Aurangabad, Oct 11: A Financial Fitness Bootcamp for women was held for the members of the Wider Opportunities for Women (WOW) at Lokmat Bhavan here on Tuesday. Addressing 150 plus WOW members, Priti Rathi, Founder and Managing Director of LXME, India’s first financial platform for women, said we believe every woman should aim for financial freedom and ready to take charge of their money. However, only two out of 100 women invest for their retirement.
WOW, as part of its first initiative by the new office-bearers, had organised the Bootcamp. Rathi said women need not be good at mathematics and academics to manage their finances. They should be in control of their finances. Women retire with one-tenth of the money men retire. Women live longer than men but don’t talk about money actively and must start doing so.
She told her participants to start money conversations at home. Normally, this subject is brushed under the carpet. Financial literacy is a life skill but unfortunately, no educational institution teaches it. Don’t leave your financial security or goal to some family member. Women need to take care of at least two financial goals such as Emergency Fund and Retirement Fund.
Only 9 per cent women invest independently
49 per cent of women either do not have their money at all or are not aware of the investments in their name. Only 9 per cent of women invest independently through self-learning, 58 per cent of women have no insurance in their name, 73 per cent were saving less than 20 per cent of their income, Rathi said referring to a Woman and Money Power 2020 survey.
WOW president Diya Patil, vice-president Nupur Dhoot, secretary Manmeet Rajpal, social chair Palakh Muthiyan, communication chair Karishma Guruditte, Jyoti Chotlani and retreat chair Jalpa Tayal were present.
Four pillars of financial management
Rathi told the members to bear in mind four pillars of financial management - Earn, Spend, Save and Invest. Do not save what is left after spending, but spend what is left after saving.
Golden rules for budgeting
*At least 50 per cent of your earnings must go toward your needs
*20 per cent towards your financial future
*30 per cent towards your wants.
Women are multitaskers
Earlier, welcoming the gathering, WOW founding president Ruchira Darda said women still run their kitchens and also their businesses. They still take care of their families. They are multitaskers. Somehow, they leave their financial management to somebody. This must change. They must take control of their earnings and investments.
About LXME
Rathi’s business presentation at Harvard Business School has become India’s first financial planning app catering specifically to women. It helps them invest independently, aims to create, through LXME, a new wave of financially fearless women.