Today, women are at the onset of achieving financial independence. Being financially secure enhances your overall lifestyle. It imparts a sense of achievement. Investing can be a tough game if not taken seriously. Investment challenges faced by women increase, because of different factors. A few of them are mentioned below.
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You must be well informed on investment plans, insurance schemes, ROI (return on investment) for different products. When it comes to women, they lack financial education. They are blindly involved in the process of earning and saving. Proper financial education can enhance your earnings and savings.
Reading books, magazines, watching the news, reading articles on finance increases financial knowledge. There are a number of online articles and applications that help you achieve financial literacy.
See Also: Basics of Financial Planning
Most women try to achieve financial independence without basic financial knowledge which leads to unsuccessful results.
It is important to structure your emotions in such a way, that it has a positive impact on your investment decisions. Fear, confidence, greed, hope can all impact investment decisions. Structuring your emotions in simple words means realizing your positive and negative emotions and separating them from each other. Along with proper investment planning, emotional intelligence also plays a major role in an investor’s life.
See Also: Types Of Investment Plans
Risk tolerance: For wealth accumulation, you must have adequate risk tolerance. Risk tolerance is the ability to bear the risk. Women face uncertainty in income along with changing life events. Life events like childbirth, childcare, relocation can lead to uncertain income from year to year.
So, during these times, women prefer to save money in the bank rather than invest. This will help them cover emergency expenses. The fear of running out of money during such circumstances stops them from investing. Women on average live more than men. This means they must plan their retirement. They could opt for a financial advisor to manage finances if they can’t do the job themselves.
Financial role as a partner: It is necessary for women to realize their importance in managing finances. Often women leave financial responsibility to men. This is an indirect impact of the patriarchal Indian society. They tend to isolate themselves from financial planning and investment decisions until a situation demands it. It is healthy for women to be a part of financial management. At times, women make better investment decisions than men.
Investment is a means to earn returns. It secures your life from financial difficulties during an emergency. Governments, as well as private enterprises, encourage women investors in different forms. There are customized investment plans for women. Utilizing these opportunities results in successful investing.
Educate yourself. Overcome challenges. Start investing. Be financially independent. Let this be your motto for the year 2020.
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