8th March is here, and the internet is flooded with stories on #WomenEmpowerment, #WomenRights, #WomenPower, #WomenIndependence etc. But this email is not about the women’s day celebration.
The reason we are sharing this story is, that women’s day is not just a one-day celebration. At Research & Ranking, we believe that it is about taking small steps every single day to make yourself truly an empowered and independent woman.
As Hillary Clinton rightly quotes, “Women participate in the economy, everyone benefits”.
The one thing we keep hearing till now is:
Women can’t take an active part in investing.
That women don’t have business acumen as men.
And many more…
The reason can be attributed to an apparent lack of interest in investing. In today’s world be it, men or women, everyone needs financial independence.
Let us share a few ways of how a woman can make her own financial choices, financially literate and lastly, financially independent.
Stop feeling helpless:
Yes, the first thing is to stop feeling helpless and become a captain of your ship. Take onus of your financial life and stand on your own feet. Many women due to financial dependence continue to tolerate violence, especially in underdeveloped cities. Don’t get scared with investing, believe in yourself surely as there will be ups and downs in your investing journey. Take charge, create a source of income you need to survive on own, so that you never have to feel helpless again.
Create a plan:
Failing to plan is planning to fail. Before you take any action, spend some time on introspecting about your life goals, financial objectives along with the timelines you wish to convert your dreams into reality. Is your goal marriage, education, child’s future, retirement, building a contingency plan, etc.? Once you are done with the bigger plan, break them into smaller sections with the time and process to measure your success.
Create a pipeline:
It is not surprising to see many Indian working women. Great, but are we building our future? What we are earning, may exhaust one day but our expenses will never. So, what are we doing about that? Invest. Invest anywhere where money can grow. Try to understand your risk appetite and investment horizon, etc.
If you want to play it safe and complacent with decent returns, invest in FDs, Gold, Post-office savings scheme, etc.
But, if you’re looking for high returns and ready to take calculated risks, invest in mutual funds, equities, etc. But invest in what you understand. And invest for long-term. And, if this looks complicated to you, it is always advisable to hire a financial planner. Once you start investing, keep track of your progress by monitoring it on a periodic basis.
Follow your passion:
What are you most passionate about? Or what you like to do most? Know your passion and spend some time on things which rejuvenates you.
You may like to spend some time in a salon, solo travelling or maybe enjoying a cup of coffee with your favourite book.
To summarize, the key change that you have to make is the shift in mind between “I can’t” and “I can”.
Women have the infinite power within them to become whatever they want to. An investor. An entrepreneur. A leader. A sports player. All you to do is tap your energies. Use it & Spread it.
I want to pass this message to all the women- Don\’t depend on others for women empowerment, all you need to do is stand on your feet. Make sure that you become so strong and brave, so just like the game of chess, you can be the queen that can protect the king.
Related investing topics
Read more: How Long-term investing helps create life-changing wealth – TOI.