22 June 2022
Did you know – on a global average, women earn 23% less than men for the same work. Suffice to say, gender pay gap challenges continue to prevail, and until women and men reach parity, it is even more important for women to start investing their hard-earned money smartly.
The question on the minds of women often is — when is a good time to begin investing?
If you are someone who feels unsure about investing, here’s advice to help you. As a woman, become self-sufficient and take charge of your finances.
Why Should Women Start Investing?
The logical justification for why women should invest is simply because men can, and do. But investments are a great way for women to grow their income.
If a woman is working, for example, she can apportion some of her disposal income each month and invest. This could help her save for many things: a vacation, education, a vehicle, or even have extra money saved for a rainy day.
Perhaps you’re a woman who stays at home to take care of her family. Investing is a strong mechanism to earn money for long-term goals you have for your family such as: buying a home or saving for your child’s education fees.
When should women start investing?
At what age should a woman start investing?
Is it when you land your first job?
Perhaps it is when you first start making a bit of money?
Could it be after a promotion?
Fortunately, the answer is not complex and summarized perfectly by the proverb,
“The best time to plant a tree was 20 years ago. The second best time is now.”
Truth be told, if we as women were influenced to financially plan our lives earlier, there is no doubt that not only would we be more empowered today but would also have more representation in business environments!
While many women are more than fortunate to have found high-growth investment tools when they did, they will tell you that they would be much further ahead if they had invested earlier.
Consider the following steps to create a successful investment plan:
Evaluate your financial goal
Make sure to define your goals so you can pick appropriate investment options suitable for each specific goal.
Consider the tenure of your investment
If you are looking for immediate returns, you should choose a short term instrument. However, if your goal is not an immediate one, you should invest in a long term instrument.
Analyze the risk involved in the investment
Each investment tool carries a certain level of risk, which may affect the returns that you will receive at the end of the tenure of the investment. Ensure that the risk involved is aligned to your risk appetite
Don’t wait for the right time to invest
The only right time to invest is right now. The sooner you start, the higher the sum accumulated can be.
While planning for the future, make sure to secure your loved ones too. Insurance plans, like ULIPs, come with a dual benefit of protection and investment.
It’s never too late, start investing today!
Talk to you soon,