This Mother’s Day, let’s encourage moms to start their investment journeys. Even small, regular investments can grow significantly over time and help them build substantial funds for retirement or other purposes.
As we honour mothers everywhere, it's also crucial to recognize the pivotal role they play in securing their family's financial future. In today's world, mothers manage multiple responsibilities from being a homemaker to the family’s breadwinner. On the special occasion of Mother's Day, let’s empower moms with some important investment tips.
Also read: 3 golden investment tips for your 20s
When to start investing
It is always recommended to start your investment journey as early as possible and to stay consistent with monthly contributions. Even small, regular investments can grow significantly over time.
Also read: This smart investment strategy will help you build Rs 1 crore fund for your child’s future
Learning about investments
Mothers should take the time to educate themselves about different investment options, risk profiles, and market trends. The internet is filled with online resources and professional advice on financial subjects. Do some research, find out about the best options, and start investing. Seek advice from financial experts if needed.
Also read: 5 ideal ways to build a retirement fund
Setting goals
Outlining financial goals is important for a secure future. Mothers must consider what their finances would look like ten years down the line. Maybe the expenses related to your child’s education would increase, therefore, for that, you must set financial goals today. Setting clear, achievable goals provides a roadmap for investment strategies.
Also read: How a job loss insurance can provide financial security during layoffs
Investment portfolio
The famous saying ‘Don’t put all your eggs in one basket’ stands true when it comes to investing. Mothers must diversify their investment portfolio across various asset classes such as stocks, bonds, real estate, and mutual funds, as it helps reduce the risk of financial loss due to fluctuating market conditions.
Also read: How to become financially smart as a woman; Know about some best government investment schemes
Long term investments
To build substantial funds for future, it is essential to invest with long term goals in mind. This also requires consistency and being patient with receiving good returns.
Also read: Just hit the big 30? Here are some best investment tips for you
Emergency funds
Life is full of uncertainties. Mothers should set aside a portion of their savings to cover unexpected expenses like medical emergencies or job loss.
Also read: New to investing? Here are 5 best investment options for you
Read Exclusive COVID-19 Coronavirus News updates, at MyNation.