Women’s Day has started becoming a bigger and bigger celebration. And why not? Women contribute immensely to the society and country. While we urge women to have better physical and emotional wellness, the same doesn’t hold true for financial wellbeing.
How many families or spouses encourage women to be financially independent? Women are encouraged to work to support the family financially but beyond that, in most families, neither the women want to manage money nor do their kin compel them to do so for their own good
Take the case of Sanjana, 35, who received a large amount on the death of her husband, last year, due to Covid. Sanjana’s friend put her on to a reputed financial planner to educate her and help plan financially for life ahead. The financial planner is a registered investment advisor (RIA) who works on fees and mainly creates financial plans.
The financial planner being a lady herself, was empathetic and patient with Sanjana and spent time answering her smallest queries. After 3 months, Sanjana promptly gave the entire amount to her brother to manage. Her brother invested into stocks, index funds and deployed 50% of the money in his business. His contention was that Sanjana was working and hence didn’t need regular income.
A distraught Sanjana reached out to us recently to get advise on how she could get her funds back, so that she could invest it for her retirement and her children’s education.
These situations are very common and it takes a long battle for women to get their money back. Which is why, ladies, it is important to keep some basics of money management in mind.
Never give your hard-earned money to a relative to manage. The risk they may want to take with your money may not be what you are comfortable with. Further, they may not understand your needs and may have their own selfish needs.
Like no one can take better care of your physical and emotional health other than you, no one can take care of your money, better than you.
Always invest your money in your name. Would you handover something that is required for you to live better to anyone? Then why your money? Taking advice from others is fine, but build your own knowledge by reading up about personal finance. Take financial advice from formal sources. Do not get swayed by financial influencers or bloggers.
Look for fee-only financial planners. Have a circle of other women with whom you can engage on money topics. You do not need to share where you are investing or how much but having a group to talk with about your queries is always helpful.
Self-Reliance is the best defense against the pressures of the moment. Anything is possible if you have got enough nerve. Happy Women’s Day today and always!