Saturday, March 08, 2014

Smart Women’s Money Basics- ( DEDICATED TO WOMEN OF TODAY )....A MUST READ,



Do you know where and how many Bank Accounts your Father or Husband is having? What are the Bank account numbers? Where and how many Bank locker’s does the family have and that what are the contents in there? What is Locker A/c no. and Secret code or Password of that locker? Where is father or husband putting hard earned money? What all investments are held, and by whom? Are those bank A/c’s single or jointly held or nominated? What is monthly family expense?


In Short does a women within the family know where, assets, investments, liabilities, expenses etc are and how they are held? Is anything written on paper or somewhere?Does anybody know about them ??

THESE ARE QUESTIONS ESPECIALLY ASKED BY ME TO WOMEN WITHIN MY EXTENDED FAMILY WHO HAVE ENROLLED FOR FINANCIAL CONSULTANCY, AND TODAY I AM RAISING THESE QUESTIONS AND GUIDELINE's TO ALL YOU READERS AS WELL since TODAY IS “INTERNATIONAL WOMEN's DAY” ( I hope male friends have not forgotten this, please wish your wife, mummy, sister, aunty, daughter, friends and relatives as well - TODAY IS 8TH MARCH ). This article is a tribute to today’s modern, multi-talented women- WHO IS A HOMEMAKER AS WELL AS DOES WORK AT OFFICE AND TAKES CARE OF ENTIRE FAMILY ALSO.

This is nothing to change the system, but is in conjunction with one of my previous article on “FINANCES and SMOOTHER MARRIED LIFE” ( Click here to read this- http://bit.ly/FincsnSmothrMriedLife), where also I have written about personal traits and handling family finances.

Please read carefully below listed REQUESTS especially for Women's to be followed, irrespective of what is your personal financial trait and who is currently handling finances-

SINGLE WOMEN-

( Currently you may be free from having financial commitments towards family’s needs and expenses, so you can start sowing seeds for a money tree )

-        -:)  Please start investing money (and not only save), by whatever amount you can for future-ground rule says save at least 20% of what you are earning, irrespective of your age or the income.
-         -:) May be you can take calculated risks, and can invest where growth is offered
-          -:) Sit with family when family budget is prepared and
-          -:) Let the family have it’s budget, but you can work on your own budget and can have occasional trips and shoppings within the budget perview.
-          -:) Keep yourself informed of Basic finances and also of Family Finances, make a schedule and discuss family finances on some regular intervals
-          -:) Know where all family documents are kept and know all of them, what is what
-          -:) Know what is family income and expenses and what is a family plan all about, and be in sync with the family.

MARRIED WOMEN-

( So your responsibilities are there, depending upon years of marriage, family size, family financial goals, etc. at the same time earning or income is also there from different sources, i.e.business or salary or investments etc. )

-          -:) Prepare goals list, which are shared goals and individual goals ( it will give vision ) and keep track of it ( it will help you be on track to achieve those goals ). Women’s please enlist your personal goals when a financial plan is being prepared alongwith family’s financial goals
-          -:) Maintain a separate savings account apart from joint account
-          -:) Very Important, keep all family documents including investments, property, bank accounts, loan statements etc at a known place, and keep track of the same as well
-          -:) Know well family liabilities as well
-          -:) Also keep records of all and know ,if all is jointly held, singly held or a nomination is done or not
-          -:) Track money flows
-          -:) I always feel that women in family should also actively participate when a meeting is held with Financial Consultant, because goals and vision is always of the family and not only male or few people
-         -:) Please also know where all medical papers are kept, especially related to mediclaim policies and know it’s procedures in case of emergencies. ( biggest problem, when a male in the family has any medical emergencies, the female has to handle immediately with the hospital authorities, and so all related documents and procedures should be known to female as well )
-         -:)  Please take care of your credit card payments and passwords and also regularly track and maintain your individual credit history as well
-          -:) Also contribute in whatever way the family needs you, in income generation or expense reduction, which will only happen once you know family finances

SINGLE, BUT DIVORCED or WIDOWED WOMEN-

( Recoup from the set backs, and start afresh, you have to stand tall by yourself and start investing for future for you and may be rest of the family. May be you have time and / or some past investments in hand)

-          -:) Check all bank accounts, collect all investment records, all assets papers, all liabilities papers ( you may get it at once from financial plan and /or financial planner and / or will, as the case may be ), and update and complete procedures of up-dation wherever necessary. Put claims wherever it has to be put
-          -:) Update records as well wherever investments are to be continued, as to joint holding and / or nominations and best update your Financial Plan and / or Financial Consultant and / or WILL
-          -:) See that all legal as well as financial procedures are completed and you are to date with records as per your wish and need
-          -:) Start making investments as per your goals and vision
-          -:) Start planning for retirement

RETIRED WOMEN-

 ( So you are retired, in your golden years and with or without your immediate family members, probably left with some investments and assets )

-          -:) Again collate all and keep record of all
-          -:) Keep all documents at proper easily accessible place and to date
-          -:) Keep all bank records updated and use ECS facility to it’s utmost
-          -:) Keep all passwords and PINs safe
-         -:)  Evaluate your needs and resources at regular intervals with financial planner / Financial Consultant
-          -:) Of course enjoy golden years, have world tours in sync with your finances
-          -:) Prepare a WILL, a Power of Attorney etc as the case may be, as per requirement
-         -:)  Please be aware that International as well as Indian studies show that women’s have higher life expectancy then men and so needs and wants will be there for longer then there male family members or partner
-          -:) Plan for more than financial aspects of life



VERY COMMON, BUT VERY MUCH IN THING AND FEW OF THE BIGGEST PROBLEMS IN TODAY’s WOMEN’S LIFE IS THAT –( it's the closed for knowing finances approach, that put's women's into trouble in most cases rather then money)

·        *  In today’s internet and technology world everything is on passwords and pins and that they are not even shared with spouses or immediate family members,so please know and share them or put them somewhere
·         * Moreover Know taxes for women’s on each aspect of money and assets and investments transfer
·         * Be to date and involved in family finances
·        *  Know what and where risks are in investments and do not shy away from taking risks. Women’s generally tend to invest in safer avenues, which outlasts their needs and may give negative return’s and hence may not suffice there family or personal needs and goals
·         * Preparing Family Budget is very important activity, be part of it when financial planner is noting it down
·         * Do not undervalue yourself in job arena, just because you are women, remember it’s your Professinalism and Commitment towards work that counts and not the gender.
·        * Take expert advice, but don’t trust blindly
      * Help Family in daily chores of Banking and Finances, like filling and submitting cheques to banks, or paying of dues or paying bills , or paying Financial Advisor etc.and also help maintain budgets and records
     * Know legal aspects of finances and money, at least basics of Hindu Succession Act 2005, Womens's Empowerment Act, Maternity Benefits, Equal Rights Act, Special Marriages Act 1954( for inter-caste marriages if registered under this), The Indian Succession Act 1925, The Minimum Wages Act , The Muslim Personal Law (Shariat) Application Act 1937, (incase of Muslims), The Christain's Marriage Act 1872 (incase of Christain marriage), The Foreign Marriage Act 1969 (incase Foreign Marriage is applicable), The Indian Divorce Act 1969, The Equal Remunaration Act 1976, etc. A basic knowledge of this will empower today's women more.
      * Raise your voice and concerns and be heard


    WISH YOU ALL, ESPECIALLY women's, HAPPY WOMEN's DAY and A VERY SUCCESSFUL LIFE AHEAD 
        
I Sincerely hope that you women's will accept my wishes with this knowledge sharing gift, one of the best of me. (:-)) 


( THIS WAS SPECIALLY PUBLISHED ON 8TH MARCH,2014, ON INTERNATIONAL WOMEN's DAY AND DEDICATED TO WOMEN's, BUT IT WON'T MEAN THAT MALE's SHOULD NOT READ THIS OR SHOULD NOT KNOW THIS AND HENCE,I REQUEST ALL MALE FRIEND'S OF MINE TO ALSO READ AS EVEN SOME WOMEN's MAY NOT ACT UPON THIS SO IT WOULD BE MALES DUTY TO HELP THEIR FEMALE PARTNER OR FAMILY MEMBER TO KEEP THEM INFORMED ABOUT THEIR FAMILY FINANCES AND ABOVE TOPIC CONTENTS,WHICH IS MORE THEN MONEY AND INVESTMENTS )


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