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The word ‘Finance’ typically means managing money. Like other management theory, it also requires detailed study & analysis. Rather in today’s world, it has become a routine activity, it’s inevitable. One has to essentially learn the art to manage it wisely irrespective of the gender. In today’s millennial generation, there is already a lot of awareness amongst women about this aspect of life. We are becoming more independent, our life goals aren’t traditional anymore. We are now shifting towards more of an individualistic attitude, we got our own goals, ambitions, aspirations which needs to be addressed in well document manner with understanding of the probable outcomes of an investments. We should be well aware that things may not go well planned owing to some uncontrollable sets of events. Here are few tips which I would like to share

We are becoming more independent, our life goals aren’t traditional anymore.

  1. START EARLY: In schools I wish we were taught M for “Money” & I for “Investment”. Whatever stage of your life you belong, a school student or a college student, a trainee or a professional, married or single, whatever, you must invest and then spend whatever is left after investment.
  2. DEFINE GOALS: Remember, money is a short term solution for a long term problem. Investment is the only right solution which will help you realise your goals. Goals may be subjective depending upon what stage of life you are at right now. It may be educational, professional, travel, marriage, child education, etc. You must be aware of your financial environment. State a fixed amount you may require after a certain number of years (consider inflation) and accordingly make financial decision as on today. There are plenty of applications which gives you such result on click of a button. It is no rocket science. Have one such app on your phone
  3. RIGHT MIX OF INVESTMENTS: There are plenty of investments options available which you may explore depending upon your risk appetite and your knowledge. Fixed deposits, PPF, EPF, SIP’s, Pension Schemes, Equity Investments, Debt Investments, Real Estate, Gold, Start up investments, P2P money lending platform etc. You may be working professionally or a house maker, it doesn’t matter. We all are expected to understand the right mix which will fetch best results. Sometimes funds remain unutilised in business which can be invested wisely in short term assets. Always consider your loans outstanding while planning.

    There are plenty of investments options available which you may explore depending upon your risk appetite and your knowledge

  4. BE REGULAR, RELIGIOUSLY: It’s not a onetime activity. You should be regular with your SIP’s, monthly commitment, repayment of loans, EMI’s. Usually we observe that we get little lenient when we don’t see returns. Please remember long terms investments yield results only after a certain no of year. You need not panic and discontinue unless there is a strong reason to do so. As your earning fluctuates, you need to reconsider your investments strategies. Take help of a professional, if needed.
  5. BANKING TRANSACTIONS: Please ensure that you have a good track record of banking transactions as it helps you strengthen your financial records which may help you in getting business or personal loans when needed. All business transactions must essentially routed through banking channel. Please never ignore that CIBIL score is very important aspect for your financial health. CIBIL doesn’t take into account your cheque bounces be it in terms of your regular financial transaction or payments of your SIP’s or mutual fund , but if bounces are made of loans or credit cards it will definitely affect your score
  6. INCOME TAX RETURNS: Have a PAN CARD for self and business. Be regular in filing of ITR. Tax planning is appreciated, not tax evasion. Show true numbers as it will fortify your financial history which will help you in seeking investments in your business or getting loans for business expansion.
  7. INSURANCE: Must have term insurance and adequate medical insurance coverage. This is a must in your portfolio. Be careful in buying such policies online as it may be have exclusions which might be detrimental to your interest.

Views are author’s own. Any advise shared there in is not that of SheThePeople

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