Select the right investment choices at the right age and keep yourselves and your family monetarily safe.
The common observation that women are shopaholics who love to spend and are bad at investment could be a thing of the past with increasing number of women taking responsibility for their income and savings. This is significant today, where single earnings are no match for a swelling inflation. Well-planned double earnings frequently become necessary to plan investment targets efficiently for a safe future and relaxing retirement. Although, when saving, women require keeping the bigger portrait in mind and save for themselves plus for their family. It is just not sufficient to save money but they have to invest to get more profits.
Consider of your long term and short term objectives in life. For instance retirement planning, your child’s higher education, a dream house, world trip etc. might be part of your long term aims and your short term targets can be pursuing a part time course, giving away your educational loan, wedding etc. Keep in mind, inflation is always going to decrease the value of your money. Let inflation be a crucial aspect in mind before you plan your investments.
Women need to master the art of investing, so as to stay monetarily self-sufficient and to plan for retirement. There is no exact age to begin saving for your retirement. The before you start the better it is.
Investment for teenagers
It is understandable that women will not have much money in hands as teens, but one can still reduce on redundant expenditures and save some amount of pocket money. You can save the cash in Sanchayika scheme and use it to attain your short-term aims such as purchasing gifts for your friends/parents, for your own birthday bash and so on. It will also facilitate you build your savings habit.
Investment in 20s
In 20s, women choose their career and their future. Equities can be an excellent investment option as you can take more risk when you are young. You can decide to invest in mutual funds for long-term goals, as mutual funds will give you the advantage of professionals administering your wealth. Engage In appropriate health insurance schemes at this age; this will take care of your medical crisis. Ensure you have adequate liquid funds to assist you during crisis.
This has to be the correct stage to fix on your long-term objectives; plan in such a way that the long-term investments give you excellent profits at the proper time.
Investment in 30s
At this point of life, women are usually married and probably have children. They have responsibilities for their family, and they have to provide a protected future to their children. It is sensible to opt for appropriate term insurance schemes and mutual funds that achieve well. You have to decide educational plans for your children and tax plans for yourselves.
You can also select to invest in real estate for long-term expansion. Investment in gold is another good choice; always buy gold in the form of coins or bars or invest in gold funds, certainly not regard gold ornaments as an investment. Gold in the shape of jewellery is simply going to source loss in the form of wastage and making costs.
Investment in 40s
You will normally be earning more cash at this age so make efforts to add to your retirement reserves and savings for your children’s wedding and their higher edification. If you were thinking of buying/constructing a home, then this would be the right period.
Investment in 50s
As you will be approaching your retirement, better invest in funds that have lesser risk. Try to move a part of your investment in equity to debt as in case there is a fall in the market during your daughter or son’s wedding you will have to suffer a loss and will not receive adequate money. So, if you are preparing for your children’s wedding, shift your money from equity to debt one year before the wedding is planned.
Investment in senior citizen savings plan would be apt for women who are above 60 years, as you will get more profits in contrast to other plans. Bank deposits and fixed deposits will give you decent income and your money will be secure. You can also rent a portion of your house and make money out of it.
Select the right investment choices at the right age and keep yourselves and your family monetarily safe.
