Diamonds are supposed to be a woman's best friend, but what if that wasn't the case? While the permanence of the carbonised-gemstone cannot be questioned, their value as an investment might be. The core issue with diamond is that they are costly to buy and usually too slow to appreciate in terms of wealth. Also, in case of any urgent need or requirement, diamonds may not really be so easy to liquidate. And then, there is the security aspect, being a physical asset, one needs to constantly be on guard against theft or loss.
Across the board, financial security is often listed as the primary wish by women. To be able to decide on your own expenses, and spend at will, is a very heartening liberation. Financial dependency is not only undesirable but can also be very constricting both on a financial and emotional level. Thus, it is necessary that women should aim and work towards financial independence.
Yet, it is a common myth that financial independence only comes through corporate jobs or a career. Independence can also come from astute investment. Even when you don't earn, you can start investing it out of the monthly savings. It is a renowned fact that women are more inclined towards saving and budgeting. In fact, Indian women are known for their acumen of segregating households into different categories and then pinching pennies and saving them. Most Indian women seem to possess that trait of budgeting and saving.
What possibly they do not possess is the knowledge related to investment and building a corpus. Usually, in matters related to investment, even career women often let the males in the home take the lead.
For women to be truly liberated and independent, they need to take the financial controls in their hands. And one of the ways is to start that through mutual funds, as it is simple, easy, transparent and fairly intuitive. With mutual funds, women can start off on a scale that is attuned to their financial situation, from as little as Rs. 500 per month, to a few lakhs. Mutual funds through Systematic Investment Plan (SIP) bring in discipline of investment, and use the power of compounding to help build a decent corpus.
Here are some of quick steps that may be taken for achieving financial independence:
- Set a Goal
- Decide on the investment
- Check the options
- Start a SIP
- Assess the achievements
- Track and reinvest
- Build a corpus
In the end, having a decent corpus that makes you financially independent or helps retire with savings is anytime more desirable. In that way a mutual fund may be your friend.Mutual Fund investments are subject to market risks, read all scheme related documents carefully.