Women are well known for playing multiple roles: maintaining home, raising kids, and supporting husbands and families. Then there are emerging realities of more and more women joining the work force and being part of the “economic growth story”. There is little doubt that balancing these many roles and responsibilities is no simple matter.
Multiple life roles teaches women two important life skills: knowing the importance of time management and how to deal with people. Although women may not experience the same levels of freedom as men, these life skills have helped them transcend social, personal and societal barriers to join corporate work forces. Successful woman she becomes; yet, there are conflicting family, societal and professional expectations that constantly want her to be submissive and reticent. And, they continue to question her performance every time. It’s not all easy to become a successful woman!
In the same family and workplace but women face life situations different than men. Relocation after marriage, childbirth, divorce, loss of spouse – all have implications on women’s wealth creation locomotive. These compounded with low earning capability, forced career breaks and longer lifespan than men makes women financially insecure. I have seen women who, after the death of spouse, were ousted from home penniless or those who sought refuge in women shelters and at relatives’ or those who continued to stay at the hands of children’s insults.
Ladies, you need to plan your finances NOW for a better future you deserve.
The first thing about women’s finances is that many at least have a “saving account”. You can, however, go beyond to better manage your finances. Time is ripe with the proliferation of financial products and opportunities for making prudent investments. The mercury of your financial literacy matters the most. How you raise the mercury level is through information from internet and advice from friends, colleagues and relatives. Get yourself interested in and gather knowledge on rewards and risks of financial investments, for example, insurance products, fixed deposits, mutual funds, stock markets, banking, real estate, gold. Get yourself involved and engaged in your family’s financial decision-making. Finally, take charge of your own finances – be independent and lead the way!!
Getting aware of the need for financial planning is important because you have embarked on a journey to gain financial self-reliance. PLAN FOR FUTURE. I put Robert Frost here:
The woods are lovely, dark and deep,
But I have promises to keep,
And miles to go before I sleep,
And miles to go before I sleep.
PS: Thoughts inspired by Money Outlook.