While we may seek advice and assistance, we only consider giving people the responsibility for managing our health. So why should money be any different?
According to a recent survey conducted by an insurance business in India, 59% of women do not make independent financial decisions even when economically independent. Surprisingly, women have managed home money successfully and effectively for centuries. A homemaker's emergency fund, which has been adequately maintained via proper planning, investing, and budgeting, frequently helps out in an emergency.
The Pentagon of Proprietorship illustrates the need for women to take charge of their finances and actively engage in decision-making. As a pentagon's five equally important sides and angles, each of these arguments is equally important. And they encompass five equally significant principles of existence for women. Here they are:
- Planning:
A woman must devote time, energy, and resources to developing her own goals in life. Whether they are stay-at-home moms or working women, they must organize their finances so that they are not financially solely dependent on their partners, kids, or anybody else. The importance of methodical planning is the same for all women, even though the frequency and investment tools will differ depending on their backgrounds.
- Protecting:
Women frequently leave their occupations to care for their families and homes. Some people take lengthy professional breaks, widening the salary disparity at employment. Due to this, the earning potential is smaller and retirement funds are lower. They must safeguard the money they have given up for other considerations.
- Providing:
Women are frequently given the task of managing finances, paying for domestic bills, as well medical and educational costs. By maintaining control over the money, they can guarantee a better asset allocation that is geared to both immediate and long-term needs as well as emergencies.
- Promoting:
Women can support the cause of women's empowerment by managing their finances. It develops them into modest but essential change agents. Women who have monetary knowledge are better able to manage their finances and boost their financial safety and stability. This can thus contribute to reducing the income gap between men and women and building a more just and equitable society.
- Power:
One of its main advantages is the feeling of being empowered that comes with taking charge of one's wealth. When women take control of their finances, they are better able to set financial objectives, manage their money wisely, and invest money that is consistent with its values. This may result in increased financial assurance and a happier view of life.
For all the women out there, the freedom of money is something else. Begin modestly. Use expert assistance. Nobody knows you as well as you know yourself. Thus, you are the ideal individual to make choices based on your unique understanding of value for money. Recognize your needs, assess your income, and make plans in accordance. Your hard-earned money can be invested in a wide variety of ways. From the basic savings account to the well-liked fixed deposits and insurances to the difficult mutual funds and stocks, you can invest in all of these things. You can start earning lakhs in a matter of months. Join Anybody Can Earn Webinar by Dr. Vivek Bindra and change your life today!
