I remember my childhood growing up carefree with my siblings and cousins, staying in a traditional joint family. In the mid-1990s, my mother, along with her grandmother, took great pride and joy in spending time with us, educating us, playing with us, cooking with us, and feeding us. She fondly remembers her mother teaching her important life lessons through stories and demonstrating many life lessons about how to navigate daily life, including money matters. These life lessons are deeply etched in my memory, and some of the important lessons were about understanding the value of money and becoming independent in thought and finances.
At that time, the majority of families remained in joint families, and investments were made primarily in the form of gold (especially gold jewelry), silver, and real estate. But now we have many investment avenues, and with the majority of families living in nuclear families, it is difficult for many people to own a home, save for retirement, diversify their investments and finance It has become important to invest in education, including literacy and financial awareness.
This Mother's Day is an important opportunity to express our heartfelt gratitude for the tireless efforts of mothers who support us, and to help them secure their future. . I believe that being financially stable or independent is the greatest gift. As part of this article, I will share some thoughts on how mothers can become financially independent, or how we can support them in achieving this goal.
provide funding to small businesses – In a rapidly changing landscape, women are redefining traditional roles and many want to start their own ventures and businesses, but need some seed capital first. You might. While gold serves as an important security for women and families, some of the idle gold jewelery can be best utilized to pursue entrepreneurial aspirations. Gold loans serve as an important source of funding to turn these aspirations into concrete business ideas. Gold loans are a promising avenue as they guarantee fast and easy approval, require zero to minimal documentation, and provide women entrepreneurs with quick access to funds to meet their business and financial needs. .
Severance pay – Retirement planning is an important part of your financial strategy. These savings can help mothers become independent and provide financial security at the end of their lives. Help her set up a retirement account and make regular contributions. Depending on your risk appetite, retirement planning avenues can range from NPS, Fixed Deposits, Senior Citizen Savings Schemes and even investments in her NCDs of blue-chip companies. This gives her a regular source of income with guaranteed returns for years.
Start of investment trust SIP – Opening a mutual fund account in her name through a lump sum or SIP gives her the option to grow her funds faster during her retirement period and ensure she has enough resources to be financially comfortable . Her SIP choice is determined by the mother and her family's future goals, such as housing funds or a dream vacation.
Medical emergency management Health insurance – Women are often so focused on taking care of others that they neglect their own health. Whether you're a single mom, a stay-at-home mom, or a working mom, investing in your physical and mental health is critical to a good quality of life. Additionally, health insurance is a must-have system that not only protects you against medical emergencies, but also helps with financial security and peace of mind. The gift of health insurance ensures that mothers receive quality medical services and needed treatment without worrying about associated costs.
real estate planning – Estate planning is often ignored as part of financial strategy. Because of the reliability of real estate and emotional stability, women view homeownership as an important asset and a milestone on the way to achieving financial security. Help mom own a home or, in some cases, gift her with estate planning services to help secure her inheritance and distribute assets as she wishes.
>>2024 Mother's Day: 10 Financial Tips to Empower Moms on this Day of May 12th
make a will for your children – Not leaving a will has a huge impact on families. Therefore, communicate with the mother and encourage her to make a will and convey her wishes to avoid potential conflicts.
A monetary gift is a practical and thoughtful way to show your appreciation for your mother on Mother's Day. In India, with the advent of technology and myriad investment avenues, young mothers can embark on a journey towards financial independence, and children can hold their mothers' hands and embark on a journey towards a secure financial future. can.
The author of this article, George Alexander Mutoto, is a Doctor of Medicine. Mutto Finance.
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