WOMEN’S GUIDE TO A RICHER 2018

Investing or saving money is a rare feature on the to- do list of women. Most of the girls’ resolutions are loudly saying, “Earn more and spend more”. This status is incomplete. First is to earn, then save and then spend with whatever is left with you.

One should translate their saving into meaningful investments. Let us make 2018 an year where we should discover a route to follow richer life. We must keep the following 5 points in mind.

1.      De- Clutterise the investment portfolio: of course, everyone will feel fresh after removing the unwanted clothes from the wardrobes. It helps you in reducing your decision making time and makes you feel organised. Same is the case with investments. Look at the financial documents your dad or elder brother might have invested into. You will surely find some provident fund policy or money back account. Study about how much it is worth of and if it is into your senses, keep it, otherwise redeem it. So firstly, weed out the old investment techniques from your savings portfolio.

2.      Make a habit of reading a jargon: financial information and news could be intimidating for you. You will not feel scared if you look for the right resources for you like online portals or financial blogs which will explain the concept of jargons in a clear way. So your second resolution should be to read out one financial term or jargon every day.

3.      Choosing the correct way of investment: consider making investment like shopping medicines. Like you go out to select fresh vegetables or buy it from a grocery store online to save time. In investment also, you may seek help of some financial advisor or bank. But you have to be careful and see whether the financial advisor is doing so in his or in your best interest. You will need a registered broker in case of stock investment. In case of mutual funds, you may register with the company directly or with the help of an intermediary who will all the necessary paper work and will advice you where to make investment.

4.      Choosing right investment: always remember 3 cardinal rules while picking up an avenue of investment: 1. Returns: is that investment giving you a fixed rate of return or is linked to market? What adjustment will it offer in case of inflation? 2. The period of investment: is it possible to withdraw money whenever you need it? Will there be any penalty if you withdraw money before the prescribed time period? 3. Tax efficiency: what amount of tax you need to pay for any sort of gain or income aroused out of that investment? Enquire about the post- tax benefits of that investment avenue.

5.      Keeping it simple: whatever your financial goal is- creating wealth for long term or higher education expense, you should not go for complex products of investments. If you are investing for long term wealth, it means you are investing in an avenue which will grow your money with time. And if you are investing to attain a short term goal, it means you are investing in such type of Investment Avenue which can offer safety to your principal amount.

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