Financial planning basics for women

What is financial planning

According to the FINANCIAL PLANNING STANDARDS BOARD (http://www.fpsbindia.org/) “Financial Planning is the process of meeting your life goals through the proper management of your finances. Life goals can include buying a house, saving for your child’s higher education or planning for retirement. The Financial Planning Process consists of six steps that help you take a ‘big picture’ look at where you are currently. Using these six steps, you can work out where you are now, what you may need in the future and what you must do to reach your goals. The process involves gathering relevant financial information, setting life goals, examining your current financial status and coming up with a strategy or plan for how you can meet your goals given your current situation and future plans”

Below are 6 financial planning basics for women –

  1. Women should ensure that the family accounts, including the statement of all assets and liabilities are maintained properly.
  2. She should be the custodian of all the passwords forall financial investments
  3. She should ensure that all the investments are in joint names
  4. Working women should always invest a certain sum of her money towards her own mothers (on in-laws) financial independence
  5. She must ensure that as a couple, her spouse has bought a Term Insurance
  6. You must ensure that you are the nominee for all policies, including Mutual Funds, Insurance, etc

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