The women of the 21st century are no more known for being shopaholic who only knows how to buy the best brands; rather they are now playing an overall role in sharing the responsibility of the house by equally earning and investing them. Moving away from the traditional arena, women are managing multi-national companies, and even Governments, other than households. So, it becomes crucial for them to learn to manage their financials as well because this capability of women has always been underestimated.
We commonly see that women tend to avoid the task of managing and investing their money. They often lack the knowledge and confidence needed to take the investment decisions. But, only if you invest wisely, you can earn big returns out of it in future. And it is the world known fact that you will enjoy investing when you reap good returns out of it.
The basic ways to initiate your healthy habit of investing are as follows:
- The basic rule to start investing is to first start saving. It is the simplest way of building wealth and also the most crucial one.
- Gold is considered to be a good investment but the investment could only match the row of inflation but will not beat it. Thus it is an impractical way of investing.
- Make your mind on how much you want to invest. Consider the factors the fact that whether your family depends on your income or not. It is possible to save a small amount every month or collect a big amount and then invest it later.
After the basic investment tips to be kept in mind while investing, we list you the best investment options to multiply your hard earned income:
1. SIPs or Systematic Investment Plans: if you think that your salary is too little to save, then SIP could be the best option for you as it would take only a small portion of your income every month and the experts will invest it in mutual funds in bulk. The saving amount could be as low as Rs. 1000 per month and the experts will be there to handle your money.
2. Tax Savers: Tax saving is a must for every earning person. Plan your investment in the schemes which provide you with a tax rebate. Such schemes like National Savings Certificate and Public Provident Fund are good tax-saving instruments, tax-saving mutual funds (ELSS – Equity Linked Savings Schemes) are better options when you are investing your hard earned income to get higher returns in long run.
3. Life Insurance: It doesn’t matter if you are working women or not, the Life insurance policy of your husband or father is not enough. You should plan the best LI cover for yourself as per your requirements.
4. Property: It would be a long-term investment and needs more amount. But if you can manage the installments, investment in property could be the best you could do.
