Women have been creating a stir in many other areas. With many women entering the entrepreneurship brigade, financial empowerment is deepening its roots. Today there is a growing population of women fund managers handling sizeable assets of at least five mutual fund houses and two life insurers. Financial advisers say that there are single women in their 30s who are investing to ensure they are able to pay for assisted living spaces when they retire.Here are some things that financially independent women are doing:
BUDGETING AND CURTAILING EXPENSES
Women have an ingrained trait of setting budgets for each expense. As we know, limiting spends is the first step to investing, as inflation tends to snowball expenses and eat into savings.
PLANNING, NOT LEAVING IT TO FATE
Men are optimistic that they will be able to meet their goals, say, to build an education fund for their children. Women, on the other hand, want to take definitive steps to ensure the corpus for the goal is built systematically and not leave everything to fate.
PAYING OFF DEBTS
For women, the first goal is to pay off that expensive debt. A survey to reveals that paying off debt was a high priority for 40% of the men surveyed, but a steeper 57% women ranked it high in their goal chart.
NOT JUST STASHING BUT INVESTING CASH
Saving a small pie out of the household money for the rainy day has been second nature to women. Now, with the awareness that pie is moving into formal investing channels. A statistic that points to the growing investment culture among women states that out of the 1.09 crore de-mat accounts held as on March 2015, 25% were held by women.
DON’T VENTURE, IF THEY DON’T UNDERSTAND
If a woman doesn’t understand something, she will not blindly accept it. Take, for instance, equity. Anyone linked to investments and behavior would tell you that women fret at the thought of equity.
Inherently, women are risk averse, but if they understand and get the taste of equity, then they groom to be mature and not impulsive investors. Unlike men, once they have reposed faith in an instrument based on its merit, they wouldn’t have a constant eye on the portfolio.
They would let the money grow peacefully.
NO HEADING BACK
Very few women put a pause to their savings habit. In the words of David Bach, author of Smart Women Finish Rich, “Once a woman learns to take charge of her finances, she will never go back.“ Once women devise a plan, they stick to it.