1. Inadequate financial literacy often creates financial insecurity in a woman, which can result in her facing disturbing social fallouts like abuse, cheating and mis-sold financial instruments.
2. As she is the best judge of her needs, she should fulfill them herself instead of letting or expecting others to do it for her.
3. To start with, an urban DIY working woman can optimally utilize her smartphone for her own banking and all utility transactions.
4. As a second step, she can focus on a 3-yr short-term goal, say a vacation, open an online mutual fund account on her phone and activate a monthly investment plan through her own bank account, to get a hands-on investment experience.
5. Thirdly, she can also utilize her smartphone for upgrading her financial and investment skills, by subscribing to suitable websites and blogs for regular reading, in her spare time.
6. This will suitably empower her to add medium- and long-term goals - like buying a house, investing for her kid's education and marriage, planning for her own retired life - for fulfilling them all by herself through growth-oriented mutual funds.
7. Before embarking towards these goals, she must build and maintain a contingency fund, with reserve cash equal to 4-6 months of her expenses, in a sweep-in savings account, which combines the benefits of liquidity with higher interest rates.
8. This fund should be adequate enough to take care of:-
a) Unexpected job loss,
b) Any overshooting of hospitalization expenses,
c) Any disability hampering earning abilities, and
d) Any matrimonial setback.
9. Being an earning member, it is essential to buy an online life term insurance plan covering at least 10 years of her income, so that her absence doesn't burden her family financially, and an adequate health insurance plan to take care of ever-escalating hospitalization expenses any time.
10. Last, but not the least, establishing ownership of her assets is critical for a working woman by:-
a) Having a disciplined portfolio with an asset allocation plan,
b) Proper documentation and its easy access,
c) Being tax-savvy,
d) Drawing up a Will, whatever the age, and
e) Avoiding getting cheated or mis-sold products.
2. As she is the best judge of her needs, she should fulfill them herself instead of letting or expecting others to do it for her.
3. To start with, an urban DIY working woman can optimally utilize her smartphone for her own banking and all utility transactions.
4. As a second step, she can focus on a 3-yr short-term goal, say a vacation, open an online mutual fund account on her phone and activate a monthly investment plan through her own bank account, to get a hands-on investment experience.
5. Thirdly, she can also utilize her smartphone for upgrading her financial and investment skills, by subscribing to suitable websites and blogs for regular reading, in her spare time.
6. This will suitably empower her to add medium- and long-term goals - like buying a house, investing for her kid's education and marriage, planning for her own retired life - for fulfilling them all by herself through growth-oriented mutual funds.
7. Before embarking towards these goals, she must build and maintain a contingency fund, with reserve cash equal to 4-6 months of her expenses, in a sweep-in savings account, which combines the benefits of liquidity with higher interest rates.
8. This fund should be adequate enough to take care of:-
a) Unexpected job loss,
b) Any overshooting of hospitalization expenses,
c) Any disability hampering earning abilities, and
d) Any matrimonial setback.
9. Being an earning member, it is essential to buy an online life term insurance plan covering at least 10 years of her income, so that her absence doesn't burden her family financially, and an adequate health insurance plan to take care of ever-escalating hospitalization expenses any time.
10. Last, but not the least, establishing ownership of her assets is critical for a working woman by:-
a) Having a disciplined portfolio with an asset allocation plan,
b) Proper documentation and its easy access,
c) Being tax-savvy,
d) Drawing up a Will, whatever the age, and
e) Avoiding getting cheated or mis-sold products.