With more and more women taking up jobs, it’s also important for them to manage their finances. For reasons unknown, despite playing an important role in their employment and earning handsomely, most women prefer to leave it to their father, brother or husband to make investment decisions for them.
So, they need to make their own informed decision to start a successful investment journey.
“Investing is a strong mechanism to earn money. Women are considered to be more patient, disciplined investors and better risk managers than men. So how can a woman start investing in the market? A woman can save some of her income every month and start investing it in the market. This could help her save for many things: a vehicle, a vacation, children’s education, buying a home, or even having extra money saved for the future,” said Prashant Sawant, Co-founder, Catalyst Wealth.
Sawant shares the following few tips that would help women starting their investment journey –
Financial Education
Educate yourself about finance before you start investing, start reading and learning basic concepts in finance. Take up training courses on investing in the market. This helps you to understand how finance works.
Financial Planning
You should start making a long-term financial goal. What purpose you’ll need the money for in the future. This will help you create a proper investment plan. Defining the timelines and the amount of funds required will really help to achieve the financial goal in a more accurate manner. Moreover, it will help you choose the right investment option.
Professional Help
Take the help of financial advisors and invest in a more systematic manner. An investment portfolio needs to be a mix bag of investment options ranging from low risk, medium risk and high-risk options. High-risk options may yield better returns but in a bubble market low-risk options tend to be more fruitful. Therefore, it is important to take advice from a financial consultant before investing.