Not sure if anybody gives this advice to women: Start taking your own financial decisions!
You went to a top Engineering school. You then topped it up with an MBA from a good management school.
You have put in 10 years in corporate India, and are doing very well. Last week your appraisal gave you an out of turn professional.
Great. When I suggested investing in mutual funds you told me “My father handles my investments..I NEED TO ASK HIS PERMISSION”. Face it, no guy ever told me “I have to ask my mother before I invest”.
Sadly for both of us, I know your dad. He was a clerk in a government department and has a pension to live off. I know that all his money is in bank deposits and he is able to enjoy a much higher standard of living because you and your brother continue to live with him and both of you are doing well – and both of you have not got married. By the way, your BROTHER does SIP and has not ‘asked’ your father for PERMISSION.
Ladies: stop it! You’re a grown, qualified, smart woman and can make your own decisions about your finances. BE the change you want to be.
I do not think that there is anything wrong with having your parents as your advisers – who can be more loving than them? But what about knowledge? what about thinking 39 years later what will happen? What if they did not even know about products like mutual funds, and term insurance? what about expressing mortgage loans in terms of ‘3 years ctc’ instead of ‘OMG 54 lakhs’ which is what one father said to his son?
Parents as advisers (unless of course they are doing it as a profession) is just to learn so that you can become independent one day. Not to be spoon fed by people who are themselves, well, for want of a better word, financial illiterates. Sorry, but a man who has kept all his money only in bank fixed deposits cannot give you much advice, can he? I was not impressed seeing you pay Rs. 3.2 lakhs interest on bank fixed deposits. Shifting them to a bond fund would have improved your post tax return on investing. With such a portfolio you are much better off paying your home loan in one short – and you know you can do that.
Even if you are receiving some kind of a financial support from your parents use it as a training for your future goals and future financial lives. If you have a boy friend whom you plan to marry involve him – do not assume that he ‘knows’ what to do. Start talking to him about your joint finances, buying/ renting a home..
I know one young girl who is living in a city other than where her parents are living. She pays her rent, food,..etc. earns well. She has set up her own SIPs – her father had no role except to say ‘you must save/invest’. She takes her own decisions in money matters, even though her father is a CA and she is a Tech+mba. She does consult her father – and took a term insurance against her father’s advice. She has medical insurance, much more than her parents have. She does good amounts of SIPs and just started nibling in direct equities. Way to go.
Time girls cut the financial umbilical chord.
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