Women should be in command of their investments

While women have always mastered the art of savings across generations to address any kind of expenses, barring a few instances, they hardly take an active participation in investments. It would not be an understatement that the deft art of savings is ample proof of their prudence with money.

Having said that, more often than not, they allow males — father, brother or husband — to take investment decisions on their behalf and don’t even bother to question them. While patriarchal mindset has driven this approach for long, women must be cognizant of their investments for a secured financial future.

Let’s understand — why and how they can be in command of their investments with ease.

Reasons to be Mindful

Longer Life Span

Statistically, women generally outlive their male counterparts on an average by six to eight years. The higher life span makes it imperative for them to be mindful of their investments to ensure they are not left in a lurch and transfer wealth without hiccups. They can do so only when they know the fine details of their investments.

There have been several cases in the past where ignorance has robbed them of their rights. Wealth rightfully hers, has been left unclaimed. It has also led to a rift in families, resulting in long legal tussles.

Life’s Uncertainties

Death of the family’s chief breadwinner, separation, so on, are nasty surprises that can catch anyone off-guard. While the emotional scars heal with time, financial void due to lack of awareness takes a significant toll on monetary well-being.

There are ample instances where death of the husband or separation has resulted in the women bequeath what’s legally hers. In worst-case scenarios, the wife had to foot in to pay off debts of her husband.

Address Goals

Working women often take a sabbatical for family commitments. While some return to the workforce, a few end up sacrificing their careers.

Knowledge of investments made during their income years can help them to address their goals and tweak them, if required.

Ways to be Mindful

Active Involvement in Investment Matters

A prudent way for women to be in charge of their investments is through active involvement. Whenever there’s a discussion regarding finances, instead of taking a backseat, they should voice their opinion and be a part of the conversation.

Arm Herself with Financial Knowledge

Financial literacy is of paramount importance. Every woman must strive to arm herself with basic knowledge of financial instruments and their working. This is no rocket science, and there are several books, magazines, journals, so on, available which can help her learn the fine aspects.

Investment lessons from experts are also widely available over the web, participating in which can enhance skills by a long margin.

In Conclusion

As evident, being cognizant of her investments can help women prevent major heartburns and keep their rights intact. Proper documentation, coupled with holistic knowledge, can help them be on solid footing.

Also, it’s the responsibility of other family members to encourage women to get involved in investments and respect their decisions. So, let’s pledge to empower women and bank on their skills for better financial outcomes.