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:
Financial planning is all about investing as per your goals, time period and risk appetite. So if you are looking at your retirement which is 25 years away, then it is better to lock-in your investments but if your goal is to buy a car within three years, then you cannot afford to lock-in your investment. It all depends on your goals!
I’d say have a joint account only for your common expenses and keep your personal account running for yours. And always save for a rainy day in your own personal account! While pre-nups are very rare in our country, I would recommend getting them. You always need to guarantee your safety in event of any emergency.
If you are planning to invest your parents money for their retirement, then first and foremost secure their investments in the Government Senior Citizens Savings Scheme which currently offers 7.40% yearly, payable quarterly and has a lock-in period of five years, with a maximum limit of 15 lakh rupees per person. You can also opt for hybrid mutual funds for them. If you are planning to invest for them with your own money, then I suggest ensure you have a hefty mediclaim policy first, for both of them. Post that, you can start investing in mutual funds, which you can liquidate in case of need.
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!