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
The first step to financial independence is earning money. The second step is saving and investing it. Otherwise, your money will just as easily flow out without adding any value to your life. So start building a corpus to fund your lifestyle.
All you need is a small sum to start building your corpus. Invest as much as ?500 or ?1,000 every month in a Mutual Fund through a Systematic Investment Plan (SIP) and see your money grow over the years.
Mutual Funds 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.
How easy it is for idle cash lying in bank accounts to be spent. Use this idle cash wisely and earn a return. Through Liquid Funds, your idle cash can be ready for the important times like medical emergencies.
PLAN FOR YOUR KIDS
You can use Mutual Funds 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 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 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.