Financial Advice for Women
As more women enter the workforce, they earn enough to spend,
save, and invest. They also feel the need for professional financial
advice. They need to develop plans for their retirement, to
settle their estates, to invest in the equity and financial
market, and to save as much as possible while paying their
taxes. They may need advice in investing their assets or they
may need a financial
advisor to take investment decisions for them. As a working
woman, or as a homemaker, you may need to heed to the following
financial advice: * Begin with an assessment of your financial
position. This is important, whether you are at the beginning of
your career, are planning to get married, are already married
with children, or are nearing retirement. What are the financial
goals you wish to achieve? Do you want financial independence
for yourself, your partner, and your family? How soon do you
need to achieve these goals? Once your assessment of your
financial position is ready, you can begin to make plans. * Make
a habit of spending money only on essentials and saving as much
as possible. Make a monthly budget and stick to it. Try to avoid
debts by limiting credit card use for essential purchases only.
Consider all the implications before taking a loan. * If you
want to marry or retire in the near future, you need to begin
planning and saving for it as soon as possible. Financial
planning becomes even more essential when you and your partner
decide to have children. You will need to make long-term
financial plans for children's educational needs or to settle
your estate. * Nowadays, employers no longer offer retirement
benefits, so it is up to you to plan your retirement wisely.
Begin your investment in a good pension plan early enough to
enjoy a comfortable retirement in your old age. * You will need
to learn about the equity and financial market to invest your
money wisely. You may need the help of a financial advisor in
the early stages, but you need to read financial books, reports,
and articles to learn about shares, mutual funds, and bonds to
make the right decisions. * Learn about and invest in insurance
schemes, health plans, and bonds that give you tax benefits.
This will help you and your family members if anyone falls
seriously ill and has to be hospitalized over a long period of
time.