Speaker Info: Dipika is the Vice President along side head of business development at Fisdom . She has 11+ years of experience and 1000+ conversations in investments, personal wealth management, advising clients, communication & relationship management. She is creative, witty and quick to grasp new concepts. A powerhouse in her own right. You can reach out to her on email@example.com.
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The financial interest problem in India is real.
73% of men and 80% of women are not financially literate.
This is to say that decisions you make when it comes to investing which is really parking our money in fixed deposits in recurring deposits or really investing our money in products we don’t understand come from that fact that we don’t know about them and we need to start building our learning from there.
As per the monster salary index, the gender gap in India is 20% which means if an average man is earning about 10 lakhs an average woman is earning about 8 lakhs. we can split into an argument about how we should bridge this and when are we going to get there, when is there going to be equality. But I’m gonna have a different take on this. I say if there is a gender bias gap and we are earning lesser probably means we need to start investing in a much better fashion.
Starting with 8 probably expense management I think expense management is a root of any savings or investment plan. If you start planning your expenses or if you start managing them, monitoring them at an early point in time of the month it helps you understand by the end of the month where you’re headed. Also when it comes to investing think there is a big hurdle in our brain where we think we need to start investing with huge amounts.
It’s important to know you get a good start into equity mutual fund by investing in a SIP as low as Rs.100. I think any average earning person can invest anywhere between Rs.1000 to Rs.5000 quite easily without having about on any of their other expenses or any of their probably lifestyle cost of a month.
Irrespective of how much you might be investing every month whether its Rs.1000 or Rs.5000 the compounding effect comes into play and rewards these small amounts of money amounted to huge corpus over a period of time say 7 or 10 years.
A very important fact when it comes to women investing it is like everything else we need to be smart when it comes to making our investments. set up a fixed date for your SIP ensure you have that money in your account at that particular date and it’s moving to the fund as it is determined also when it comes to investing very important thing to asking questions open to seeking answers but also seeking answers from the right people.
When it comes to financial investing I would say seek answers from advisors, seek answers from experts and not depending on friends and family for that.
Being women to our advantage there is a little less ego when it comes to asking questions where unlike make we are not open to ask directions, or asking what to do next.
So I think that makes it simple from us on a behavioral standpoint but yes, I would only say ask the expert.
So we spoke about how we could probably avoid making mistakes by keeping our own ego at vale. I’m gonna be talking a little bit about how we also need to be cautious about investing into equity-oriented mutual funds invariably yes they are investing into the equity market and there is stock markets and we should go ahead with caution. My advice to you would be actually when the markets are falling or there is some volatility it might make sense to you to up your SIP gain, You should probably increase your SIP in case you have to capacity to do so.
It is also important that when you do have a salary review when you do have a bonus amount in your hand you should look at how you can invest and increase your investment like you probably increase your expenses and I tell everyone this “enjoy your investing like you enjoy your spending” one place you are increasing your corpus and the other your depleting your income.
I think 3 important factors you need to keep in mind when it comes to investing as women:
- Be realistic.
- know your self.
- Say no to peer pressure.
When I say be realistic I’ve seen several of my client’s investors falling short usually due to their own unrealistic expectation of how their investments are going to grow.
I think its very important to be realistic when you are investing probably be courageous and stay invested over a longer period of time don’t lose patience while it’s important to have money to invest into a SIP or stay invested more importantly is to be patient when it comes to investing.
Knowing your self is as important as being investing only if you know your self, your needs, your unnecessary expenses, what your primary requirements are, what your real wants and financial goals are it probably helps you establish some sort of structure when it comes to investing. You need to keep committed on your own zeal when it comes to investing.
So what is the biggest factor where people make investment mistakes?
I think that would probably be leading into peer pressure.
Peer pressure is a No.1 factor when it comes to investing. Don’t just do what your friends or family members are doing when it comes to their investments it’s not as simple as buying the same mobile phone as someone else has.
They are investing according to their financial goals and their risk profiles and hence you need to invest in line with your financial goals and where your profile is. While somebody maybe investing in a very high-risk investment or in a very low-risk investment you probably based on your structure need to be invested in a moderate risk product. I think to keep in lin what goals you have inside and head towards your goals and not somebody else’s.
Another key factor today to consider is life expectancy.
Women’s life expectancy set about 70 years of age any men about 67% which means women will probably live longer than men and keeping the current number in mind life longer about 3 years which means the financial literacy in truly acquired by the women. In fact, based on the latest research women also invest much better than men because of the temperaments that they maintain. that’s the basic level of any investing. All that when it comes to investing is within us. It probably takes putting a plan in place using an expert in getting started