We have always seen our mothers on the front-foot, towards managing the house, family, husband, kids, or virtually everything in the house. Also referred as a “Tiger-mom” towards handling kid’s education, other activities, with a selfless motive, to ensure that kids just excel. And the story continues,with our dear spouse as well (wife). 😉
But when it comes to finance or investments, they just give it up, either it’s the father, or the dear husband, who becomes the driver on managing investments.
But I still recall, whenever one need handy cash or some contingency funds, pop comes the money, mostly as cash or some unknown Bank FD/ deposit.
So, here are 4 suggestions from my side, to become financially independent.
- Participate: always sit with your husband or father, whenever planning is to be done, or whenever advisor comes home to discuss investments. Ask basic questions like, why this investment, show comparisons, returns it will generate, liquidity (in emergency, can you have the money back), on whose name the investment will be made, nominee etc.
- Know: you should know each of the investments made till date, or monthly commitments on SIP, renewals etc. or future workings. In short, you should discuss same once a month/ quarter with your partner, know the login details (user ID & password) or read reports together.
- Read: build reading habits, towards financial markets or investments. You don’t need economics times or some research paper to know more, all newspapers cover financial markets & investment news/ articles, it’s the matter of taste & your type.
- Push: this may sound a bit out of place. But, this is a pure must for any family, the “essential must-haves”.
- Term Plan: earning member of the family, to have a pure life term plan (insurance), where value to be calculated, based on future sustenance, goals & liabilities in hand. To know more, read here
- Medical Plan: with rising medical cost, you should have a family floater plan with right cover, towards any medical emergencies. To know more, read here
- Emergency Funds: not just cash at home, but you should have access to funds, where you must have at least 6 months of expenses parked, and same can be withdrawn easily (like ATM).
Idea is not to take over financial planning from the male domain, but know what is happening, have thing under control & to know, what next.
