Hyderabad: Everyone needs a financial plan as it is a guide to achieving future goals. Saving and investing money are inextricably linked. Financial freedom cannot be achieved by saving alone. If women understand this and focus on investment .. it is like taking the first step towards financial freedom.
There is a misconception among many that women do not need insurance. This is a mistake. Whether you are employed or a housewife, you need to have a life insurance policy for a reasonable amount. Everyone in the Covid situation is aware of the need for insurance coverage. Preference should be given to traditional money back, endowment policies as well as term insurance policies. A health insurance policy is mandatory. There are also health insurance policies that apply to certain types of illness, especially for women. Priority should be given to selecting these.
Create awareness among people as they assume that they do not understand the investment. In today's world of information, it is not difficult to know anything. The same is true of investment schemes. Read business and personal finance news in newspapers. Watch investment-related videos on websites. This will give you an idea of how easy it is to invest. Nothing happens in a single day. What is needed here is to make sure your effort is flawless. If you make a habit of starting investments with small amounts .. you can learn quickly.
In order to get this benefit .. you have to start investing as soon as possible. For example, suppose you invest Rs 100 in the first year. It got Rs 10 with a 10 per cent return. For the second year, the original Rs 100 and interest of Rs 10 will be invested together for Rs.110. Then by the end of the year, it will reach Rs 121 with the same 10 per cent return. It goes on like this .. for years a large amount of treasure gets into the hands. So, from now onwards from the word go let us start investing.
Over 50 per cent is for you. After marriage, the employees give their earnings to the spouse. Investments up to that point will also be stopped. You need to do your part to help meet family needs and goals. At the same time do not forget your retirement goal. Care must be taken not to get yourself into financial trouble when unforeseen circumstances arise. You must invest up to 30-50% of your income in equities, mid-cap and hybrid funds with a long-term focus.
If you get a job immediately after finishing your education and it can be considered as a good opportunity. It should be used as a ladder for future financial empowerment. Priority should be given to savings and investment. These should be continued after marriage. In addition to hybrid equity schemes, schemes like Public Provident Fund (PPF) should be considered. These can be continued even with small amounts.
Consult good personal finance professionals for financial planning. Explain your goals and priorities and they will guide you. Currently, you need to strike a balance between your income and expenses. Always make sure expenses do not exceed your income.
Keep reviewing them from time to time. Emergency funding is a must. You should always have enough money in your hand to cover at least six months' expenses. Do not be attracted to fraudulent schemes. Money creates more money in the long run.
Read: Health insurance for senior citizens: How to select the best insurance policy
