Celebrating International Women's Day

 

As a woman, you've likely encountered societal norms and expectations that diminish your independence and worth. No matter if you're married, single, or divorced, navigating these pressures can be daunting. On this International Women's Day, let's celebrate your bravery and determination in defying conventional expectations and embracing your liberty. It offers an opportunity to seize control of their financial destiny and pursue economic empowerment.

Here are a few financial tips to assist women in empowering themselves to secure a prosperous future for themselves and their loved ones.

Work towards achieving Financial Equality.

Women encounter globally a multitude of obstacles in their pursuit of financial parity. Persistent income disparities persist, with women typically earning less than men due to gender-based wage discrepancies, necessitating strategic financial planning to optimize earning potential. A dearth of financial literacy exacerbates these hurdles, as many women lack access to resources and educational opportunities. Moreover, societal norms and prejudices often dissuade single women from managing their finances autonomously, perpetuating reliance and impeding long-term stability.

To surmount these entrenched barriers, concerted efforts are required to challenge stereotypes and embrace financial autonomy, thereby fostering equality and self-sufficiency in financial matters. It's essential to recognize that financial empowerment is not exclusive to certain women but is a right for all.

An Emergency Fund and Adequate Insurance

Establishing an emergency fund and securing adequate insurance coverage are imperative steps for financial security. As a single woman, your financial strategy must address both immediate needs and future goals, commencing today. Women must prioritize pivotal financial decisions to safeguard their financial well-being. Firstly, crafting a budget is essential; monitoring expenses and creating a monthly budget based on income, fixed costs, and discretionary spending aids in identifying opportunities for saving and investment. Moreover, building an emergency fund is vital for a single woman, as there may be no familial safety net during unforeseen circumstances. To build a robust emergency fund, allocate a minimum of six months' living expenses to a separate savings account to prepare for unexpected costs. Additionally, securing comprehensive insurance coverage for family members, property, health, and vehicles is essential to mitigate financial losses during emergencies. Implementing these proactive measures enables women to establish a solid financial foundation for current stability and resilience against future challenges. Remember, these steps are crucial for all women, regardless of marital status.

Developing Various Sources of Income

To cultivate enduring prosperity, it's essential to establish diverse revenue streams and broaden your investment portfolio. Assess your risk tolerance and financial objectives to identify suitable investment avenues. Expand your portfolio by allocating funds to various assets like mutual funds, fixed deposits, and government schemes such as the Public Provident Fund (PPF) and the National Pension Scheme (NPS). Launching a monthly Systematic Investment Plan (SIP) with as little as Rs 500 can jumpstart your investment journey, inching you closer to financial independence while serving as a passive income source for the future. Furthermore, cultivating multiple income streams is pivotal for financial robustness and advancement. Explore opportunities like rental properties or part-time employment to bolster your revenue sources. This Women’s Day, invest in self-improvement through vocational courses or skill enhancement to augment career prospects and earning potential. Keep in mind that by diversifying income streams and making strategic investments, you can lay the groundwork for enduring financial stability and prosperity.

Planning for Retirement

Consider planning for your retirement diligently, especially if you lack a familial safety net during your golden years. As retirement draws nearer, it's vital to financially prepare to uphold your lifestyle and fulfill your aspirations post-career. Shockingly, recent reports indicate that merely 2% of women are actively investing for retirement. Initiate early and diversify your investments, including robust assets like equity mutual funds, to yield substantial returns. Commencing with modest investments and leveraging compound interest can establish a sturdy financial foundation for retirement. Remember to spread out your investments to mitigate risks, avoiding overdependence on any one avenue. Taking proactive measures in retirement planning ensures future financial security and peace of mind. All women must prioritize retirement planning, regardless of their relationship status.

Preparing Your Will

Besides these financial necessities, it's prudent to compose your will and designate the person or entity to inherit your assets and possessions. This proactive step helps prevent potential disputes and discord in the event of unforeseen circumstances. By completing these tasks, you can have peace of mind knowing your future is safeguarded. Remember, it's imperative for all women—not just single women—to grasp financial matters, plan accordingly, and invest for a stable future.
May this International Women’s Day be a beacon, illuminating your strength, resilience, and inherent value as a woman navigating life's intricate web of challenges, love, and financial matters. As you embark on the path toward financial empowerment, take a moment to craft your will, not merely as a legal requirement, but as a heartfelt testament to your affection and legacy, ensuring that your desires are respected and your loved ones are provided for, even in your absence.

With each fiscal decision and investment, you undertake, remember that you are not alone in this journey. Every woman, regardless of her status, deserves to flourish, prosper, and secure a financially stable future.

Why and How Should I Write Something?

 Why Should I Write?

Writing about something you've thought over can be incredibly beneficial for several reasons:

1.      Clarity of Thought: Writing forces you to articulate your thoughts coherently. It can help you clarify your ideas and understand them better.

2.      Memory Enhancement: When you write something down, you're more likely to remember it. The act of writing helps reinforce your understanding and retention of the subject matter.

3.      Problem Solving: Writing about something you've thought over can help you identify gaps in your understanding or potential solutions to problems. It allows you to explore different perspectives and analyze the issue more thoroughly.

4.      Creativity: Writing can spark creativity and generate new ideas. By putting your thoughts on paper, you may discover unexpected connections or insights that you hadn't considered before.

5.      Communication Skills: Writing regularly can improve your communication skills. Whether you're writing for yourself or others, articulating your thoughts effectively is a valuable skill in many aspects of life.

6.      Self-Reflection: Writing provides an opportunity for self-reflection and introspection. It allows you to explore your thoughts, feelings, and experiences more deeply, leading to personal growth and self-awareness.

7.      Documentation: By writing down your thoughts, you create a record of your ideas and insights that you can refer back to in the future. This can be particularly useful for tracking your progress, learning from past experiences, and building upon previous ideas.

Overall, writing about something you've thought over can be a powerful tool for learning, problem-solving, and personal development. Whether you're jotting down notes for yourself or crafting a formal essay, the act of writing can help you make sense of your thoughts and communicate them more effectively. Not only your passion, but it can become a source of income also once you learn how to monetize your writing. Surely, it will bring happiness to you and your family. You can manage your affairs well with a better income. It will improve your emotional health as you will not only be an author but an entrepreneur also to create the products for your readers.

How Should I Write?

After understanding why I should write over something I think over, we should learn how to do it -

·       Cultivate Your Curiosity: Remember, curiosity isn't something you generate on your own. It emerges from a sacred source—so dedicate time each day to nurture it. Begin with just 30 minutes daily— If you're pressed for time, start first thing in the morning—you'll sense a profound difference in yourself.

·       Seize Ideas Before They Vanish: Ideas resemble butterflies—they flutter away in 5-7 seconds—so seize them promptly. Making the error of assuming you'll remember later (a mistake I made frequently). Yet once an idea slips away, consider it lost. Utilize a digital notepad, carry a journal, or employ any method—just don't let any more ideas slip through the cracks.

·         An imperfect start is the only way to start: If you think you’ll start anything in a just perfect way, you’ll end up not starting it at all or delay it so much that it doesn’t anymore look like a new idea. Keep in mind: Starting is the key to greatness, not being great from the start. Every expert began as a novice. Here's a plan of action:

ü  Master the fundamentals of your pursuit.

ü  Initiate your efforts publicly and seek feedback (as elaborated in the following point).

ü  Maintain consistent action and continually acquire new knowledge.

·         Feedback from genuine consumers: offers invaluable insights beyond mere learning. Merely accumulating knowledge without implementing it deprives you of opportunities for growth through feedback. Approach your work like a software release, always launching a beta version with core features. This facilitates early feedback, accelerating your skill refinement compared to waiting for perfection.

·         You may often feel drained and convinced that fresh ideas elude you—this is a misconception: Ideas are boundless, stemming from an infinite well of intelligence and flowing through you. When you sense a creative drought, resist succumbing to it. Instead, delve deeper, expand your knowledge base, engage with others, and witness the resurgence of inspiration.

The Potential of Employment, Entrepreneurship, and MSMEs: A Comprehensive Overview

 Employment refers to the state of being engaged in paid work or holding a job in which one contributes skills, time, and effort in exchange for monetary compensation or other benefits. It involves an agreement between an individual and an employer to perform specific tasks or roles within an organization or as part of a contractual arrangement.

Someone involved in a profession, whether it's being a businessman or a doctor, would be considered employed. Employment generally refers to working
in a job in exchange for payment or salary. So, a doctor, or any individual actively participating in a profession like engineering, law practice etc. would fall under the category of being employed.

Either working as an employee to someone or practising as a professional, you need to have some extraordinary qualifications which may serve the purpose of the person, Firm, jurist person like Company, Association, Government or NGO who hires you.

If you are working with someone like an employee, you need only your calibre and experience, if desirable. If you are working as a professional and doing practice in your profession, you may need your calibre, social contacts and some funds, of course, to maintain the chamber, workshop and mobility. But both capacities ensure limited income and your participation. If you suddenly wish to take leave from your daily jobs for some time, you may not be able to have it at short notice.

If you dream of having the comforts and pleasures of life without actively participating in the activities undertaken to earn all the time, you may have to change your mindset and become an entrepreneur. By becoming an entrepreneur, you can accomplish your dreams, even, of becoming a multi-billionaire in a short time.

An entrepreneur is someone who takes on the initiative to start and manage a business, typically assuming considerable financial risks in pursuit of potential profits and success. Entrepreneurs are known for their innovative ideas, willingness to take risks, and their ability to organize and manage resources effectively to bring their ideas to fruition. They often identify opportunities, create a business plan, gather necessary resources, and navigate challenges to establish and grow their ventures.

Generally, an entrepreneur starts a Micro, Small or Medium Scale unit depending upon the resources available at the disposal. You will wonder about the contribution of Micro, Small and Medium Enterprises (MSMEs) to global GDP. For your information, their contribution can be estimated as below:

Globally:

·         Estimated contribution: 50% of global GDP

·         Employment: Up to 70% of total employment

Importance: MSMEs are considered the backbone of many economies, driving economic growth, creating jobs, and fostering innovation.

Variations:

·         Developed countries: MSME contribution to GDP typically ranges from 40% to 60%.

·         Developing countries: MSME contribution can be even higher, reaching up to 70% in some cases.

·         Regional differences: Asia has the highest share of MSME contribution to GDP, followed by Latin America and Africa.

Examples:

·         India: MSMEs contribute around 30% to India's GDP and employ over 110 million people.

·         China: MSMEs contribute around 60% to China's GDP and employ over 800 million people.

Benefits of a strong MSME sector:

·         Job creation: MSMEs typically create more jobs per unit of investment compared to large companies.

·         Poverty reduction: By providing employment and income opportunities, MSMEs can help lift people out of poverty.

·         Innovation: MSMEs can be more flexible and adaptable than large companies, making them more likely to develop new products and services.

·         Entrepreneurship: A strong MSME sector can foster a culture of entrepreneurship and innovation.

But MSMEs have certain Challenges like:

·         Access to finance: MSMEs often have difficulty accessing affordable financing.

·         Lack of skills and training: Many MSME owners and employees lack the necessary skills and training to run their businesses effectively.

·         Competition: MSMEs can face intense competition from larger companies.

·         Regulatory burden: Complex regulations can be a major obstacle for MSMEs.

These challenges can be overcome if the entrepreneur makes a blueprint of working to accomplish his dreams. Such a blueprint is called a Project Report. How a Project Report is prepared, I tried to explain in my new book, “How to Prepare Project Reports” which is now available at https://amzn.to/3tEQLxd.