Six urgent personal finance actions you must take as a woman!

1) Invest don’t save
While most people use both words interchangeably there is a world of difference between the two. We women are considered to be very good savers. That is, we do put away a part of our income for a rainy day very effectively. When it comes to Investing which is ensuring that the money put away is fetching us appropriate returns that are commensurate with risk taken we fall woefully short. One of the main reasons for the same is extreme risk averseness and lack of interest in finances, which we don’t consider our domain. There are a lot of resources available for you to explore different options before you invest do take complete advantage of the same
2) Indulge your love for gold.
The very thought of gold brings a sparkle to most of us. Indulge in gold it can be a very good hedge against currency. Ensure gold forms 5 to 10 % of your portfolio. Investing in the right form is very important. The making charges a, wastage etc. levied on jewelry does not make it a desirable choice. Consider gold coins and better still gold ETF. Invest in gold on an ongoing basis and avoid buying them during Akshaya Tritya and Dhanteras and such other auspicious occasions where the gold price is at its highest.
3) Befriend Equities
Investing in equities is no rocket science. When you are investing for the long terms there are very few asset classes which can match the returns given by equity. Learning the basics of investing in equities is an absolute must. If you find it too cumbersome to invest directly choose the mutual fund route. If you need to take advice on which funds to invest in, take advice of a professional who is not motivated by the commission he/she receives from the mutual fund company but has your best interest at heart. If this means you need to shell out a fee for the advice don’t scrounge, it will stand you in good stead
4) Take an health insurance
This is something you absolutely must do, with spiraling costs of hospitalization being left with no health insurance is not an option any of us can afford. I would go a step further and say take a personal insurance even if you and your family are covered by your/spouses employers. This will cover you when you/spouse are in between jobs. Further when you decide to take insurance at the time of your retirement you may not be insurable due to pre-existing illnesses and will be deprived of the facility when you need it the most. Look at a pure term life insurance if you contribute substantially towards the expenses and definitely opt for a critical illness cover.
5) Ensure you have a will in place
No matter how young you are it is critical to have a will. Accidents and unforeseen sickness is not something which you read about in papers and happens to unknown people any more. You would be surprised and shocked to know the laws applicable to women who die intestate. Making a will gives you peace of mind and costs you very little (anywhere between 7500 and 15000 depending on the complexity). You live all your life catering to every whim and fancy of your child would you like to leave them in a lurch in case of an unfortunate unseen event such as loss of both parents? Make sure you give a serious thought to who should be their guardians in such a scenario. Ensure your nominations and bequeaths are in line with each other. Get your spouse to make a will too.
6) Don’t put all your money into your business (this point is specific to self employed women)
List your goals and ensure you have a plan to achieve them. When you invest all your surplus into your business, which by the way has a never ending thirst for funds you may create a good company and net worth but you may not have the liquidity which you need. Once you have listed your goals start setting aside some money for your goals and don’t dip into it unless it’s a matter of life and death.
If you can juggle a family and business/job all by yourself this is fairly simple and straight forward. Wear the personal finance hat, believe me it is very liberating! Go for it now!