7 Reasons Why Financial Freedom Matters
ON WOMEN’S DAY, VIBHA PADALKAR, EXECUTIVE DIRECTOR AND CFO, HDFC LIFE EXPLAINS WHY YOU NEED TO BE YOUR OWN BOSS WHEN IT COMES TO MONEY
1 BE WELL PREPARED
One might have to deal with events like divorce, bankruptcy and illness, which arrive unannounced. Being financially independent allows you to be prepared for any unforeseeable circumstances.
2 NO MESSING AROUND
Being professionally and financially independent gives you a sense of self worth which is extremely important for every woman. When you are standing on your own two feet no one can take you for granted.
3 SETTING A GOOD EXAMPLE
Children always try and emulate their parents. So when your child sees a confident and self-reliant mother, they will have a good role model to look up to and learn from, especially when it comes to daughters.
4 TIME TO THINK AHEAD
A woman is forever playing different roles — daughter, wife, mother — in which she is always the caretaker. But these roles won’t last forever. One day when your children have flown the nest and your husband has retired you may start to feel a void. If you have sufficient savings you will be able to start a small-scale home business or fulfil your dream of seeing the world.
5 HIDDEN TALENTS
When you are forced to provide for yourself only then will you realise your full potential. You may have excellent communication skills or you may have a sharp business mind but unless you go out into the world on our own you’ll never know what skill sets you possess.
6 FREE WILL
A healthy bank balance means that you’re free to indulge yourself without having to suffer any guilt pangs about spending your parent’s or husband’s money. Whether it’s a shopping spree, a spa treatment or a holiday with your girlfriends, you’re the only one who decides how your money is spent.
7 TAKING CHARGE
It’s a medically proven fact that women live longer than men. If you make financial independence a way of life you will not be left in the lurch if you happen to outlive your partner one day. Being self sufficient is really the best gift you can give yourself.
by Mridu Rai
NATURAL INSTINCT Padalkar believes that, contrary to popular belief, managing finances comes naturally to most women