Are You Independent Yet? Do You Aim For F.I.R.E

What Is Real Independence ?

For women to feel financially secure, one has to understand the term #FinancialIndependence, which is about deciding what to do with their money.

This applies to both #working women and also #housewives. This awareness can help women not just save money but also invest in various financial instruments.

Being financially free generally means reaching a life stage where your financial assets are sufficient enough to allow you to not work just for earning money.

But financial independence for #women means something different. And a lot more than just having enough money in the future. It can be about having the independence to earn and manage their own money in the present itself.

At times, it’s more about having economic independence in the present and not just the so-called financial independence in the future.

?“Due to our society’s norms about what women can do and what they cannot, and at times due to women’s own choice, many women keep their distance from money matters. It’s very important for the women of the house to participate in money matters. They may not be interested in it and may want the men to manage money in its entirety. But this approach isn’t correct. It increases dependency on one person.

How I achieved my Independence at 45..

Coming from a small-town middle-class family, I started my life like most people out there. Got lucky that my father made sure I got decent education (MBA was a big thing and a privilege back then).. especially for girls when most girls in small towns used to get married by then.

Though I also got married at 23, but was fortunate enough to grab a job with MNC with a decent start in Delhi and can’t forget the first paycheck of Rs 9,200/- in the year 2000.

While life was only settling in, I got on the family way in 3rd year of marriage and had to quit my job due to lack of support with the baby in hand. As a young couple, it was a typical life in a metro, we were spending as much as we were earning.

Facing the most difficult time of my life, I somehow got back to my job within a year as I wasn’t ready to be ‘only’ a full-time mom and there were no ‘side-hustles’ or digital streams back then to pay the bills.

Since then there has been no looking back and on the financial side.. my biggest goal was to always be capable of paying my own bills.. irrespective of what my spouse earns..!

Coming from a Baniya family, always saw how my mother managed the hard-earned money of my father and skillfully managed to save inspite of fulfilling all demands and education of 4 kids.

Homemakers have this art of saving irrespective of what they get in hand.

I had no financial goal or knowledge, so I just started a recurring deposit of 2000 per month looking at the returns that my mom and MIL made.. Post office ‘MIPs’ monthly investment plans and NSCs used to be famous then..

?In the next 5 years, when we were more stable with professional growth and earnings, I started learning the basics of the stock market from zero.. Though I could not make any profits with the stock market for years and lost a good amount with “Futures and Options” which came with some good lessons..

But I’m glad I did all of it as not taking risks was the biggest risk !!

?RD’s changed to SIP’s and the multiplication of money always feels good.

?So in short, I tried my hand at everything that came my way, sooner getting into property investments and aiming to get stable rental income for the long term..

?Key Takeaway

It's not about me as an individual, but the times have changed — women are finally breaking out of the mould and shattering the glass ceiling in every field, be it politics, finance, sport or industry so why not manage their own finances..

The long-held belief that women must bear the primary burden of domestic responsibilities; kitchen and childcare, exerts tremendous social pressure and prevents women from achieving their dreams. More crucially, these invisible shackles curb the financial independence of women, and that’s where the problem lies.

For the longest time, women have been dependent for finances on the men in their lives; be it their husbands or fathers. It’s time for them to take the reins, and change the name of the game today.

Know about ‘DIP’ while investing

It is important for any investor to understand the concept of DIP:

Delayed Gratification,

Impact of Inflation and

Power of Compounding.

?Irrespective of their marital status, women should get involved in money matters. Only by handling money, does their confidence level increase. Also, instead of just saving, they should consider various investment options that are available.

?Key points to ponder

1) Don’t abruptly close your individual account after your marriage.

2) Even if you are not interested in managing finance, take small steps to understand various financial instruments that can help grow the money.

3) Be it housewives or working women, SIP is a good option for them and if you start early, you can gain maximum returns out of it.

4) Liquid funds can help women investors in managing their regular cash flows and generate approximately 1% more than the savings account interest rate.

While the number of women in the urban workforce is certainly increasing, unfortunately still women's participation in financial decisions in families is still negligible.

?Have you made a start yet ?

?If not, better late than never.. get started now even if it is with 5% of your earnings.. its not a risk but your “key to happiness” you would soon realise

?Happy Investing for Happy Life !!

If you need any advice on how to get started, feel free to write to us at [email protected]

Love

?Aditi