Choose – Budget – Plan – Review – Grow
Ask – When? What? Where? How much?
When – If not yesterday then today is best day for your investment. It is advisable to start as early as possible.
What is financial planning investment and how it helps?
Choosing the best investment option:
It is not only important to invest, but also to choose your investment plans wisely. This stands true for everyone, not only women, but it is especially important in the case of women because they tend to have a longer life span. It is very important to start planning for retirement or for financial stability in the event of a partner’s death.
Where to invest
Research & Plan: Take a Certified Financial advisor’s (CFP) if needed:
Since the financial world is full of technical jargons and complexities, a thorough research before buying into a financial product, including considering factors like inflation, return on investments, market sentiments, and taxes while planning your finances. Seek advice from an expert if needed, but eventually make the final decision on the basis of your judgement and thorough research. Plan, calculate startegise and research before investing.
How much budget:
Many women in India still depend on their husbands for financial decisions. With growing complexities in life, it is advisable for a woman to take charge of her financial life as she may be in a better position to predict her needs going ahead. For this, making a budget that fits one’s requirement with ease and should be flexible enough to accommodate needs with time. It is advisable to start as early as possible and select investment options which will also help you save in taxes.
Review progress on savings and investments regularly:
After carefully planning and investing, the next, and constant, step is to review your finances regularly. You need to be on the top of your investment when it comes to managing finances with respect to the changes in your life — marriage, becoming a parent, career changes, moving abroad/shift, and so on. Then there are other (statutory) changes that are beyond one’s control — changes in tax laws, interest rates, inflation rates, stock market volatility, and recession — so make sure you plan ahead of time and are always ready to accommodate these changes.
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