It’s part of our life but we all do mistakes 1. Letting someone else handle the finances and investments – Women are experts in daily money management and can do the same when it comes to investment and asset building. 2. Quit Job losing financial independence – Quitting job is not the end of it all but can be constructive in self-employment as well household responsibilities. 3. Women tend to avoid investment related decisions – It is for the fear of going wrong, women avoid investment related decisions. The woman can be of major help to her spouse. 4. Not building assets of your own – Saving money in almirahs and investing in jewellery is not enough. Women should go beyond that and learn latest techniques to further build her assets while diversifying her portfolio for future needs. 5. Children are priority – Children are every mother’s priority, but a woman should also save for her own future. 6. Couples don't discuss their finances until something goes terribly wrong – There should be financial intimacy and mastery of finances between partners.- Ina Dhingra
For a successful retirement plan & emergencies fund, there can be multiple options. But in my opinion following can be important steps in planning for retirement & keeping funds for emergencies:-
Set your retirement goal:
Estimate fund requirement for financially independent retired lifestyle, considering your present cost of living & effects of inflation.
Start early: The sooner you begin the investment process, the better. The power of compounding always plays an important role in building the corpus.
Systematic investing: Systematic investment adds discipline to investment & also provides advantage of the rupee cost averaging.
Diversify: Choose the right mix of assets (equity, debt, gold, and others) in your investment portfolio so that the risk-reward ratio can be optimised.
Establish a contingency fund: Emergencies can arise at any time and requires immediate need of money. To be ready for emergencies one should maintain three months of household expenses as emergency fund in liquid assets as they are easily available.
Review and rebalance: Review investments periodically to make sure that these are on track.
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