effort to understand them.
• It might seem difficult in the beginning, but there are many resources / articles / and publications available out there to help.

It’s a guarantee that once you know about various investment avenues and the returns they generate, it will automatically peak your interest and you will want to venture further into it.

As per data over 80% of Indians own a bank account and only a 6% gender gap in that [1]. But most of the accounts used by women show minimum transactions. It is used for the basic purpose of saving money, and not investing it in other products.

This needs to change.

BE AN EQUAL IN PLANNING YOUR FINANCES

In India there has been a tendency of women relying on the men of the house to plan & arrange funds in case of emergency, purchasing a house or a car, children’s education, weddings etc.:

• Part of the reason is because most women leave their jobs to manage the kids & households, and don’t end up saving much.
• Other part is that women feel confident about leaving financial planning work on their partner thinking they would know better.

This could end up being a false security:

• First, women should believe that they are equally good if not better at managing finances.
• Second, in case of unforeseen events where you are left alone with complex documents & investment plans you feel lost and unable to manage the finances yourself.
• Or in case your husband leaves you high & dry you are unable to live the standard of life that you are used to.

Hence, such dependency is unwise in today’s times.

It is imperative therefore that woman play an equal part in planning the financial future of the family. This involves planning her own personal finances as well in conjunction with the goals of herself and her family.

PLAN YOUR FINANCES IRRESPECTIVE OF WHERE YOU ARE IN LIFE

Whether you are single, or just married, you would have dreams and aspirations. Be it owning a car or travelling internationally. Having a good retirement fund or giving the best care to your parents

• It then doesn’t matter where you are in life. You should immediately start planning for it.
• Being able to fulfil all your dreams yourself is real financial independence. And this what all women should aim for
• It is an exhilarating feeling to have the power of meeting your life goals without depending on anyone.

Don’t wait for marriage of for your parents to give you that trust fund when you need it. Be independent of these. Buy your own clothes; even better buy your own diamonds!

CONSIDER INVESTMENTS AS SHOPPING

It can be made a universal rule that females enjoy shopping--whether it is for clothes, for groceries, or for household goods. Consider investing in financial products like shopping:

• You research, find out what is doing well (or trending in fashion terms), analyse your risks & returns, and finally make a decision.
• A few hours every day or even every week is enough to start making good investment decisions.
• Buying these products has become so much easier due to digitization. With online accounts, linking of bank accounts, and other facilities given by AMC & other Financial Consulting Agencies.

CONCLUSION

From being confined to their houses to going to moon women have come a long way in proving that they are as good as any man in any profession.

Like Chacha Nehru said, “… once she is on the move, the family moves, the nation moves.” That is the power of women.

[1] Outlook India