BE INDEPENDENT FINANCIALLY
You cannot be truly free without financial security. Every time you depend on others for money, you are reducing your own capacity to have a say in important matters. So start paying for yourself.
BUILD YOUR CORPUS
To start paying yourself, you need to accumulate money. So, the first step for financial independence is earning money. The second step is investing it and building a corpus. Otherwise, your money will just fl ow out without adding any value to your life.
INVEST EVERY MONTH
All you need is a small sum to start building your corpus. Invest as much as ?500 or ?1,000 every month in an MF scheme through a Systematic Investment Plan (SIP) and see your money grow over the years.
DIFFERENT MUTUAL FUND SCHEMES FOR GoalS
MFs can help you achieve different kinds of Goals. Debt Funds can help over the short or medium term. They can add a blanket of security to your portfolio. Equity Funds help achieve long term Goals and help you earn higher returns.
LIQUIDITY FOR EMERGENCIES
Idle cash lying in bank accounts is often spent easily without control. So it may be better to invest this idle cash and earn a return. Liquidity, however, is the key. This you can get through Liquid Funds. This way your idle cash is ready for emergencies.
PLAN FOR YOUR KIDS
You can use MFs to not just invest for yourself, but also to nurture your kids’ lives. There are many Child Plans available through which you can build a corpus over time for your kids’ higher education and other needs.
A truly independent woman would wish to remain so even after retirement. Investing in Equity Funds over the decades can help you earn an income even after you retire. Once you retire, you can use a Systematic Withdrawal Plan to get a fixed sum every month.