F.I.R.E. – Financial Independence and Retire Early
Financial tips for Working Women
The women of today have their priorities and aspire to lead their lives on their own terms. Millennial women in India want higher education, financial freedom and marriage but on their own terms. According to a recent survey conducted by POPxo, their demands are simple and clear. The survey, that examined over 7,000 women who answered some 865 questions and 236 polls in English, Hindi, Tamil, Telugu, Marathi and Bengali, has deduced that millennial women in India want higher education, financial independence, and marriage — though the big fat wedding is a favored choice, the cost incurred should be divided between both the bride and the groom.
More than 60% women give priority to their physical and mental health over anything else, that’s how they are able to manage their personal and professional lives well. Financial independence is of paramount importance; over 40 per cent women shared that they are not dependent on anyone.
To continue living on their own terms and glide smoothly through the ups and downs of life here are a few tips.
Early Adulthood: Refers to the age of 18 through early twenties, most of the girls in this age group are in the phase of their tertiary education with part time or full time employment. This is a golden phase of one’s life to begin early and start their financial journey at the right time the goals could be paying the further college tuition fees, vacation with family or friends. Here buying an appropriate amount Term Insurance and starting regular bank RD or SIP is advisable
Tying the knot: It becomes an important change in almost every person’s life. There are many milestones after this phase it could be buying a new home, preparing to be a parent, etc. After the marriage it’s not only the financial security that is important, it’s also your partner and the family
Together you and your spouse can start investing for your short and long term goals. Here at this stage to ensure your financial stability in case of any untoward situation, both you and partner should be sufficiently insured by Term insurance, Mediclaim and also the investments for goals.
Motherhood: In this phase you would be going through new expenses for your child’s health, education, higher education, maybe marriage also. To prepare yourself better your contribution towards your investments should be increased proportionately. Since as your career graph grows your income also increases. With increase in the income you have to be more careful that you first increase your investment contribution and then upgrade your lifestyle.
Retirement: Very few people around us we find who are happily retired. It won’t be an overstatement if I say, happily retired is a very essential aspect of Life. Cause after all the hard work in your younger ages it would be sad if you have to compromise on your retired life. If you had started an SIP in you first stage of earning, I am sure and confident that your retirement is actually going to be the most enjoyable phase in your life cycle. Retirement corpus though huge can be managed well when we start early investment and also consider the impact of inflation over the period of time. As we all know, “All well that ends well”. Your royal retirement years will give you the peace of mind and satisfaction that you have lead a really successful Life.
