Money makes the world go round… or at least it seems to. Many will argue that just earning money isn’t enough, one has to grow it. For women especially, money management has never been more important than it is today. We’re becoming more driven and independent, and our finances have a giant part to play. Whether your salary has a couple zeros or many of them, learning how to manage and grow your wealth is important, but unfortunately, many of us don’t know where to begin (now, wouldn’t teaching us about bank rates been more beneficial than home science?). To learn more about this and finally start our journey towards becoming our own sugar-daddy, we invited Yogita Dand, Founder of Svarasa & Certified Financial Planner to host an Ask Me Anything session on the Girl Tribe by MissMalini App and answer questions you had about smart financial planning. Here the are, answered:
If you have never invested in direct equity before, then I strongly recommend you start with mutual funds first and then graduate to direct equity as that would be a very concentrated investment These days we have a lot of options, mutual funds, direct equity, international equities, REITs, INViTs, PMS, P2P lending, but when you are just starting out, understand and then take calculated risks.
I am not aware of any short term courses but trust me when I tell you that financial planning is an ongoing process and ever-evolving one. So unless you self-dive into this practically and make mistakes, you are not going to learn much from any course. Even when I completed my CFP course, I had to still learn a lot of things practically and I am still learning every day.
According to me, one should start by saving at least 30% of your income, how much ever minuscule your income is. So start small and keep increasing as your income grows.
I personally believe in doing both! The ratio is 33% investments, 33% for self and 33% for charity of all your surplus, so keep a balance of everything, The world needs a lot of helping hands too!
Do you have any question related to smart financial planning? Share it with us in the comments below, or better yet, join the conversation on the Girl Tribe By MissMalini App!