As per LXME’s Women and Money Power Report 2022, 49% of girls are both not investing or are unaware of their investments. 58% of girls haven’t any insurance (life or health) of their title. 92% of girls stated they don’t entry any financial investment-related web sites. Yes, the quantity appears like an echo.
Well, it’s time to vary this.
If you’re not accountable for your personal cash, you’re not accountable for your personal life. We is not going to be totally equal with males till we’re financially equal to males. It’s time to prioritize your Financial Health this Diwali
As you worship goddess Lakshmi to bestow you with prosperity, take a look at the goddesses in your circle of relatives, be it your self, your mom, your sister, your spouse, or your daughter, and
them with the last word energy of financial freedom. Here’s what you should do:
1. Light the lamp of information: Lighting a lamp eliminates the darkness round us. Similarly, dispel the ignorance round cash and enlighten your life with the best financial information. Conquer your fears about cash and take cost of your funds. Knowing about money circulation, funding choices, the right way to choose funding devices for your targets, and so on is all the time a constructive level that may assist you be extra financially empowered.
2. Declutter and manage your funds: Like you clear your homes and places of work earlier than Diwali and provides away the issues which can be now not wanted, you additionally have to comply with the same strategy with your cash. Assess your finances and discover pointless bills that might be eradicated; this will will let you save extra. Ensure that your investments are in sync with your targets or aims.
3. Invest in Gold however the good way- It’s that point of the yr once more after we flock to the streets to seize a bit of yellow metallic. Physical gold, whereas thought-about auspicious and bought for its aesthetic worth, is ineffective as an funding possibility. This is as a result of loss in worth on resale. So this Diwali, put money into gold the good approach with gold mutual funds. It will act as a low-risk addition to your portfolio. As an asset, gold’s stability has stood the take a look at of time over time!
4. Benefit from diversification: Don’t you benefit from the selection that the Diwali celebration affords you? There are so many sweets and savoury choices in your Thali! Similarly, correct diversification in your portfolio helps you take pleasure in the advantages supplied by numerous financial devices. Make positive your cash is being invested in a wide range of asset courses, equivalent to equities, debt and gold primarily based on your financial targets. Remember, that diversification is crucial for a profitable funding.
While you’re planning your investments, here’s a guidelines of essential targets that you must plan for:
Build an Emergency Fund: An emergency fund may also help one keep afloat in instances of a financial disaster equivalent to the present one. This fund needs to be at the least 6 months of your bills and be shortly and simply out there when required. The cash needs to be liquid because you’ll want it when an emergency strikes. This fund will be created with a financial savings account or with liquid and arbitrage funds that concentrate on higher returns.
Plan for your Retirement Fund: Retirement sooner or later is nearly inevitable! Your bills will proceed however revenue will cease, So you’ll want an excellent financial cushion to maintain you thru your dream retirement! According to LXME’s Report, solely 2% of girls are investing for his or her retirement. So begin early, begin small and begin investing in property that leverage the ability of compounding like Equity Mutual Funds!
Prioritise Health & Life Insurance: Always make sure you and your household are protected with ample insurance. Uncertainties don’t knock on the door, they’re sudden and somewhat disruptive- emotionally and financially! So cowl your self and your family members with health and life insurance to make sure the financial stability of your household.
Take small steps, and chart out a financial plan with all your cash targets and whenever you need to obtain them.
Remember, To quote Chinese thinker Lao Tzu, “A journey of a thousand miles begins with a single step“.
With this, wishing you and your household a really pleased and wholesome Diwali and hoping you’ll take cost of your financial health for a affluent New Year by being the true Lakshmi.
