Women Need To Take An Active Role In Their Financial Lives!

Women Need To Take An Active Role In Their Financial Lives!

INTRODUCTION :

Women have bigger aspirations than men. As per the Aspirations  Index data, women in India are at 87.43%, while men are at 86.29% when it comes to career choices and financial independence.

Gender gaps have reduced over a period of time in India in several areas, be it financial responsibilities, sharing chores at home or raising children. An aspiration to build wealth and indulging in investments are not left out of that ambit.

It’s very important for women, regardless of their marital status — single, divorced, widowed or married — to take a much more active role in their financial lives.

By taking a more active role, women will gain more clarity, confidence and control of their lives. To do so, women need to learn as much as possible about money.

 Let’s look at some of the ways in which WOMEN CAN PLAY AN ACTIVE ROLE in their financial lives.

1. LEARN A BIT ABOUT FINANCE

It is not as tough as you think. Once you have an understanding of investment basics, you’ll feel much more comfortable and confident in making financial decisions. Remember it is never too late. 

Even small adjustments to savings rates or investment plans can have a big impact over a long period of time. To help you get started, there are numerous tools, tips, and articles available online and offline that can help you take your financial knowledge to the next level. 

Initially, this all may be confusing for you. Don’t hesitate to take some help from a reliable friend or investment professional to identify the right instrument for achieving your financial objectives.

In order to play an active role in your finances, you need to be educated about financial products and the workings of it. This will help you take a calculated risk, pick appropriate investment instruments and plan effectively for your short-term and long-term goals.

2. PARTICIPATE IN FINANCIAL DECISION MAKING AT HOME 

Don’t limit your financial standing to just sharing financial responsibilities at home. Play an active part in taking financial decisions and don’t be dependent on the men in the house to lay it all out for you. 

Your participation will not just empower you but also ensure there’s collective thinking, value addition, and tabling of merits and demerits before any decision is taken.

3. BUDGET FOR EXPENSES 

Budget is simply keeping an account of what your income is and how you can allocate it into expense and savings. So, keep a note of how much money is coming in, what your expenses are in terms of rent, food, utilities and allocate fund for each of these heads and how much you can afford to save. 

Ideally, a 70:30 ratio is recommended. Analyze your budget to understand where you may be going overboard with your spending and if you need to cut back on your expenses. You must make a point to review your budget at regular intervals with an increase in income and changing lifestyle.

By this, you will be able to prioritise your needs and will be able to avoid unnecessary expenses. Before you spend ask yourself the below questions

>Do I really need this item?

>Is it going to serve me well for years to come?

>Will this purchase prevent me from achieving my financial goals?

Once you start budgeting treat yourself with something small but nice, if you are able to surpass your saving targets this will keep you motivated in the long run.

4. PLAN FOR EMERGENCIES 

An important aspect of financial planning is hedging against the unforeseen. Emergencies such as health hazards, job loss etc. come unannounced and the best way to handle them is by staying financially prepared. 

For that, you need to have the necessary life and health insurance in your kitty and a liquid fund worth 6 to 12 months of your expenses set aside. Like.,

>Taking sufficient health insurance for your family.

>Taking a good term insurance on the life of a person on whose earnings your family is majorly dependent.

>Investing for your kids’ educational needs.

5. SAVE FOR RETIREMENT 

Retirement planning is an important aspect of personal finance. Don’t look at it as a distant eventuality. Set aside a small amount every month to create an inflation-beating corpus for life after retirement. 

And the sooner you start, the more you are going to accumulate even with small contributions due to the power of compounding.

Here is the scale points that help to women SUCCESSFULLY IN WOMEN ENTERPRENEURSHIP.

1.  CLEARITY OF IDEA & EXECUTION

Women must stay strong and smart in establishing their business – from the initial idea to execution. It is important to create a roadmap like investment, marketing, revenue generating, financing, etc. All these factors need to be evaluated carefully, which would then form the way for the framework.

2. CONSTANT LEARING 

Learning is endless. Women should be aware of the current affairs, trends, market-related news to introduce new strategies into their business. Reading newspapers, online startup stories, failure stories, solutions are really essential to understand any business.

3.  TIME MANAGEMENT 

For women, prioritizing should be the main factor. Because she is carrying a personal and professional life restlessly. Women should ask themselves which is the first priority? Should keep checklist not only monitors the daily works in an effective way, but also reaching targets.

4. BUILD A SUPPORT SYSTEM

At home and office. Women need positive energy to keep pushing themselves forward. Build a support system at the workplace, home. It is a thought of bringing everyone together and accomplishes every individual and team goals and with this, there would be growth for all.

Now, Here is list out some successful business woman , who contribute a large amount of wealth, name and fame to our country.

Now, Here is list out some successful business woman , who contribute a large amount of wealth, name and fame to our country.

1. CHANDA KOCHAR

Introduction :

Rajasthan born Chanda got Masters Degree in Management Studies from Jamnalal Bajaj Institute of Management Studies, Mumbai. 

She received the Wockhardt Gold Medal for Excellence in Management Studies as well as the J. N. Bose Gold Medal in Cost Accountancy.

Short Journey :

In 1984, Kochhar joined the Industrial Credit and Investment Corporation of India (ICICI)

Under Kochhar's leadership, ICICI Bank started building the nascent retail business in 2000 focusing largely on technology, innovation, process engineering and expansion of distribution and scale.

In 2009 Kochhar was appointed as managing director and chief executive officer of the bank and has been responsible for the bank’s diverse operations in India and overseas

In 2017, Kochhar was featured in Business World magazine's ‘BW's Most Influential Women’ list as an evergreen woman leader.

2.  INDU JAIN

Introduction :

Indu Jain belongs to the Sahu Jain family and is the current chairperson of India’s largest media group, Bennett, Coleman & Co. Ltd., which owns the Times of India and other large newspapers. She is widowed with two sons.

Short Journey :

Indu Jain is known by many different identities such as that of a spiritualist, humanist, entrepreneur, an aficionado of culture and the arts, an educationalist but her most prominent and eminent role has been that of Chairman.

Ms Jain was awarded the Padma Bhushan by the Government Of India in January 2016 .She is also the guiding force behind The Oneness Forum, formally launched by the President of India in 2003.

3.  INDRA NOOYI

Introduction :

Nooyi was born to a Tamil-speaking family in Madras. Nooyi received a bachelor's degrees in Physics, Chemistry and Mathematics from Madras Christian College of the University of Madrasin 1974

Short Journey :

Beginning her career in India, Nooyi held product manager positions at Johnson & Johnson and textile firm Mettur Beardsell

Nooyi joined PepsiCo in 1994 and was named CEO in 2001. Nooyi's strategic redirection of PepsiCo has been largely successful.

In 2018, Nooyi was named one of the "Best CEOs In The World" by the CEOWORLD magazine

Nooyi was named to Institutional Investor's Best CEOs list in the All-America Executive Team Survey in 2008 to 2011

4.  SUCHI MUKHERJEE

Introduction :

Suchi Mukherjee is an Indian businesswoman] who is founder and CEO of LimeRoad, an e-commerce and lifestyle and accessories website. She conceived the idea of LimeRoad when she was 39 and on maternity leave.

Short Journey :

Being a married woman with two children, Suchi not only has managed to achieve what she wanted to, but has also become an inspiration for thousands of young women who wish to pursue their dreams and work for change

She was awarded from Infocom as a Woman of the Year- Digital Business in 2015

In 2016, she reorganization as NDTV Unicorn Woman Entrepreneur of the Year Award from NDTV Unicorn. 

5.  SHIKHA SHARMA

Introduction :

Daughter of an officer in the Indian Army, Shikha was born on 19 November 1958.

She went on to do BA (Honours) in Economics from the Lady Shri Ram College for Women (LSR) in Delhi and MBAfrom IIM Ahmedabad. She also holds a post-graduate diploma in Software Technology from the National Centre for Software Technology in Mumbai.

Short Journey :

She was the managing director and CEO of Axis Bank, the third largest private sector bank in India, from 2009 to 2018. Sharma joined Axis Bank in 2009 and focused on strengthening its retail lending franchise, enlarging its investment banking and advisory capabilities and developing a comprehensive portfolio of products.

In a male dominated financial world, Shikha has successfully carved a place for herself. She is that kind of person who has climbed every ladder of success with just her hardwork and intelligence, overcoming all the hurdles and challenges that have come in her path, without the hand of any godfather being on her head.

The above list not exclusive there is thousands of woman have overcome all their odds & have proved themselves beyond in the world of entrepreneurship. Women hold great positions in their fields. There are so many icons in terms of success.

We all have one woman in our life who inspire us , mentioned below comment box who is your inspiration ??

MY INSPIRATION :

As I personally thought about successful business woman, the 1^st name kept in mind is only MY MOTHER, she is not business woman, she is not running any entrepreneur but although she has great sound of knowledge  above mentioned all the point. She taught me each and every stages of life whether is carrier building, finance or social stage.