The need for money changes at different stages of life. The reason for this is that your goals and aspirations change. Creating wealth does not mean just to choose the right stock or mutual funds. It includes many things. Wealth making is not a 100 meter race but it is a marathon. For this, discipline is necessary in financial matters. A woman has different types of conditions at different age.
20 plus lady
For many women, earnings mean the freedom to spend according to their wish. Many times this means financial freedom is considered. But, financial freedom means a situation when you have enough money to meet your financial needs and goals. Therefore, spending her earnings according to her wish of a woman can affect her savings. Therefore, every woman should use 30-40 per cent of her salary for savings. This can only happen when you keep your expenses under control and keep distance from the scheme like ‘Bay Now Pay Letter’.
If a woman starts saving soon, then a big fund can be prepared. If 12 per cent returns are accepted annually on the investment of Rs 10,000 for every month, then a fund of Rs 1 crore can be prepared in 20 years. But, after investing this much money after 10 years, a fund of only 23 lakh rupees will be prepared. Women from 20 plus years can start investing in NIFTY 50 index funds.
Just married
Women hesitate to interact on matters of money and money. However, it is very important to know about your partner’s financial life and habits. With this, the husband and wife can do money management later. They can better cope with any kind of uncertainty in the future. He can also divide financial responsibilities among themselves. This is also important because many women hand over their income to their husband’s hands. Even she starts paying the installment of husband’s loan itself.
30 plus lady
Crossing the age of 30 years means that you will now have to increase the focus on wealth creation. But, before this it is necessary to have an emergency fund. This fund should be sufficient for your spending of at least 6 months. For this, you should think about buying a house on a loan only when you can downpay 30-40 percent of the price of the flat. If the husband and wife are taking a loan together, then both of them will have to do an equal contribution in EMI. You should also have life insurance and top-up health cover. You can decide your goals by meeting a financial planner. This should include children’s education and retirement.
40 plus lady
This is the time to increase your wealth as much as possible. If you have fixed 50 years of age for retirement, then you have to close your loan account and think about Plan B. Plan B means a situation in which your earnings will not be as much as it was. There is no problem in retirement, for this it is necessary that your financial responsibilities are fulfilled properly. This includes children’s education and marriage and marriage.