It’s not just about fatter wallets: Rather be Ms Money than miss money
MUMBAI: Bengaluru-based Shilla Shree, 47, is a wiser woman today. Life taught her tough lessons. Before she separated from her husband in 2003, when she was 34 years old, she had investments in real estate and jewellery. But when she tried to sell the jewellery to rebuild her money box, “I got back just about 40% of the total value. Most of the weight was of the coloured stones, and that didn’t fetch me anything,” she said.
Today, Shree is a different woman. Her money box may still not conform with popular standards but she is financially independent. Financial independence, especially for women, means more than just having money in their wallets.
CURBING THE ENTHUSIASM…
Most of us tend to start spending the moment we start earning. “When you have money in your hand, you get the itch to spend it,” said Vandana Mehrotra, 42. Earlier, she wouldn’t think of investments when she got her first paycheck.
Bengaluru-based financial educator Mrin Agarwal, who conducts financial literacy workshops for women under Womantra, said, “Why they don’t think of investments early on is that personal finance is not taught in homes, or in schools or colleges.”
…IS TOUGH
When Rowena, 33, bought a house in 2012 after she got married, she started paying an equated monthly instalment (EMI) of around ₹50,000. Then she had a secure job. But after her daughter’s birth in 2013, she lost her job because the company was going through a financial crisis. Her income stopped suddenly; her EMIs did not. “That loan became the biggest dent in my life,” said Rowena. After she attended Agarwal’s workshop, she started investing in mutual funds. From starting to set aside 25% of her monthly savings for systematic investment plans (SIPs), today she and her husband invest up to 75% of their savings in mutual funds, every month.
WHAT SHOULD YOU DO?
Like many women, Rashika, 45, too woke up to the need of a comprehensive financial plan after her marriage. A corporate lawyer by profession, she entered mutual funds at just the right time—around 2005 and 2006, in the middle of one of India’s biggest bull runs till date. “Once we were convinced that mutual funds were long-term investment vehicles, we looked at investing in them as a compulsory expenditure,” said Rashika.
Meanwhile, in 2004, Mehrotra invested in an IPO and stayed invested for many years. That gave her confidence to try out equity mutual funds years later. Eventually, she and her husband turned serial entrepreneurs and have various ventures now. They consciously kept their business costs low. Another effect of turning entrepreneurs was they became financially responsible.