The Finwise Couple series – In celebration of International Women’s Day – 3

The Finwise Couple series – In celebration of International Women’s Day – 3

Our third couple are equals in every sense. Amish & Trupti Jasapara are doctors and both are in corporate practice. Amish is Senior Consultant at Fortis Hospitals and Trupti is Senior Consultant at SR Mehta & Sir KP Cardiac Institute. And in their personal lives, both take turns – whether it is in managing the various expenses of their family or in funding for their goals of the future.

 

As Amish says, “As doctors who face the same challenges every day, there was no way we could have been anything but equals. Trupti has single-handedly managed the family and has taken decisions without hesitation, when I took a sabbatical to study in Germany. She is a prudent investor and her involvement has meant that we have not added unnecessarily to our lifestyle and have saved before we spent. We both ensure we are on the same page before we embark upon any new investment/expenditure.”

 

On being asked about when they discovered the need for professional advice, Trupti had this to say “As doctors, if there is one thing which is in short supply, it has got be time. Lack of proper knowledge of investments, some losses incurred and shortage of time directed us towards getting professional help for our investments. Finwise through their systematic analysis helped us understand that healthy financial goals are a reality.

 

Their being professionals themselves, they didn’t have to hesitate when it came to seeking professionals when planning for their future goals, including their retirement. Having done that, they are now able to spare valuable time on other aspects of their personal life – scaling further heights in their professional careers and enjoying the small pleasures in their present, without having to feel guilty about it.

 

Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families plan for their financial goals, follow their passions and achieve financial independence.

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Celebrating the Men too, this International Women’s Day!

Celebrating the Men too, this International Women’s Day!

Its International Women’s Day on March 8th, 2020, and we can think of no better time during the year to reach out to you, to share a few inspiring success stories of people who are on the path to financial independence and well-being.

 

 

Last year, we shared stories of some successful women, who over the last few years, started their journey with Finwise and took charge of their financial lives to make it more secure for themselves and their families.

 

 

Conventionally, one would argue as to why we need a specific day in the year to celebrate Women? We should be doing that through the year, and we agree fully with the sentiment. Our monthly columns (published on Moneycontrol.com) on women and how they can handle money problems and achieve financial independence, is testimony to that fact.

 

 

We would instead like to respectfully submit that International Women’s Day need not only be about women individually. Women today are equal partners in life, whether at work or at home, and while they have fought to achieve this status, they have also been supported by a growing tribe of the opposite sex, who have actually lent credence to the theory that the “better half” is actually as good, if not better at managing money.

 

 

Over the last few years, we have come across many such success stories. While one kind is where both spouses are actively involved in planning and securing their financial future together (with, in some cases, the woman actually taking the lead), we also have the other, where the man, despite possibly being the sole or dominant earning member, consciously and actively involves his spouse in the financial decisions of the house, thereby, both literally and figuratively, “putting money where the mouth is”.

 

 

In our experience, it is this “absence of bias” in the relationship between spouses and respect for each other as equal partners, that is one of the true building blocks of well-planned and long-lasting financial and general well-being for the family.

 

 

This year, for International Women’s Day, we share journeys of some such couples over the next few days, and hope they inspire you to take similar actions to free your and families’ financial futures. Look out for the first journey tomorrow.

 

 

Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families plan for their financial goals, follow their passions and achieve financial independence.

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For advice, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.

Dear woman, don’t be risk-averse in choosing your investments

Dear woman, don’t be risk-averse in choosing your investments

Last week, I did a financial well-being session at a well-known corporate, the participants being predominantly women in their 30s. While they were all keen on taking charge of their finances and made for an attentive audience, most of them were extremely risk-averse.

 

This was startling, since women, usually, are not in a hurry. They are very patient, and once they understand the way a product is built and have realistic expectations of the short-term as well as long-term performance, they wait out the turbulent times patiently and truly stay put for the long term.

 

Given this fact, it was surprising to see that most of the women mentioned earlier were shying away from equity since they perceived the volatility in the short term as risk. There are several compelling reasons for women to take more interest and understand the best options available to them when it comes to investing. Here are three big ones.

 

Read our latest article, published on Moneycontrol.

 

https://www.moneycontrol.com/news/business/personal-finance/dear-woman-dont-be-risk-averse-in-choosing-your-investments-4981251.html

 

Image credit: Moneycontrol

 

Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families plan for their financial goals, follow their passions and achieve financial independence.

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Why discussing finances is mutually beneficial for spouses

Why discussing finances is mutually beneficial for spouses

I always wonder why it is so difficult to talk about money even with your spouse. You are comfortable talking about almost anything under the sun, but talking about money seem petty and crass. To my surprise some women refuse to do it even when they have a gun to their heads.

 

Why should you wait to be pushed against the wall to have a conversation? Marriages are meant to last a lifetime and it is impossible to traverse this journey without discussing money. At some point of time in a relationship one needs to move from Mine to Ours.

 

Read our latest article, published on Moneycontrol.com

https://www.moneycontrol.com/news/business/personal-finance/money-matters-why-discussing-finances-is-mutually-beneficial-for-spouses-4877221.html

 

Image credit: Moneycontrol.com

 

Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families plan for their financial goals, follow their passions and achieve financial independence.

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For advice, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.

Dear woman: Take these 4 small steps to be on top of your money life from 2020

Dear woman: Take these 4 small steps to be on top of your money life from 2020

It is again that time of the year to work on New Year resolutions. The word has become a joke and it is now accepted that resolutions never work. We all know that a turning of the calendar is not going to weave its magic and get you started in the right direction.

 

What I have noticed is when we endeavour to make small changes rather than daunting makeovers which require a whole lot of change, we tend to stick to our resolutions. The same applies on the personal finance front – both whether to increase your financial awareness and to improve your financial situation.

 

As a woman if you wish to make your financial life better than what it has been thus far let us without much effort, here are four simple things you can do.

 

Read more about this in our latest article below, published on Moneycontrol.

 

https://www.moneycontrol.com/news/business/personal-finance/dear-woman-take-these-4-small-steps-to-be-on-top-of-your-money-life-from-2020-4763791.html

 

 

Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families plan for their financial goals, follow their passions and achieve financial independence.

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For advice, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.

 

Image credit: Moneycontrol

Saving for kids’ goals, no child’s play!

Saving for kids’ goals, no child’s play!

For a parent, if there is one thing that is paramount in her life and gives her the utmost happiness, it is ensuring that her children are given every opportunity to blossom into well rounded human beings, confident and capable of taking on the world. Sadly, there is usually a gap between desire and action, and most parents wake up to the task of planning for their children’s basic and higher education when there is not much time left.

 

Schools don’t prepare the children to handle finances and most families do not discuss money matters with their children, even in tehir teens. As a result, in many cases, they grow up with a large sense of entitlement, never realising the effort, planning and sacrifices which went into building enough wealth to fulfil their dreams.

 

So, apart from investing mindfully for them , it is a great idea to involve your children early in the personal finance journey. When we interact with customers, we often see how one could have benefitted by avoiding a few traps or being more conscious of the decisions made and we enumerate them here.

 

Pl read more in our latest article, published on Moneycontrol.com

 

https://www.moneycontrol.com/news/business/personal-finance/saving-for-kids-goals-no-childs-play-4683281.html

 

Image credit: Moneycontrol

 

Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families plan for their financial goals, follow their passions and achieve financial independence.

To receive our articles through email, pl subscribe here.

For advice, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.

 

How women should plan for their parents’ financial and other needs

How women should plan for their parents’ financial and other needs

Somehow in our society, while it is an understood thing that a man needs to take care of his parents, it is not such a given for the woman. It is strange when you think of it, since equal share in property post demise of parents is accepted by all, while equal share in responsibilities not so easily so.

 

However, a woman has the same instinct as a man’s and would like to be there for her parents, financially or otherwise. So how can you plan for such debts, which in a way, can never be fully repaid?

 

Read our latest article, published on Moneycontrol.com

https://www.moneycontrol.com/news/business/personal-finance/how-women-should-plan-for-their-parents-financial-and-medical-needs-4579881.html

 

Image credit: Benjamin Elliott, Unsplash.com

 

Women must develop the right money mindset for a fruitful post-retirement life

Women must develop the right money mindset for a fruitful post-retirement life

When we are still working, we make so many plans of things to do once we retire. And as we get onto the home stretch in the last few years, the excitement begins to build, of course, with a few butterflies in the stomach as well. So many places to see, so many people to meet, so many suppressed aspirations to fulfil, all of course, while juggling one’s hard-earned wealth and believing that there is enough, not only for ourselves but also to bequeath.

 

But retirement is not always as rosy as you imagined it to be. The transition to retired life is sudden, and there is a vacuum of time, that has to be fruitfully filled. That vacant space has to be occupied with activities that need to be created, not only to feel gainfully employed, but also to feel good about oneself. The actual retirement, therefore starts with a whole lot of unexpected dilemmas and mental adjustments.

 

What are those scenarios that one must adapt and adjust to?

 

Read our latest article, recently published on Moneycontrol.com (link given below).

 

https://www.moneycontrol.com/news/business/personal-finance/women-must-develop-the-right-money-mindset-for-a-fruitful-post-retirement-life-4479141.html

 

In retirement, the role of money is to allow one to fulfil our bucket list of desires, while ensuring that there is enough to take care of our balance life-times, including exigencies. Nothing more, nothing less. Hence, as a retiree, use money to bring you happiness and add meaning to your life, while taking care that it is safely working for you as well. 

 

Image credit: Moneycontrol.com

 

Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families plan for their financial goals, follow their passions and achieve financial independence.

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For advice, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.

 

 

 

 

 

Why women must constantly reskill to deal with life’s googlies

Why women must constantly reskill to deal with life’s googlies

If you are wondering what reskilling and upskilling has got to do with personal finance, think again. The best investment you can make is on yourself. Today it does not matter where you are – you could have achieved a fair bit of success in your career, you could be just starting out or you might be qualified, yet a housewife by choice.

 

We are a part of times which are changing rapidly, driven by technology, life-styles and generational leaps. While you could be secure currently, given this pace of change enveloping us, it is important to stop every once in a while, to gauge how you measure up to the changed circumstances.

 

While some of what I say is gender-agnostic, it is particularly pertinent to women, whose work-lives are characterized by self or externally imposed breaks, societal pressures and who don’t necessarily play as significant a role in family financial decisions, thereby being more “not-in-control” and vulnerable to these forces of change.

Our latest article (link given below), published in Moneycontrol, highlights the risks that women run by not upgrading their skillsets periodically, thereby not being adequately prepared to face life’s challenges.

https://www.moneycontrol.com/news/business/personal-finance/why-women-must-constantly-reskill-to-deal-with-lifes-googlies-4362771.html

 

Image credit: Moneycontrol

 

Finwise is a personal finance solutions firm that helps both NRI and resident individuals and families plan for their financial goals, follow their passions and achieve financial independence.

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For advice, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.

Empower the women who are also key contributors in your success through these 5 steps!

Empower the women who are also key contributors in your success through these 5 steps!

When Chuck Noll said “Every job is important, but no one is indispensable”, he certainly hadn’t kept the Indian working woman in mind! For us working women, one person who is indispensable and brings an immediate sigh of relief and a genuine smile to the face when she arrives, is the house-help. Our lives get complicated when she is on a long leave and turmoil in her life cascades to chaos in our planned hi-speed schedules, to overcome which needs a lot of “jugaad”.  Retaining her and ensuring that things are smooth-sailing is non-negotiable for us. Whatever the reason to do so, our latest article published in Moneycontrol.com (link shared below) gives you five simple ways to add a lot of value to the financial condition of these indispensable women, at literally no cost.

 

https://www.moneycontrol.com/news/business/personal-finance/five-steps-to-ensure-your-domestic-help-becomes-moneywise-4249451.html

More details on their eligible government schemes are easily available online and are also on our website www.finwise.in. Apart from government schemes they could also invest in Mutual funds which are available to everyone. However, given their tendencies to trust people unconditionally, it is important that they have access to advice which is genuine and do not take undue risks with their money. You could approach your financial planner to help with these. A word of caution though, when you recommend someone, the trust they have with you gets automatically transferred to the person you refer them to, hence be sure you send them to someone who will give appropriate and genuine advice. They would otherwise be better off with government schemes that have guarantees.

 

From our point of view, life might seem unimaginably difficult for this segment of people, making us wonder how they would be able to save, when making ends meet itself is a problem.  But believe me, they are resilient and are able to manage temporarily even when they suddenly lose one of their many jobs. Taking some of the above actions will help your own “CAT (Cook/Ayah/Top-help) Commandos” secure their financial futures, while they help you effortlessly manage your present.

 

Image credit: Moneycontrol

 

Finwise is a personal finance solutions firm that helps individuals and families plan for their financial goals, follow their passions and achieve financial independence.

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For advice, please reach us at getfinwise@finwise.in or +91 9870702277/9820818007.