Ladies, Be Limitless! Unlock the power of being financially independent by managing your own money
Financial independence is not just paying your bills by yourself. Historically, women have lacked the confidence to invest which stems from the stereotype that men are inherently better than women at managing money. Fidelity reports that only 9% of women think they are better investors than men. Women tend to shy away from investments, despite knowing the potential benefits associated with them.
Women constitute half of India’s population. A recent report by Axis - My India found that 85% of women were not making investment decisions independently. 63% of women found financial terms difficult to understand, while 33% were not investing at all and 22% were not aware of investments in their name.
To be financially stable, women should devise a financial plan keeping their personal goals in mind. Setting financial goals and taking measurable steps to achieve them is important. Women should follow a systematic approach to building wealth in the long run.
Steps to be financially independent
Step 1- Build an Emergency Fund:
The first step to financial independence is to refrain from relying too much on credit cards for your last-minute expenses. Instead, creating an emergency fund would reduce such unnecessary debt to pile up in the future.
Step 2- Define your Objectives:
Set a clear investment objective before you start making your investments. Common investment objectives include protecting and growing wealth, generating passive income, and increasing overall net worth. Investment Goals should be“SMART”
S-Specific M-Measurable A-Achievable R-Realistic T-Time-bound
Step 3- Evaluate investment Options:
The makeup of the portfolio depends on the person’s ability and capacity to take risk. It is important to understand different investment options and evaluate them to create a balanced investment portfolio.
Step 4- Monitor investments:
The investment portfolio should be reviewed to monitor its performance. Tracking your investments will get you closer to your investment goals.
Step 5- Plan your retirement:
Retirement is the point in life when you stop actively working for money and start living off your life with the money accumulated during your working years. The best time to retire is when you have saved and invested enough to live comfortably without being dependent on anyone to cover your expenses.
Women in India still have a long way to go to achieve financial freedom; a wave of change is underway. We've all heard the saying, “Be the change you wish to see in the world.” This is for all the ladies out there, come join FIKAA to empower women so they can learn, invest, connect, and grow together.
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