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The general perception that women are shopaholics who love to spend and very bad investors could very well be a thing of the past with more and more women taking responsibility for their earnings and investment. This is critical nowadays, where single incomes are no match for a bloating inflation! A well-planned double income often becomes essential to plan investment goals effectively for a secure future and comfortable retirement! However, when saving women need to keep the bigger picture in mind and save for themselves as well as for their family. It is simply not enough just to save money but they have to invest in order to get more returns.

Think of your long term and short term goals in life. For example retirement planning, your child’s higher studies, a dream home, world tour etc. could be your long term goals and your short term goals can be doing a part time course, closing your educational loan, marriage etc. Remember, inflation is always going to reduce the value of your money. Let inflation be an important factor in mind before you plan your investments.

Women need to master the art of investing, in order to stay financially independent and to plan for retirement. There is no particular age to start saving for your retirement. The earlier you start the better it is.

Investment for teenagers

It is obvious that women will not have much cash in hands as teenagers, but one can still cut down on unwanted expenses and save some amount of pocket money. You can save the money in Sanchayika scheme and use it to reach your short-term goals such as buying gifts for your friends/parents, for your own birthday party and so on. It will also help you build your savings habit.

Investment in your 20s

In their 20s, women decide their career and their future. Equities can be a good investment choice as you can take more risk when you are young. You can choose to invest in mutual funds for your long-term goals, as mutual funds will give you the benefit of professionals managing your money. Take up suitable health insurance plans at this age; this will take care of your medical emergencies. Make sure you have sufficient liquid funds to help you during emergencies. This should be the right stage to decide your long-term goals; plan in such a way that the long-term investments give you good returns at the appropriate time.

Investment in your 30s

At this stage of life, women are generally married and likely to have children. They become responsible for their family, and they have to secure their children’s future. It is advisable to choose suitable term insurance plans and mutual funds that perform well. You have to choose educational plans for your children and tax plans for yourselves. You can also choose to invest in real estate for long-term growth. Investment in gold is another good option; always buy gold in the form of coins or bars or invest in gold funds, never consider gold ornaments as an investment. Gold in the form of jewellery is only going to cause loss in the form of wastage and production/making charges.

Investment in your 40s

You will generally be earning more money at this age so try to increase your retirement savings and savings for your children’s marriage and their higher education. If you were planning to buy/build a house this would be the appropriate stage.

Investment in your 50s

As you will be nearing your retirement, better invest in funds that involve lesser risk. Try to transfer a portion of your investment in equity to debt because in case there is a fall in the market at the time of your daughter’s marriage you will have to face a loss and will not get sufficient money. Therefore, if you are planning for your daughter’s marriage, shift your funds from equity to debt one year prior to the wedding planned. Investment in senior citizen savings scheme would be appropriate for women who are above 60 years, as you will receive more returns compared to other schemes. Bank deposits and FDs will give you decent returns and your money will be safe. You can also rent a part of your house and earn money out of it.