- Date : 25/12/2017
- Read: 4 mins
Does the financial jargon baffle you? Here are some easy and quick ways you can keep yourself updated financially.
We should raise two-and-a-half cheers to the modern Indian woman who is confident and ambitious. And a muted half cheer, as many remain daunted by the world of finance, and financial planning.
Financial literacy is the foundation of financial planning and money management. While many women handle their household budgets and expenses quite confidently, the bigger financial decisions like insurance, investments etc. baffle them. Lack of time is also one of the common excuses as women share a larger household and family responsibility as compared to men.
If you are one of these women, don’t worry. While the finance world may seem extremely complicated, you can easily keep yourself aware and updated. Here are some things you can do to up your financial quotient:
1. Read or watch the news
Women prefer to read information related to entertainment, development, health, education, and features, while men prefer to read about politics and business – says a research article titled The Habits of Online Newspaper Readers in India 2015’ published in the Journal of Socialomics.
In India, we have many channels and newspapers that specifically report finance and business news:
- The Economic Times
- Financial Express
- Business Line
- ET Now
- NDTV Profit
- CNBC TV18
Other channels and newspapers have a section dedicated to business and market news.
Take a few minutes out of your morning to scan the news. You can do this while you are commuting to your workplace or while you wait at the bus stop. If you don’t have enough time to read/watch the whole news report, make a note of the headlines of news items that interest you and read the whole report later. Many of these newspapers and channels also have apps that you can download so that you get a notification every time something new comes up.
It is imperative that you read/watch the news as it gives you a very good idea of how events in the finance and business world affect you – a citizen, an employee, an investor etc. So even a basic perusal of the business section of your daily newspaper is an important first step to making yourself financially aware.
2. Browse financial websites
Browsing the internet is now just as ubiquitous as breathing! Given the role that finance plays in your life – your bank accounts, taxes, savings, insurance policies, loans – there are probably more websites and blogs devoted to financial news and advice than in anything else.
Financial websites are the one-stop destinations for banking services, private wealth management, asset management, insurance products, pension plans, personal financial planning, stock market tips etc. So, every time you have a doubt, do a Google search and visit a financial website to get all your answers.
While many websites are owned, managed and operated by large media houses, there are some which operate purely to provide information to you. For example, we at Tomorrowmakers. com provide unbiased answers to all kinds of money-related questions and problems, right from how women can save taxes to investment options for women at different life stages.
3. Seek help from family and friends
We all have that friend who spends hours tracking the market, an uncle who can’t stop talking about inflation or a neighbour who gives investment advice for free. There is no better way to gain exposure to the world of business and finance than talking to these people.
You tend to relate better when someone explains something to you. Moreover, if it is a person whom you trust and who has some knows about your finances, he/she can help you out. So, try to replace some of the gossip time with talking to people about finance.
4. Talk to financial advisors
Financial advisors help you make sense of your short- and long-term financial planning needs, and provide advice on investments and savings, retirement savings, pensions, tax, insurance, loans etc.
Before you approach a financial advisor, check his/her background, experience and client satisfaction etc. You may employ someone who is a member of the Foundation of Independent Financial Advisors (FIFA) so that you know that your financial advisor is subject to rules and regulations laid down by the Securities and Exchange Board of India (SEBI).
Now that you’ve armed yourself with some basic information apply the same focus to acquiring financial knowledge as you do to other aspects of your personal and professional life. The key is always to keep reading, and asking questions when in doubt. After all, finance isn’t rocket science.