Hello Readers!
Women today are well educated and independent, they have excelled themselves in almost every field. They are capable of completing their desires and choices, but what they lack today also is the confidence to manage their finances on themselves.
In fact, as per a survey done in 2019, only 33% of women make independent investment decisions. Most of the women still depend on either their father or husband to make decisions for their finances and financial planning for the future. However, the women must understand the importance of managing their finances on themselves. It requires a cultural and mental shift to break this stereotypical approach to money and become independent in managing money.
Let us know what the reasons are, that would let a woman understand, why she must take her own financial decisions.
It Will Increases Your Life Expectancy!
Women’s have a higher life expectancy as compared to the men’s, that simply means that will require more retirement corpus than compared to your husband. A longer life may also mean more health care costs and lifestyle expenses.
Secondly, research and study show that women are prone to critical illnesses like cancer. This all means that a woman needs to plan a big corpus for their retirement and medical expenses. This can be achieved if you plan to start a SIP in an equity mutual fund.
A small amount paid in the form of a SIP at any pre-defined interval may help you bring together a big sum for you to have a comfortable retirement. Starting the SIP at a young age helps in gathering better returns in the long run as you benefit from the power of compounding.
You Can Plan Break From Careers!
There may be moments in your life when you may need to take breaks in your career, and in those months or years, you may want to be financially independent. Whether or not you anticipate these breaks, mutual funds investment can help you prepare for these situations. With the help of the Systematic Withdrawal Plan (SWP), you can even opt for getting a monthly amount withdrawn from the mutual fund scheme.
Be A Role Model!
For your children and for other women who are part of your life, be a role model by planning your investments and finances. It promotes a healthy mindset and teaches them about independence, and the financial maturity women can have.
You May Want Financial Security For Various Goals!
If you are a working woman, then you must have your own goals that are separate from your spouse and you need financial security for them. It is better to safeguard yourself against any helpless situation in life. It is advisable to have your portfolio of investments that has different investments catering to different life goals as per your risk appetite. For example, if you choose to invest in mutual funds, you can invest in ELSS (Equity Linked Savings Scheme) for your tax-saving requirement, in liquid funds for your emergency fund requirement, in debt mutual fund if you have a low-risk appetite, and so on. This way, you will have your financial plan to counter any situation.
For any kind of query you can contact us at Shri Ashutosh Securities Pvt Ltd., we are here to help you in any way possible.
Happy Investing!
(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee to future returns).