On the occasion of women’s day we bring to you the second article from our savvy Women client on investment do’s and don’t’s. Mrs. Sulakshna Srivatsan is a prudent investor , a mother , quite resourceful and the one who has travelled path of investing herself as a banker in her earlier stint. Sulakshna holds masters(MBA) in finance and has worked with Bank of America, so her suggestion to women investor comes with authority.
Breaking the stereotype: one step at a time!
Money is not a woman’s forte; isn’t that what we hear everyday? When Kshitija asked me to write this blog, the first thought that came to my mind is that we, as women, excel at shopping for fabulous clothes, the latest trendy footwear, or Louis Vuitton bags but are afraid to make financial decisions that impact us and our families future. Does this prove that we are not capable of handling money?
Right from the earlier times, women have been boxed into multiple gender stereotypes. Women are considered to be the primary caregivers, but not strong decision makers, and hence, not great in money matters. This stereotype is ingrained in our minds. Whether the decision involves making investments or saving some amount from the monthly expenses, women prefer to take a back seat. Why does this happen? Are we not capable of making sound financial decisions? Are we so out of sync with financial aspects that we prefer to let others handle it? Why do we let ourselves be defined by these gender stereotypes?
Changing economy and technological advances are helping women create waves with their skills and knowledge in every field, and it’s time to bring in a strong financial change in our lives too.
Let’s begin one step at a time:
The first step to be financially successful is to make a habit of saving. An easy way to save is to pay your self first. That means each pay period, before you feel like spending, commit a part of that amount for future use. Every single penny counts towards creating a larger chunk of money.
The second step is to keep track of the money you are saving. This will help you save more over a period of time. Remember to work on your expenses while keeping track of your savings. New phone apps are available to help people pass up purchases they don’t really need – you might want to try one!
The third step is of deciding on the right investments to make after saving. The decision to make an investment is not an easy one, with a multitude of options in the market, investing can be a confusing decision. ‘Creating a goal and purpose for investing the money will make you work towards the achievement of this goal. A goal will help you to be more focused and bring in a systematic and consistent saving plan’. A financial consultant to help you with the right choices will put you on the path of becoming a successful and financially independent woman.
Times are definitely changing. With increased money power, women are slowly becoming strong financial decision makers of their families. Remember saving does not mean ‘not spending’. It means spending money wisely. So let’s begin by breaking the stereotype and achieving what we are considered incapable of, one step at a time!